You do save fees vs other brick and mortar banks. However, there are significant downsides to an only-online-bank. Examples: you can never get a certified check (in any timely fashion), you can never get a $100 bill for a graduation or wedding card, never able to cash in loose change, never able to exchange currency for a foreign trip and never able to make a cash deposit!
Specific to Ally, their “alert” system is horrific at best! If THEY suspect fraud on your account/card-you won’t know until you try to use it and get declined. Then try calling!! Wait time is 10 mins minimum, usually closer to 20 mins. Only to get no resolution in the first call.
I gave them one extra star bc they do refund ATM fees up to $10 a month.
Oh, and twice now when I select I want to participate in the end-of-call-survey, the agent doesn’t hang up… and kept the call open for over 40 mins! Smooth move! That avoids any negative feedback!
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Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan.
