Beware! Ally Invest seized all my money!

[Hunter]

I've used Ally Invest for several investment accounts, but they have effectively seized all of my money for the last month and won't allow me to access it!  They seem to have mixed up my record with someone else's and they can't or won't fix it.  I strongly recommend everyone avoid Ally Invest.   

About a month ago, I called in to ask about rolling over some funds to another plan.  They asked me the basic identity verification questions about where I lived, what university I attended, etc..  All of the answers were "not applicable."  E.g. I had never heard of the places and people listed as options.  Then they said they couldn't help me and someone would contact me.  A few days later, no one had reached out.  I tried to log in and my accounts were restricted.  I called again and got a different version of security questions that also had no options from my actual background or credit history.  Again, they couldn't help and no one reached out.  After a couple weeks of no online access, no contact from them, and being unable to get through, they eventually told me to email them photos of my passport and social security card on the open web.  I asked if they could provide a secure upload link and they said they could not.  I told them that unencrypted email is not secure and this would put me at serious risk of identity theft.  They said it was the only option.  I emailed the documents encrypted and told them that the password was some basic information from my account, which they already had.
 They never responded.  I called again and they said they can't accept encrypted documents.  I told them the PW again but they refused to use it.  They said to upload the document via the website, but wouldn't unlock my account so I could access the uploader.  Ultimately its been about a month and I've spent many hours on the phone, and I can't see or access a significant sum of money.  It's madness.  My other accounts are at Vanguard and I'll be moving everything else there too once I'm able.  If anyone is considering Ally Invest, I suggest you go elsewhere. 

[Blender Bender]

That’s shitty. I hope you get your money back soon!

[eyesonthehorizon]

You might want to try sending docs via registered mail with a signed letter explaining the situation & requesting the account to be reactivated or else the paperwork to transfer, as crappy an option as that is. They probably can't scan encrypted files for malware so won't open them.

[stoaX]

They said to upload the document via the website, but wouldn't unlock my account so I could access the uploader. 


That's so sad and frustrating.

[Askel]

After a couple weeks of no online access, no contact from them, and being unable to get through, they eventually told me to email them photos of my passport and social security card on the open web.  I asked if they could provide a secure upload link and they said they could not.  I told them that unencrypted email is not secure and this would put me at serious risk of identity theft.  They said it was the only option.  I emailed the documents encrypted and told them that the password was some basic information from my account, which they already had.

My advice: just accept the risk, work within their flowchart and move on with your life.  There are much easier ways to steal your identity than trying to get a picture of your passport that you emailed to a bank one time.   

And as someone who has had their identity stolen, I can assure you it was a lot less hassle than what you are putting yourself through.   

[Stimpy]

...
They seem to have mixed up my record with someone else's ...   
...

Yea, this is a thing and not just for ally.  :(
What ever service they are using probably has 2-3 Hunters that could be you and it choose the wrong one.  Have not had this happen to me, but know one other person who has has similar issues on a different platform.  It's bs, but not much you can do.

Best advice as already stated, either secure mail or use email as they asked, no encryption.  Yes email info can be stolen but it not a main stay for most identity theft.

[FLBiker]

This sucks, and I agree with the advice given -- even though I hate sending personal stuff through regular email, in this situation, I'd just bit the bullet and do it.

I try to be careful with my stuff, but at the same time I'm sure that a tremendous amount of my information is already available online.  Also (and maybe this is naive of me) I'd be much more willing to send someone a copy of my passport and SS card than, say, my bank login details.  I'm SURE my SSN is out there, and I don't think a passport gets you much of anything.  I had one stolen out of the mail many years ago, but I think that's because they use them to make fake passports (rather than for identity theft).

[Mighty-Dollar]

This is the same company that teaches critical race theory to employees. https://www.foxbusiness.com/politics/bank-of-america-lowes-sponsored-crt-training

[Mod note: not relevant to this discussion]

[VaCPA]

After a couple weeks of no online access, no contact from them, and being unable to get through, they eventually told me to email them photos of my passport and social security card on the open web.  I asked if they could provide a secure upload link and they said they could not.  I told them that unencrypted email is not secure and this would put me at serious risk of identity theft.  They said it was the only option.  I emailed the documents encrypted and told them that the password was some basic information from my account, which they already had.

My advice: just accept the risk, work within their flowchart and move on with your life.  There are much easier ways to steal your identity than trying to get a picture of your passport that you emailed to a bank one time.   

And as someone who has had their identity stolen, I can assure you it was a lot less hassle than what you are putting yourself through.

Yeah, I was thinking along the same lines. I hate emailing sensitive documents, but I'd be stressed alot more by not being able to access a large sum of money in my investment account. You could always freeze your credit for awhile after getting this sorted out if you're worried.

[KarefulKactus15]

I'm surprised they told you to do email. That's good. It probably wasn't in their normal process flow and special approval was needed.

Be happy that the customer service team found an option for you outside of their normal path.

I've had situations with another company commercially (Facebook ads) and there is no deviating from the automated flow if something happens like what happened to you.  It's gone forever and that's that.   Contrast that to Google who is absolutely wonderful with any issues.  Guess who gets my ad spend....