Ally Bank

Ally Bank Bait and Switch, Deceptive Advertising on CD Rates Internet

8th of Mar, 2011 by User131142

I opened 2 CDs for 6months and 9months at Ally Bank online on March 3, 2011. The accounts were funded on March 7, 2011. On March 8th I looked at my online statement and saw that the 9 month CD, for which I have a print-out for, that stated its APY would be .99%, instead is listed with an APY of .94%. The 6month CD, which I have a print out for, states the interest rate is 1.05%. The online rate was listed as 1%. I called Ally Bank and pointed this mistake out to them. Their website guarantees the highest rate in 10 days. The customer service agent agreed it was a mistake and said she would "submit a request to bank operations" to correct it and to check back in 2 days. I did. They told me they calculated the rate the day the account was funded and that what they did was fine and did not need correction. I said they were using deceptive banking practices. They said they will call me back in two days to address the situation. Who else can I report them to for this fraud? The Ally Bank customer service person said the bank has no physical street address, just 2 P.O. Box number addresses. Am I ever regretting putting my money in their bank!!

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