Consumer complaint received 2023-03-03
Company: ALLY FINANCIAL INC.
State: FL
Product: Checking or savings account
Sub-product: CD (Certificate of Deposit)
Issue: Opening an account
Sub-issue: Didn't receive terms that were advertised

Complaint:
On XX/XX/XXXX, I saw this 1 % bonus promotion on Ally bank website and you can get a Cash bonus of 1 % of the new money you deposit into Eligible Accounts at Ally Bank up to a maximum of {$500.00} cash bonus. FYI, here is the link to the full terms of the promotion on ally bank website : https : //www.ally.com/content/dam/pdf/corporate/offercode/getpaid.pdf? XXXX Here are the basics of the promotion. 1. If you plan on transferring New Money to an existing Eligible Account ( s ) at Ally Bank, you must enroll in this online-only offer here by XX/XX/XXXX. You must use the email address associated with your existing Ally Bank account. 2. If you dont already have an Eligible Account at Ally Bank you must open an Online Savings account, Money Market account, or Certificate of Deposit ( CD ) at Ally Bank using the offer code getpaid by XX/XX/XXXX. 3. Move at least {$1000.00} in New Money from an account at another financial institution into an eligible Online Savings account, Money Market account, or new CD at Ally Bank by XX/XX/XXXX. 4. Keep the New Money in your eligible Online Savings account, Money Market account, or CD at Ally Bank through XX/XX/XXXX. 5. Keep at least one Ally Bank account open and in good standing until we deposit your bonus, on or by XX/XX/XXXX. If youve followed the eligibility requirements, well pay your Cash Bonus on or by XX/XX/XXXX to an Ally Bank account you own. You must have an Ally Bank account open and in good standing at time of the bonus payout to receive your bonus So according to the terms, 1. I opened a new 11-month no penalty CD using the offer code 'getpaid ' on XX/XX/XXXX on ally bank website. 2. I transferred {$50000.00} new money from XXXX XXXX online saving account to this new CD. The new money is available on this new CD on XX/XX/XXXX XXXX. I kept the new CD with {$50000.00} through XX/XX/XXXX and closed the CD on XX/XX/XXXX 4. I still have my ally checking account open Since I completed all the requirements of this promotion, I am supposed to get the maximum {$500.00} cash bonus ( 1 % of {$50000.00} ) on or by XX/XX/XXXX. But I didn't get the bonus as promised on XX/XX/XXXX. So I contacted ally bank on XX/XX/XXXX about this bonus and was told they opened a case and it will take 7-10 business days to investigate. But I still didn't see the bonus after12 business days. I contacted ally bank again on XX/XX/XXXX, this time I was told they have no turn-around time frame for the case and they don't know how long it will take to resolve. I requested to talk their supervisor and the supervisor told me there are more than 1000 people having this issue and they don't know when my case will be reviewed. I asked what " no turn-around time frame '' means, what happens if you will work on this case for a year? The supervisor said it could be and he just don't know when. This is not acceptable. I completed all the requirements of the promotion, so I should get the bonus as promised by ally bank on or by XX/XX/XXXX.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation