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Ally Bank Deposit Agreement Update
Old 10-29-2016, 02:26 PM   #1
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Ally Bank Deposit Agreement Update

Here is part of an email that I received from Ally Bank. Didn't see that this had been mentioned here yet. Looks like we can access our savings quicker now.

I always like it when the banking rules are liberalized.

Quote:
We're updating our Deposit Agreement on 12/03/16 and wanted to let you know about important changes coming soon. We summarized the key changes below, but we encourage you to read the full booklet for details on other updates as well. As always, we're committed to providing you with a better banking experience, so you should take a moment to understand these changes and how they may affect you.

Faster speeds for qualified transfers.

We can now complete qualified transfers between your Ally Bank and non-Ally Bank accounts in 1 business day - free of charge.

If 1-day delivery is unavailable, we'll deliver your transfer in 3 business days.


We'll automatically try to deliver your money faster, but if 1-day delivery is unavailable, it's because:
  • Your one-time transfer is ineligible due to account inactivity, overdrafts or transfer returns
  • Your transfer is part of a recurring transfer plan

Improved funds availability for check deposits.

We're making more of your deposit available to you sooner – so you have it when you need it.

Starting on 10/01/16, up to $25,000 of your check deposit will be available after 2 business days.

So let's say you deposit a check over $25,000:
  • The first $200 will be available the next business day
  • Up to $24,800 will be available the 2nd business day
  • Remaining amounts over $25,000 will be available on the 5th business day
We may hold all funds up to 5 business days if we believe a check you deposited won't be paid, a check you deposited was returned unpaid or you have repeatedly overdrawn your account in the last 6 months.
For complete details, please review the updated Ally Bank Deposit Agreement (PDF). If you have any questions, free to call us at 1-877-247-2559. We're here 24/7.
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Old 10-29-2016, 02:46 PM   #2
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That's pretty nice. My online savings account has been with Discover bank for about the last six years (currently 1.01% interest), and they still want four business days. Not really a problem for me, but obviously Ally is trying harder.
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Ally Bank Deposit Agreement Update
Old 10-29-2016, 03:25 PM   #3
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Ally Bank Deposit Agreement Update

Deposits seem to take forever. I'm glad they are upgrading.
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Old 10-29-2016, 03:33 PM   #4
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Quote:
Originally Posted by braumeister View Post
That's pretty nice. My online savings account has been with Discover bank for about the last six years (currently 1.01% interest), and they still want four business days. Not really a problem for me, but obviously Ally is trying harder.
I show Discover paying 0.95 percent on savings, less on money market deposits. What account pays 1.01 percent?
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Old 10-29-2016, 04:07 PM   #5
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I show Discover paying 0.95 percent on savings, less on money market deposits. What account pays 1.01 percent?
As an AAII member, I opened a Discover account about six years ago that pays a higher rate than the regular Discover accounts. No idea whether they still offer that benefit, but I've been happy with it ever since.
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Old 10-29-2016, 06:21 PM   #6
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Quote:
Originally Posted by World Traveler View Post
Deposits seem to take forever. I'm glad they are upgrading.
Agreed I'm very happy about this change since my Ally account refills my local account.

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Old 11-01-2016, 08:38 AM   #7
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Deposits seem to take forever. I'm glad they are upgrading.
In this day and age, I often wonder why EFTs take so long to complete. They should/could be nearly instantaneous.
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Old 11-01-2016, 09:04 AM   #8
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My credit union sent me a similar notice regarding ACH transfers. Phase one of a system wide ACH upgrade was implemented Sept. 23, 2016.

Same Day ACH: https://www.google.com/search?q=same...tember+23+2016
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