Ally Bank Interest Payment Dates

[Drake3287]

Fairly new Ally Bank customer here but I've noticed that my monthly interest is posted on the 15th of the month and not at the end of the month like every other account I've ever had. What's with that?

Not an issue of course but it sort of throws a wrench into my end of the month investment tally.

 

[Dtail]

That is standard. Once you go through one cycle, you are only 15 days of interest accruals behind, so probably immaterial to the overall picture.

 

[Drake3287]

Interesting, so the end of Dec. would be my first full, end of the month interest deposit? In my case I opened the account around Oct. 25 and figured I would just get 5 or 6 days of interest at the end of that month. Nothing happened then on Nov. 15 the interest was finally posted so I figured that the end of November I would finally get the first full monthly interest deposit and of course nothing.

Your right though, it's immaterial, it's just that this is first time in many accounts I've had it done that way.

 

[audreyh1]

Fairly new Ally Bank customer here but I've noticed that my monthly interest is posted on the 15th of the month and not at the end of the month like every other account I've ever had. What's with that?

Not an issue of course but it sort of throws a wrench into my end of the month investment tally.

Different bank and credit union accounts I have post interest at different days of the month. Just whatever they choose as the monthly cycle date.

My brokerage funds all use last day of month or quarter for paying interest on bond and money markets, but treasuries pay dates, like CDs, depend on when you buy them.

 

[Animorph]

25th for me. I always figured it was my anniversary date for the account since I opened it on the 24th. Although it's still the 25th for accounts I opened later on a different date.

 

[MuirWannabe]

25th for me as well

 

[KB]

My Ally statement date is the 5th.

 

[Drake3287]

Weird, in 35 years of CD's they've always been just after the last business day of the month.

 

[jollystomper]

Mine gets posted on the 25th.

 

[Dtail]

I guess there are multiple "standard" dates. lol

 

[ragabnh]

I think for Saving account it is the 15th of the month, that is when I got mine even though I opened my account on the 28th. I would think the CD should be at the date of opening the CD + one month increments.

 

[mystang52]

I guess there are multiple "standard" dates. lol

Agree. My interest posts on the 6th.

 

[mrfeh]

Don't know about Ally CDs, but interest on their savings accounts is paid on the day of the month the account was opened.

So, it will vary from person to person.

 

[MJ]

My Ally date is the 10th. Given the variations mentioned here, it might be determined by the opening date of the applicant.

 

[MJ]

For those 59 1/2 and over, besides mandatory RMD, PFCU has a very liberal no penalty partial early withdrawal policy. Are there other banks/CUs with similar policies?