Ally Bank offers attractive interest rates for Certificates of Deposit. I already posted about their bait and switch policy of offering one interest rate and then changing it online to something less. I am writing about my current experience of tryng to collect my matured CD now. I had a 12 month CD at 1.75 interest according to my funding letter sent to me last year. It matures today. I called to tell them not to renew and send funds to me.
Their customer service rep told me they would do so and told me the interest rate was 1.2%. I told them their funding letter said it was 1.75%. They said they will send this to their "research department" and call me back within two business days. I have no doubt that if I had not caught this error they would not fix it. The online account record of this CD shows an amount of interest accrued at $4 less than what is owed. I am now convinced Ally Bank is a bank of skimmers and crooks. Do not bank with them.
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