Q&A: I just had an online chat with “Ally Banking” are they a reputable bank and can they be trusted with deposits?

BY RDCO ON July 24th, 2011

Question by WADDELL R: I just had an online chat with “Ally Banking” are they a reputable bank and can they be trusted with deposits?
I’m considering transferring money to Ally Banking. however, they do not have buildings like Bank of America. All their transactions are done on line. Since I can’t see them or talk except on line, how do I know that this not a scam?

Best answer:

Answer by Andrea
I would check them out on the Better Business Bureau website. I have never heard of them and would probably not be likely to deal with them.

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Comments on This Post (1)

  • Ally Bank is an outgrowth of GMAC which was the old General Motors Financing division.

    They should be FDIC insured, so you are protected in case they go under up to $ 250,000.

    However, bear in mind that their parent GMAC, and GM, are in deep financial stress. The risk of them going under is somewhat higher than other banks; so even if you will not lose your deposit, you may wish to avoid all the hassle and frustration associated with the failure of a bank.

    Here is a review of the bank:

    http://moneyning.com/review/ally-bank-review/

    If you want an online bank, take a look at ING Direct .

    Like Ally, they are an online bank, everything is done online.. I have had good service from them for many years.

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