Consumer complaint received 2025-01-23 00:00:00
Product: Checking or savings account — Savings account
Issue: Managing an account — Funds not handled or disbursed as instructed
Company: ALLY FINANCIAL INC.
State: PA

Complaint narrative:
I initiated an XXXX transfer of {$16000.00} from my XXXX XXXX checking account to a savings account at Ally Bank on XX/XX/XXXX. The funds were withdrawn by Ally Bank from my XXXXXXXX XXXX account on XX/XX/XXXX, with the scheduled deposit date set for XX/XX/XXXX. However, before the deposit could be completed, Ally Bank closed the savings account on XX/XX/XXXX, due to inactivity, as part of their XXXX policy. 

As a result of the account closure, the {$16000.00} never posted to the Ally savings account, and the funds remain unaccounted for. Despite initiating the withdrawal, Ally Bank claims they do not have the funds and directed me to dispute the transaction with XXXX Bank. Following their advice, I contacted XXXXXXXX XXXX on XX/XX/XXXX, to file an incomplete XXXX transfer dispute and promptly signed the necessary XXXX documentation on the same day. 

I have since spoken with multiple representatives and a supervisor at Ally Bank, all of whom maintained that the funds are not in their possession, despite the withdrawal originating from their system. On XX/XX/XXXX, I called Ally Bank to request the dates of the original debit and its trace ID, as well as the date of the reversal and its corresponding trace ID for the {$16000.00} transaction. I needed this information to verify that Ally had returned the funds to my XXXX XXXX checking account. On XX/XX/XXXX, I provided XXXXXXXX XXXX with both the original debit trace ID and the reversal trace ID that Ally had given me. XXXX informed me that the reversal trace ID does not exist in their system, and they have no record of Ally ever returning the funds. They only have a record of the original withdrawal of {$16000.00} from my XXXX checking account on XX/XX/XXXX by Ally. According to XXXX, if Ally had actually sent the money back, it would have already been deposited into my account. However, this has not occurred. 

This issue has now persisted for XXXX weeks, during which time I have repeatedly sought answers and resolution. I have also come across numerous forums online of other Ally Bank customers experiencing similar issues involving XXXX transfers and closed accounts, pointing to a broader pattern of mismanagement. While Ally may use a third-party processor for transfers, this does not absolve them of their responsibility to ensure the proper handling of my funds. 

The timeline of events is as follows : XX/XX/XXXX : I initiated the transfer request. 
XX/XX/XXXX : Ally Bank withdrew the {$16000.00} from my XXXX XXXX checking account. 
XX/XX/XXXX : Ally Bank closed the savings account. 
XX/XX/XXXX : The scheduled deposit date, but the funds never posted. 
XX/XX/XXXX : I filed a dispute with XXXX XXXX and signed the XXXX document. 

This is a clear failure on Ally Banks part to handle my funds appropriately. I request immediate action to locate and return the {$16000.00} to my XXXX XXXX account. The ongoing delay is unacceptable, and Ally Bank must take accountability for resolving this matter promptly.

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