Consumer complaint received 2023-02-16
Company: ALLY FINANCIAL INC.
State: IL
Product: Checking or savings account
Sub-product: Savings account
Issue: Managing an account
Sub-issue: Banking errors

Complaint:
On XX/XX/2022 I received a promotional solicitation email from Ally bank, where I have many accounts. It solicited me to open another savings account with " new '' money by a deadline date and promised to pay a 1 % " bonus '' in interest on XX/XX/XXXX. 

I noticed the money was not credited on XX/XX/XXXX ( I had deposited {$6900.00} in " new money '' transferred in from another bank on XX/XX/XXXX in response to their offer ). I called Ally and asked them why the money was not paid as promised. I was told that it should be in the account by end of business on the XXXX, and to check the balance on the XXXX. 

On the XXXX the money was still not deposited, and after waiting on hold for over XXXX minutes I was told that " they are backed up on payments '' and they don't know when the money will be deposited, perhaps " 7 to 10 business days ''. I told them this was unacceptable, that if I borrowed the money and did not pay interest on time I would be charged additional interest and I expected them to either pay me today or guarantee additional interest including opportunity cost interest ( since interest rates have risen very quickly in the prior 120 days ). Since I have to keep the account open to receive the " bonus '' payment, it means I can not close the account and deposit the money in another account earning the prevailing current rate. I have accounts at XXXX XXXX and they are now offering 5 % for 11 months, considerably higher than this account is paying. 

I asked for a supervisor and was told the same nonsense about being " backed up '' in the " promotions department '' - this is an interest payment, and will be reported as such on a XXXX at the end of the year. Interest is paid on a timed basis, so delaying payments is a blatant violation of the agreement they made. If I do not have the ( {$69.00} ) promised bonus on the due date of XX/XX/XXXX, and do not have the option to re-invest the {$6900.00} ( plus intervening interest paid during the 120 days ) in another ( higher-interest-paying ) account, this amounts to theft. Ally pays interest on savings accounts every month on the statement date, like clockwork, programatically. It is not acceptable that they are " backed up '' because they solicited the money and then did not programmatically pay the " bonus '' - since this promotion allowed up to {$500.00} in interest to each customer, if they are " backed up '' it means they took in a LOT of money under this promotion fraudulently, and are now attempting to not honor the agreement. With interest rates rising monthly, they are essentially increasing their own " float '' margins on the backs of customers. 

Thank you for your help in pursuing this claim, federally-underwritten banks should not be taking advantage of customers like this. In a short time I will be retired and relying on fixed income like interest to live, and this sort of breach of promise should be punished severely. Multiply this over the thousands of customers who participated, and the amount of money they are stealing here is non-trivial.

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