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Ally Invest customer reviews, complaints, ratings, service pros and cons. Is Ally brokerage a safe and good investment company to open an account?

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Ally Invest Customer Reviews

by Amy,  4/25/2024

Pros:  Decent banking but rates are not the best

Cons:  Lower interest than at the competitors

Review:  I've signed up with Ally becuase they used to have top banking rates. But now Robinhood, Webull and M1 Finance all have better interest on cash, credit cards, and spending rewards. Time to move.

by Sam,  3/7/2024

Pros:  Nice support

Cons:  Dated software

Review:  I used to like Ally as they were keeping up with competitors. But now they are way behind. Brokerage service seems to be an afterthought and the firm is focused on banking.

by Paul,  2/1/2024

Pros:  easy to use

Cons:  Tax forms are sent late and then revised later on

Review:  The only issue I have is that Ally provides your tax forms way too late. They say by mid February, but last year I didn't get it till the last week of March so I only had 2 weeks to get my taxes done. I have to make an appointment with my tax person so it stresses me out when I'm just waiting on Ally to provide a basic form to download from the site. My friend has the same issue last year. He had to get his taxes done very close to the deadline and then a couple months later Ally sent him a revised form. Of course his taxes were already filed. It's just a hassle and stress for a basic tax document that should be sent in January. I'm going someplace else because of this (just like my friend). Makes you wonder - if they can't provide your tax documents in a reasonable timeframe, what else is going on over there.

by noway,  12/7/2023

Pros:  now a days none

Cons:  the platform has gotten impossible to use due to it not functioning correctly

Review:  They don't care anymore. It is not reliable. AND if I hear clear cookies one more time...

by noway,  12/7/2023

Pros:  now a days none

Cons:  the platform has gotten impossible to use due to it not functioning properly. This makes it very risky to use.

Review:  They don't care anymore. It is not reliable. AND if I hear clear cookies one more time...

by Dan,  11/27/2023

Pros:  Free trades/transfers/no minimums (but all brokers off these now)

Cons:  Poor customer service, investment features

Review:  Ally is great for online savings but if you have been investing for more than a few months it is NOT a place to manage your money. All major online brokers have the functionality to control your investments easily at the click of a button - but not Ally. You cannot personally control which stocks/ETFs are on/off for DRIPs (automatic dividend reinvestments) and instead have to wait for a customer service rep to "submit a work order" simply to turn DRIP on/off for each individual position - and it DOES NOT WORK.

I requested them to turn off DRIP for several stocks and kept getting more shares on the pay dates, each time hearing from customer service that the rep didn't do it correctly, or submitted the work order but nobody at Ally ever acted upon it. Then I asked them to turn off DRIP for 1 stock and "oops" - a month later I was receiving no dividend reinvestments for the whole portfolio. I had to send them a list of which should have DRIP on/off and 16 days later, still no changes or correspondence from Ally despite repeated calls and it becoming a part-time job. All other brokers you simply click on/off yourself.

Go to Schwab or Fidelity until Ally gets serious about building a functional investment platform.

by Stephen,  8/15/2023

Pros:  Their Bank might be O.K.

Cons:  Their promotion/marketing department lacks credibility.

Review:  I was optimistic when during a phone call (I wished to know that the offer was genuine) I was told that three consecutive monthly deposits of at least $50 would be rewarded with a bonus deposit thirty days after the last “qualifying deposit” . I made those deposits, but because they were not set up as “automatic deposits, They refused to honor their offer. They have lost me.

by Andrew,  7/31/2023

Pros:  Low fees

Cons: 

Review:  I second everything shantanu said. The new "forced" Ally interface is total garbage. Slow, non-responsive, and lacking even basic features. If you want to do any options trades it is a total nightmare even with established option chains. Don't even dare to try RUT or NDX options. Customer service is friendly and responsive but does nothing. Their stock answer is "call the trading desk", what is this 1975?

by shantanu,  6/23/2023

Pros:  Low fees

Cons:  web interface

Review:  I have been a Ally Invest customer for 10+ yrs. It used to be TradeKing a low costs, decent platform. With Ally it has just been going downhill. Main issues - constant outages, even during trading days and the occasional pop-up of the new Ally Invest web interface (I could always log out and log in to get to the old interface). Recently it looks like they have moved to the new Interface which is terrible - I do options trades and if you do the same, then avoid this at all costs. I am moving over to WeBull and TastyTrade slowly.

by Eric,  3/16/2023

Pros:  Integration with Ally banking account

Cons:  Basic Service

Review:  It is now March 16th. That is over a month from when brokerages are required to have 1099s. I still have not had one generated. They noticed I had not had one generated on February 23rd when they are supposed to be created by February 15th. They are now saying 'it should be generated within 30 days from the 23rd'. To me, that is unacceptable in a brokerage I want to do business with.

by Kelley Anderson,  10/1/2022

Pros: 

Cons: 

