Bank frustration

[Dash man]

We recently received an influx of cash and decided to put some of it into Ally Bank since I had read good things about it previously. Opening a basic savings account was easy online, but we want it to be a trust account. Their online instructions say to call them to make the change to a trust account, so I did. They told me they have a form that needs filling out and copied of certain pages from our trust to set it up, which I expected. The form to complete the change is not available online, so they said the quickest way was to send it through their online correspondence page, and that is quicker than email since the trust department apparently has to send things to another department to get emailed. I keep checking the correspondence page of their site looking for the documentation...still not there several hours later. I called back having to go through the security verification process again before getting transferred to the trust department again. Then they tell me it takes 24 hours for any correspondence to appear on their site! That could have been mentioned on the first call! They also appear to have a problem setting up for ACH transfers with a brokerage account, since that has also been over 24 hours since the request went in. Never had this kind of problem with USAA or Synchrony Bank. If the document isn't there by morning, I think I'll just close the account...in no mood for headaches with online banks that don't let you do things online.
I'm done venting.

 

[samclem]

They also appear to have a problem setting up for ACH transfers with a brokerage account, since that has also been over 24 hours since the request went in. Never had this kind of problem with USAA or Synchrony Bank. If the document isn't there by morning, I think I'll just close the account...in no mood for headaches with online banks that don't let you do things online.

Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office [-]Christmas[/-] Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.

 

[LOL!]

Reading this may help you feel better (or not):
http://www.nytimes.com/2015/11/15/fashion/the-microcomplaint-nothing-too-small-to-whine-about.html

 

[Dash man]

Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office [-]Christmas[/-] Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.

Nope...no patience today. This is a significant sum I'm trying to place where it's working for me even if only one percent interest until we determine a longer term plan for it.


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[easysurfer]

I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.

 

[Dash man]

I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.

Years ago I checked my credit report to find a joint credit card from Discover had recently been opened by my ex wife four years after the divorce. I called them immediately to report the fraud and close the account. I requested documentation of the account opening to use if needed against my ex. They claimed the documentation, including the signed application, no longer existed. Needless to say I won't do business with Discover.


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[Texas Proud]

Why would you think anybody could set up a trust account online within a few hours



And if you give an example of someone who can, then why did you not go with them


Sorry, not feeling your pain...

 

[VFK57]

I also had a problem setting up for ACH transfers with a brokerage account at Ally. However I set it at a brokerage account site and do it when need it from there.

 

[Dash man]

Why would you think anybody could set up a trust account online within a few hours



And if you give an example of someone who can, then why did you not go with them


Sorry, not feeling your pain...

USAA, PenFed CU and Synchrony Bank were able to get the paperwork to us quickly to get the process started. I know it takes a day or so to actually complete the conversion to a trust. We're maxed out for insured accounts at PenFed and Synchrony, so we want the 1% rate at Ally until we decide how to allocate this significant sum we recently received.
I'm not looking for you to feel my pain, I was just venting like you're being nosey.


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[24601NoMore]

Sorry to hear about your experiences with Ally..we've had great luck with them and among the online banks, they seem to be about the best..(YMMV).

 

[Options]

Geez, it's the first business day of the year! They've barely cleared away the empty egg nog cups from the office [-]Christmas[/-] Holiday party. They are just returning from their family visits and are still bloated from the roast Granny made. Give them a chance to have a cup of coffee, "remember" their 16-character-with-caps-and-special-characters" passwords inflicted by the IT security folks (hint: probably on a Post-It on the back of the mousepad, like everyone else's), and read through their emails from the corner office with the "vision" and "mission" for 2016.

Well that made me sick. Pretty accurate description of the sort of insanity I was tolerating last year this time and what I can't conceive of ever doing again. What a nightmare all that was.

 

[GreenER]

We opened a trust account with Ally and it didn't seem overly onerous to me but I guess I expected to have to jump through a few extra hoops. Over all I've been fairly pleased with Ally.

 

[Looking4Ward]

I think there always will be banks that you can walk into and talk to a real live person. That said, I'm glad that I switched over to Discover Bank. Only have a checking account (and cc) with them though.

I closed my BOA accounts and switched to a Discover checking account a few months ago. It's been okay so far but one problem I had was when I needed $750 in cash - which is almost double the daily ATM withdrawal limit and there are no physical branches I could walk into and make a withdrawal. So I opened another checking account at a local credit union in case I need to transfer cash from my brokerage account and withdraw it. That's about the only thing I would use that one for since they have a horrible online portal.

The Discover account also seems to take unusually long to credit deposits, whether they be check or direct deposits from my brokerage account.

 

[easysurfer]

I do keep open a checking account with a local bank also, along with the Discover checking. No so much for cash at ATMs but for things like deposits then transfer to Discover, and good to have a physical bank for such things like trading in a jar of loose change .

I don't disagree about the delay in deposits with Discover. Initially, the lag felt like an eternity. But now I'm used to that and hardly notice. For, me I like the trade off as Discover Checking pays me (only a dime a check, I know) to use checks whereas the other bank charged about $35 for a box of checks.

 

[Brat]

.. PenFed CU and...were able to get the paperwork to us quickly to get the process started. I know it takes a day or so to actually complete the conversion to a trust. ....

Might it be because PenFed has their customer service center located in Eugene, Oregon?? All those UO liberal arts graduates need jobs.