ALLYEffective December 7, 2013 our Deposit Agreement will be changing. We wanted to take this opportunity to highlight some of the key changes. This is not a complete list of changes but includes those changes that are most noteworthy. We encourage you to read the revised Deposit Agreement for the complete details and keep it with your important documents. To view the complete Deposit Agreement online, go to: allybank.com/da.
Early Withdrawal Penalty for CDs We will be changing our early withdrawal penalty for longer term Ally Certificates of Deposit (CDs) and Individual Retirement Account (IRA) CDs. Any CD or IRA CD with a term of three (3) years or longer that is opened or renewed on or after 12/07/2013 will have the following early withdrawal penalty structure:
3-Year CD – loss of 90 days interest 4-Year CD – loss of 120 days interest 5-Year CD – loss of 150 days interest
Many of our CD's are unaffected by this change:
Any CD or IRA CD with a term of three (3) years or longer that was opened before 12/07/2013will continue to have an early withdrawal penalty of 60 days' loss of interest until it matures. The withdrawal penalties shown above will apply if the CD is renewed for another term.
No Penalty CDs will continue to have no early withdrawal penalty after the first six (6) days after funding.
There is no change to CDs or IRA CDs with terms of less than three (3) years. They will continue to have an early withdrawal penalty of 60 days' loss of interest.
Funds Availability Policy for Checking, Online Savings and Money Market Accounts Our Funds Availability Policy will also be changing. Below are some of the highlights of the changes:
When you deposit more than one check, we will now post those checks as separate deposits rather than a single deposit. By treating each check as a separate deposit, the $200 next business day availability will apply to each check. This change could result in more available funds for your use on the next business day. This change also includes deposits made via Ally eCheck DepositSM.
In situations when longer holds are necessary for check deposits, we will be shortening the extended hold period from the 7th business day to the 5th business day after the day of your deposit. We'll notify you if an extended hold is applied to your check deposit and we will tell you when the funds will be available.
New customers will generally receive the same availability of funds as existing customers. If there is an exception, we'll notify you when the funds will be available.
For your convenience, our new Deposit Agreement is now available online at: allybank.com/da
Aagiants said: The change in Ally early withdrawal is such a bummer... They never had the best rates, but their early redemption fee was so low before...
Do anyone else know of a low early redemption fee?
I agree that it is a bummer but it never really made any business sense to me so I'm not surprised they are modifying their fees. It looks like you can still sign up for the 5 year CDs with the 60 day fees until December 7th.
americano said: Penfed 3 year CDs now 2.02% According to a Penfed CSR, this rate will be good for new CDs opened through the end of November. Based on the fact that this rate is so far above every other 3-year CD I could find, I can't help but doubt that it will hold that long.
Penalty for early withdrawal is forfeiture of the most recent 180 days interest (or is it dividend). Even so, it's still a good return compared to what's available.
ko22 said: NEDeals said: AaG12 said: sigh. Penfed does a hard credit-pull...
To become a member or just to open a new certificate? PenFed member for years. Opened 3 of these CDs in the last month and no hard pulls occurred. That's a pretty good deal. Ally bank did not do hard pulls either.
NEDeals said: AaG12 said: sigh. Penfed does a hard credit-pull...
To become a member or just to open a new certificate? Penfed has always done a hard pull on new members, but they will also use that same pull if you apply for a credit card within 30 days. So best to take advantage of that and get their card when joining
titan01 said: is ally no longer the way to go for long term CDs, ever since they got rid of the 60 day penalty? Their rates aren't super competitive, and with the elimination of the 60 day penalty there's no reason to go with ally vs a bank offering 2%+ rate.
On a separate note, do any of the long term followers know how often PenFed does CD rate promos similar to the one they did in Dec/Jan?
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