Author Topic: Ally vs. Capital One 360  (Read 5038 times)

ehgee

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Ally vs. Capital One 360
« on: October 07, 2013, 09:13:57 AM »
I'm about to start a new job, so it'd be easy to set up my direct deposit at any account. I've been using ING Direct (now Capital One) as my main checking account for the past several years, but am considering switching over to Ally (where I already have my emergency fund CD) because Ally refunds all ATM fees (which is very useful in NYC, where many businesses are cash-only and there are ATMs everywhere) and because Ally's rates seem to be .1% or so better all around.

Back when Capital One 360 was ING Direct, there was the upside that ING was a less evil company than GMAC (Ally's parent), but now things seem about even. Is there any reason not to switch?

Another Reader

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Re: Ally vs. Capital One 360
« Reply #1 on: October 07, 2013, 09:43:19 AM »
I have found Ally to be much easier to deal with.  Their money market account was very useful when I was transferring large sums of money.  I have money in one of their checking accounts for emergencies, although my main checking account is at a local branch of a major bank.  I dropped ING completely when the rates dropped below the competition. 

ING is a major European bank.  Whether they were any "less evil" than GMAC is questionable.  They survived, GMAC did not, at least in its original form.

mlipps

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Re: Ally vs. Capital One 360
« Reply #2 on: October 07, 2013, 10:00:38 AM »
Ally's customer service seems to have fallen apart in the last 6 months. I've had accounts with them for 5 years, but closed mine last week after I was dissatisfied with their handling of 3 separate incidents.

StarryC

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Re: Ally vs. Capital One 360
« Reply #3 on: October 07, 2013, 12:22:09 PM »
I'm with Ally.  The thing I wish they had, that I think Capital One has, is sub accounts.  I'd like to have one big savings account with sub funds for car insurance savings (to get the pay at once discount), vacation savings, auto maintenance savings, and actual emergency fund savings.  I don't want separate accounts, because the sub accounts might zero out when I pay my car insurance or get new tires, or whatever.  It doesn't really matter, but I car about it!

nawhite

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Re: Ally vs. Capital One 360
« Reply #4 on: October 07, 2013, 12:29:30 PM »
Ally's customer service seems to have fallen apart in the last 6 months. I've had accounts with them for 5 years, but closed mine last week after I was dissatisfied with their handling of 3 separate incidents.

I've only had excellent experiences with Ally support so I'm curious what happend and if I should change my expectations of them?

mlipps

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Re: Ally vs. Capital One 360
« Reply #5 on: October 07, 2013, 01:09:42 PM »
Ally's customer service seems to have fallen apart in the last 6 months. I've had accounts with them for 5 years, but closed mine last week after I was dissatisfied with their handling of 3 separate incidents.

I've only had excellent experiences with Ally support so I'm curious what happend and if I should change my expectations of them?

First, I called to get a replacement debit card because I misplaced mine within my house somewhere. They sent me one for an account that I had closed months before. I called them again and they had to transfer me to another department to order it. Then, that department was having technical difficulties so they couldn't order it. I asked them to call me back when that was resolved. They never did. I spent 15 minutes on the phone on that occasion. I then had to chat with them online to finally order the card.

Next, I called them to make a travel note on my account because I was going to Europe. This again took 15 minutes and required transferring me to another department.

Finally, the disaster. I accidentally gave my checking account # instead of savings to pay husband's grad school tuition ($11k). We had their overdraft protection to automatically transfer the money over set up, so I chatted with them just confirm. This happened on a Monday. Our savings account balance showed current balance of $X+11k but the available balance showed $X. My checking account was -$X.  They told me sure, no problem, the money is in transit and it will be transferred tomorrow. Tuesday, I get on a plane to Europe with my Ally debit card (because no foreign transaction fees, whee!) The money hasn't transferred, but I thought oh, no biggie. Wednesday, I try to chat with customer service from Europe, but oh wait! They only have that during US business hours. My husband, who is on both accounts tries to call, but on no! They can't see my account notes when he calls in. I call Wednesday night and am told absolutely, this will be resolved tomorrow after 40 minutes on the phone. Nope. Finally, the money is transferred Friday after I force them to escalate the issue to a manager. In fact, it's transferred in seconds WHILE I'M STILL ON THE PHONE WITH THEM. In all, I think I spent nearly 2 hours on the phone with them to resolve this really simple issue. I totally admit it was my mistake to start with, but I don't think it should have taken 4 business days to resolve, especially when I told every single person I spoke to that I was out of the country intending to use their debit card to withdraw cash.

Mistakes happen, but that was just way too far for me.