Ally Bank is wiping out customers' negative balances so they can receive their full stimulus payment

[mfcorey1]

Ally Financial, the digital-only bank with some $180 billion in assets, said Wednesday that it was forgiving many customer's debt in order for them to receive their full $1,200 coronavirus stimulus payment.

As part of the relief package passed by US lawmakers in March, banks can use the direct deposit payments to pay off debts owed by the customer receiving the check. Ally, however, said it would erase any overdrafts and not ask for customers to repay anything.

"It is, in effect, a gift to customers in need," the bank said.

In recent weeks, as the coronavirus pandemic forced businesses around the world to close, sending tens of millions of Americans to unemployment assistance and plunging the US economy into recession, Ally has allowed customers to defer payments on many loans.

https://www.businessinsider.com/ally-forgives-bank-overdrafts-customers-receive-full-stimulus-relief-check-2020-4

[Jamastiene]

1. I hope they are rewarded, because that is outstanding.

If only more businesses, banks, hospitals (yes, some hospitals are extremely corrupt in the way they bill patients, I still haven't forgiven the local one where I live for letting someone write their name on my chart and bill me when they did nothing at all for me) , landlords, and others would do this, people could maybe cope with all of this easier.

[FM123]

2. Wow, I never thought I'd see a bank do something like that!

Good on them!

[Squinch]

3. I have one account with them. Maybe I'll move my checking over to them.

[A HERETIC I AM]

4. ALLY Financial is what became of GMAC

Glad to see them doing something like this.

[cannabis_flower]

10. Interesting..

I bought a car right before this happened in January. That's who financed my car. I paid no money down. Made one payment and then schools closed and I was out of my substitute teacher job. And I didn't want to continue doing Uber for the time being. They gave me a 4 months pause in payments. I am very thankful (and was very surprised).

[wryter2000]

11. Yup

They financed my car.

This is really great to hear. Maybe I’ll see about getting a credit card from them.

[IronLionZion]

14. I've used them before. They're a fairly decent company to work with. nt

[Celerity]

5. Ally is rated the best US online bank by multiple rating sites, including The Balance

https://www.thebalance.com/best-online-banks-4165693

Ally Bank: Best Overall

When choosing an online bank, there are numerous excellent choices. Ally Bank stands out with a broad lineup of offerings, competitive rates, and high scores on banking surveys such as the J.D. Power 2019 Direct Banking Satisfaction Study.1

If you want interest earnings, it’s easy to open an interest checking account, high-yield savings account, a money market account, or CDs at Ally—and there’s no minimum required.2 The rates might not be the highest online, but they’re consistently competitive.

Ally Bank accounts charge no monthly fees, and transactions at Allpoint ATMs in the U.S. are also free. You can open online savings accounts, interest-bearing checking accounts, CDs, money market accounts, IRAs, or use any combination of those services for one-stop shopping.

Ally Bank’s CDs are known for being flexible and have competitive rates. For example, the Raise Your Rate CD gives you the chance to increase your rate once during your term if Ally’s rates go up, so you won’t miss out on earning more while your money is tied up. Ally also offers ways to invest and potentially grow your money through ETFs, mutual funds, bonds, and options.

[live love laugh]

6. Definitely opening a new account. nt

[progressoid]

7. K/R

[lark]

8. Amazing!

I'm totally shocked, I thought all banks were vampire organizations run by greedy,selfish, oligarchs. Maybe I was wrong? I'm still keeping all our money in a credit union, they are much more trustworthy, more consumer friendly, than the banks.

[panader0]

9. I've had a savings account and a checking account with Ally for a few years now.

Best interest rates. The first six cash back fees that many places charge
are cleared. A good place to keep your money.

[yellowdogintexas]

12. That is amazing! If I were with a commercial bank, I'd move my $$

I had always been a bit suspicious of on line banks but this definitely gives me a different POV

[Greyhead]

13. A bank doing the right thing

I’ll have to look into Ally. Been with my bank since the early 90’s. Called them asked how I could get assistance. Said they would call back. Still haven’t heard from them.