Double-Check Your Ally CDs
Do you own any Ally Bank CDs? If so, here’s a bit of homework for this weekend…
Apparently they had a system glitch of some sort that caused them not to credit interest earned on CDs in 2011 to some customers. There have apparently been a number of reports of this, and they are dealing with it on a case-by-case basis.
In other words, if you’re affected, it might not get fixed if you don’t spot the error and complain. For the record, I’ve double-checked our accounts and all is well.
Source: DepositAccounts via The Finance Buff
Disclaimer: Discover is a paid advertiser of this site.
Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
Filed under: Banking
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Ally Bank to Buy ING Direct?» Ally Bank Ten Day CD Rate Guarantee
» Ally Financial Failed the Fed’s Stress Test
» Ally Bank Offers Remote Check Deposit
» Ally Bank 0.25% CD Renewal Bonus
» Ally Bank Raises Rates
» Ally Bank Changes CD Withdrawal Policy
» Ally Bank Raises Savings Account Interest Rate
Was this article useful? Please sign up to receive our content via e-mail:
7 Responses to “Double-Check Your Ally CDs”
Leave a Reply
Top Cards by Category
Earn 100 Reward Dollars after you make $1,000 in purchases in the first three months of Cardmembership.
Bonus Miles: Earn 30,000 bonus miles toward Award Travel after you spend $500 on the Card within the first three months of Cardmembership. Earn As You Spend: Get 2X miles on Delta purchases and 1X miles for all other eligible dollars spent.
Consumer friendly credit card with a great low rate of 7.25% and save on interest charges. No balance transfer fees and no annual fee.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
Consumer friendly credit card with a great low rate of 7.25% and save on interest charges. No balance transfer fees and no annual fee.
Limited Time Offer: Get 25,000 Membership Rewards(R) points after you spend $5,000 in the first three months of Card membership. Enroll and select a qualifying airline to receive up to $200 annually in statement credits for incidental fees, such as checked bags and in-flight refreshments, charged by the airline.
The new Discover it card is out to change the way people think about credit cards. No annual fee. No overlimit fee. No foreign transaction fee & no pay-by-phone fee. No late fee on your first late payment. And Discover won't increase your APR for paying late.*
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Ethanol Blended Gas = Lower Mileage?
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Will Mac OS X Lion Kill Quicken 2007?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
How to save money on insurance
- Working longer: Fallback or fallacy?
- More money, more happiness: Do you think money can buy happiness?
- Overdraft fees soared to $32 billion in 2012
- How do you combat prom inflation?
- How should you choose a bank? Look in the mirror.
- The cost of clean water
- College debt 101
- Is it possible to live debt free?
- How to prepare for a home appraisal
- Home prices are up: good news or bad?
February 10th, 2012 at 2:43 pm
Hi,
How did you check all CDs? I have 30 CDs and they deposit interest at the year end so how will i come to know whether they have missed any months interest
SD
February 10th, 2012 at 3:29 pm
You may need to check them individually. I have a bunch, too, but the majority are “parallel” CDs that I set up for the same term and amount on the same date. Since they all have identical values, I only needed to check one to be sure that the value reflected the 2011 interest. It helps that all payments are issued on 12/31, though you have to manually enter a date range to view that since it’s more than 30 days ago.
February 10th, 2012 at 6:06 pm
“It helps that all payments are issued on 12/31″ I guess you have long term CDs? We have 6 and 11 month CDs, and interest payments are issued at the CD maturity, so it’s going to depend on when you first purchased the CD. Ours are all around mid-month (the 8-13th).
Anyway, I checked all 8 of our CDs and don’t see anything missing.
February 11th, 2012 at 8:19 am
I still haven’t received my 1099s from Ally yet, guess I need to call their customer service line (benefit of the doubt, it just got lost in the mail). But not paying CD dividends, that is messed up. Last year I had Chase not credit one of my automatic payday deposits into the HSA account. Chase conducted an investigation and realized the same was true for everyone in my company (so fixed the problem for everyone).
I expect no less from Ally. If there is a glitch, they need to find it and fix all accounts affected. If there were a glitch that was not in their favor, do you think they would wait for every affected (honest) customer to call?
February 11th, 2012 at 10:19 am
Courtney: Yes, if a CD matured during the year, the final interest would have been paid out at that point, but I believe that for ongoing CDs, the interest is posted on 12/31 — or at least that’s the way it works for us.
February 11th, 2012 at 10:20 am
BG: I agree, and it’s important to keep in mind that much of the info surrounding this is rumor and innuendo. Apparently some people have had problems, and at least one says they have been told by an Ally service that it will be handled on a case-by-case basis. It’s quite possible that they’ll go through and systematically correct any problems. But it’s better to be safe than sorry.
February 11th, 2012 at 12:51 pm
Nickel – that’s interesting, I would have assumed that it still would have been paid out at the annual anniversary rather than a fixed date. Seems like it would slightly affect the compounding for the first and last years? Or would it balance out in the end?