Recently my Mom read my article Bank Benefits You Probably Aren’t Getting where I mentioned that I started banking with Ally bank due to their unbeatable rates. My mom did some digging and came across an article that bashed Ally bank, in part due to it’s government affiliations. This made her think twice about opening her own account with Ally, so I want to share this conversation with you to make you aware of the potential concerns, and my thoughts on them. Here’s our email conversation and a link to the article in question.
I have been thinking of sending some money to an ally bank account, but am a little put off by articles like this.
What do you think?
The author might not think Ally is an ethical company because they were part of the government bailout, but from a customers point of view you would be crazy to not take free money. If GM were selling cars half-off would it be wrong to buy? As stated in the article, they are offering interest rates well above market value which people would be crazy not to take advantage of. Plus they have no service fees. The fact of the matter is Ally is the best deal around and there is 0 risk in doing business with them. If they were to suddenly change all their rates and policies, you’re not obligated to stay with them. And it’s not like they are going to go out of business and lose your money because your money is federally insured, and their 2000% growth sounds promising to me. Even if they were 100% government owned, I don’t see how that’s a bad thing for their customers. They’ve been voted the best online bank 4 years in a row and until they start taking away some of these perks, they are the best bank to go with in my eyes.
Sent from my iPhone
Thanks Hon. I’ll probably open an account.
For those of you who are interesting in learning more about why I bank with Ally, just check out their site and see for yourself.