Consumer complaint received 2024-05-24
Product: Checking or savings account — Checking account
Issue: Managing an account — Deposits and withdrawals
Company: ALLY FINANCIAL INC. (AZ)

I opened a checking account with Ally Financial on XX/XX/2024 with a {$10.00} deposit from my existing XXXX XXXX checking account. 

I deposited my Social Security XXXX backpay check in the amount of {$36000.00} deposited on XX/XX/2024, using the Ally app. 

I received an email from Ally stating deposit would be available in five business days received on XX/XX/2024. 

I received an email from Ally on XX/XX/2024 stating there was suspicious activity detected on my account was and to please call to verify some information. 

I called the Ally Fraud Prevention Department to verify requested information on XX/XX/2024 at XXXX. I verified my personal information, information regarding my cell phone and internet service providers and what the check was for. I was advised investigators would have to review my information before releasing my funds. 

I received an email from Ally stating I had changed my telephone banking information on XX/XX/2024. 

I called the the Ally Fraud Prevention Department regarding this email about change in telephone banking information, which I did not make, on XX/XX/2024 at XXXX. The representative I spoke with advised me that if the funds cleared the bank, they would lift the account restriction and release the funds on XX/XX/2024 at XXXX. As well, he advised that the email was a system generated email that happens when accounts are restricted. 

I called Ally Fraud Prevention Department to inquire about providing documentation of where the check deposit came from on XX/XX/2024 and asked if I could provide documentation from the Social Security Administration regarding the validity of the check. I was given a case number and the email address to send the documents to, XXXX. 

I sent an email to XXXX sent on XX/XX/2024 at XXXX with scan of the 7 page Social Security XXXX Notice of Award letter attached clearly documenting the first payment in the amount of {$36000.00} and source of the funds, and my information as well. 

I called Ally Fraud Prevention Department to check status made on XX/XX/2024 at XXXX. I was advised by the representative that the investigators had not yet reviewed my emailed documentation and that they had reached out to the US Treasury Department to confirm the validity of the check and would not verify if the funds had cleared yet. * I contacted the Social Security Administration on XX/XX/2024 at XXXX and spoke with a representative named XXXX. I explained the situation and asked if he could verify if the check had been processed yet. He sent a message to the processing department asking that they reach out to the bank and myself regarding the status of the check and advised that I should hear back by the end of the week, otherwise to call back. 

I contacted the CFPB on XX/XX/2024 at XXXX. The representative I spoke with listened to my information regarding what had happened and I explained that it was a new account, and a large deposit and that I understood a hold, but that this seemed excessive and that I was not getting any information regarding a timeline. He advised that the bank should have released {$5000.00} of the funds on the 5th business day after the deposit and that the remainder of the funds is supposed to be made available by the 9th business day. They advised me I was within the guidelines to file a complaint and explained how to do so online. 

I contact Ally Fraud Prevention Department on XX/XX/2024 at XXXX. I spoke with XXXX. She advised that they had received my documentation and that it looks good, but that the investigators had not looked at it yet. I asked about the requirement to release {$5000.00} on the 5th business day and the rest of the amount on the 9th business day which was coming up Friday. She advised that hopefully it would be resolved and unrestricted prior to that but that since it was a new account that they did have the right to hold it longer than the timeframe I mentioned. 

I contacted Ally Fraud Prevention Department on XX/XX/2024 at XXXX and spoke with XXXX. She advised she did see that I had provided documents confirming the check, which were now attached to my case, but that again the investigator assigned had not yet reviewed my documentation. She advised once the investigator assigned to the case got a chance to review the documents, they would release the funds if there were no issues with the documentation I provided. I again asked for some kind of timeline, for when an investigator might take a look at the documentation I had provided. She advised she could not give me any kind of a timeline but that she would request that this be expedited.