Checking or savings account -- Managing an account -- Complaint #9520220
Complaint Overview
Complaint ID: 9520220
Company: Ally Financial INC.
Product: Checking or savings account
Sub-Product: Other banking product or service
Issue: Managing an account
Sub-Issue: Banking errors
State: Florida
ZIP Code: 34771
Date Received: 2024-07-15T12:00:00-05:00
Date Sent to Company: 2024-07-15T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I have attached a full description of the issue, but in short : Ally Bank, The XXXX XXXX XXXX ( XXXX ) Revocable Trust used Trust Funds to obtain CDs funded XX/XX/XXXX. XXXX had personal accounts with Ally Bank, and the XXXX where XXXX and XXXX XXXX ( XXXX ) ( me ) were/are Trustees. XXXX XXXX had Power of Attorney before and at the time of XXXX death.XXXX is the Executor of the Estate of XXXX XXXX XXXX. Prior to her death, the XXXX interest income was reported under XXXXXXXX XXXX SS #. The CDs were 13 month ( $ XXXX ), 18 month ( $ XXXX ), and 20 month ( $ XXXX ). CDs were subject to early withdrawal penalties, but no penalties with the death of the grantor/owner. Per Ally Bank T & Cs, CD Interest ( >12 mo CDs ) Credits at the end of the calendar year. XXXX XXXX XXXX passed away on XX/XX/XXXX. On XX/XX/XXXX I by Secure Message and FAX provided Ally Bank with the XXXX for the XXXX TRUST ( see attached ). In the communication to Ally Bank were instructions to apply the interest earned on the CDs to the XXXX. Ally Bank issued XXXX for XXXX with the CD interest reported under XXXX 's SS #. This causes IRS penalties. Note that a XXXX Election was taken when the TRUST XXXX was obtained, the TRUST first fiscal year is XX/XX/XXXX - XX/XX/XXXX. In incorrect XXXX was also issued for the XXXX.
Frequently Asked Questions
What is Complaint #9520220 about?
Complaint #9520220 was filed against Ally Financial INC. regarding Checking or savings account specifically about Managing an account. It was received by the CFPB on 2024-07-15T12:00:00-05:00.
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.