Checking or savings account -- Managing an account -- Complaint #5397041
Complaint Overview
Complaint ID: 5397041
Company: Ally Financial INC.
Product: Checking or savings account
Sub-Product: Checking account
Issue: Managing an account
Sub-Issue: Funds not handled or disbursed as instructed
State: Illinois
ZIP Code: 60608
Date Received: 2022-04-01T12:00:00-05:00
Date Sent to Company: 2022-04-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
On XXXX XXXX, 2022, Ally Bank instituted CoverDraft for checking accounts. CoverDraft is where they cover overdrafts, up to {$100.00}. It's a feature we've automatically added to Ally Bank Interest Checking Accounts. When CoverDraft is used to cover a transaction, you receive a notification from Ally with the transaction information, and a message saying that we typically don't let you make purchases or withdraw money from your account if it stays negative for 14 calendar days. My account was overdrawn on Wednesday, XX/XX/2022. I received an email from Ally that stated : We'll never charge you an overdraft fee, but you'll have to deposit or transfer {$50.00} to get your account out of the negative. Immediately after that message, I received an email stating my account had been deactivated and that a deposit would be required to reactivate the account. On XX/XX/2022, I received a {$150.00} direct deposit. My account remains deactivated and Ally Bank has yet to reactivate my account and has left me without access to my funds. Ally Banks CoverDraft is not only an inaccurate, ineptly unfairly applied policy, it is fraud.
Frequently Asked Questions
What is Complaint #5397041 about?
Complaint #5397041 was filed against Ally Financial INC. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2022-04-01T12:00:00-05:00.
How did Ally Financial INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Checking or savings account) and describe your issue in detail.
Can I see other complaints against Ally Financial INC.?
Yes, visit the Ally Financial INC. company profile at readthecomplaint.com/company/ally-financial-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.