Review:  Account was easy to open n Ive had a checking n savings account w/ Ally for over 2 years. The app is super easy to navigate and use. The option of having buckets in my savings makes it easier to manage my money. I know how much I have set aside for each bill n things Im saving for. Transferring between accounts is super easy n can have 6 transactions from savings/month. My only complaint is not being able to add cash directly to account. Have to pay a 3rd party to add cash. I recommend Ally!

by Jeremy,  9/15/2022

Pros: 

Cons: 

Review:  The app needs to include alerts for stocks. There's no point in having a watch list of I can't set an alert for movement in a certain direction. I want to be able to track price or percentage gains and losses. Also the chart could be more detailed when looking at values. Let me zoom in to get exact numbers or at least show what number it's at instead of just in between. I have to use another app for detailed info. I do like the ETF filter.

by Ryan Jorgensen,  8/19/2022

Pros: 

Cons: 

Review:  I've enjoyed the ally mobile app, but am a little disappointed with the last update (when monitoring investments). The holdings list has been "simplified" to just three columns (even on a large tablet) and lost the convenient sorting by clicking the column heading. Recently I've discovered the card view, which has a lot more info. So that's nice. I do wish there was a way to view more information in tabular view, especially on tablets, and I wish I could view it landscape.

by Jordan,  6/21/2022

Pros: 

Cons: 

Review:  Good overall, but push notifications to alert you when the card is used do not work. They used to work great, but now not at all. That was a useful feature so it's a bummer it's not working. The text message alerts do work, but the push notifications do not. I do like that they added the card nicknames to card controls and integrated it into the main app. That was great.

by Nicholas Jarak,  5/15/2022

Pros: 

Cons: 

Review:  Works pretty good. Occasionally, I can't log in due to some sort of issue on Ally's end but I'm not sure if that is the app's fault or something going on with Ally's servers. Regardless, the app is easy to navigate and fast to use. It also looks decent and you can do the mojority of functions that you can do on the website. Overall, good experience.

by Marc,  3/10/2022

Pros:  Not Sure

Cons:  Mistakes after updates. Mobile App issues

Review:  I was originally with TradeKing and they met or exceeded all my expectations. When Ally took over I've had a number of disappointments. First Ally Bank and Ally Invest are not well integrated. Moving some of my IRA investments into a CD was shockingly challenging and time consuming and not something that could be done without multiple interventions with both entities. Second, transferring my 401k to Ally was equally challenging due to a lack of clarity with their addresses and PO Boxes and misdirected assistance from phone support. Third, the mobile app has long had display format issues (on Samsung Galaxy). Columns and wrapping we're always off and confusing for dollar amount that have a comma. Decimals were not aligned and dollar amounts wrapped. As of 3/10/22 an update seems to have addressed the format issue - BUT - my PUT option positions were displayed as CALL options sending me into a brief panic. I've opened a ticket and hope it's resolved soon. Forth, I'm frequently unenrolled in fingerprint ID access in the mobile app. Frequent login problems with mobile app.
I've had other issues after system updates that reflect wrong financial details. It always gets fixed but causes me concern and unnecessary anxiety. Thinking of moving to Schwab if I can be sure they don't have these kinds of issues.

by GM,  11/15/2021

Pros: 

Cons: 

Review:  Easy to navigate and rarely ever has issues. A great tool and indespensible app.

by Jesse James,  10/19/2021

Pros: 

Cons: 

Review:  Easy to use, feels secure, quick response time, and can do just about everything on the app as the desktop. Update** 6/9/21 -- this is still my primary investment platform. After several years and coming from Tradeking to Ally I've been lucky to only have single issue in balance which was corrected quickly. I've called support for simple questions and got quick answers. I appreciate the security and convenient set up!

by David Rousseau,  9/12/2021

Pros: 

Cons: 

Review:  This app efficiently allows me to trade stocks, even without an Ally savings or checking account. It helps keep track of my earnings and losses in an easy to understand way, and allows simple transfers of money to and from the stock account from other banks. I like it!

by M L,  7/25/2021

Pros: 

Cons: 

Review:  The brokerage part is kinda janky. Funding automated withdrawals is an all day task. The bank part is awesome and I'm glad I switched over. I'm not a fan of their managed portfolios, but I tried it at least. They cut interest in savings accounts again so that was fun. The app is mediocre and could be better.

by Angela,  6/14/2021

Pros:  none

Cons:  mistakes on account, change of address, no customer service

Review:  I have been with Ally since it was Zecco Trading, then Trade King and finally Ally. It used to be one of the few discount brokers. Now everyone is and everyone else has better research and customer service, not to mention web interface. Things have gone steadily down hill over the past few years. I finally moved my last account and they screwed up a mutual fund purchase price (putting it at 1.18 rather than 11.33 a share.) God will have to intervene for them to fix it. There are better brokers - stay away from Ally

by Art,  5/4/2021

Pros:  pros

Cons:  cons

Review:  111111111

by Joseph,  4/11/2021

Pros: 

Cons: 

Review:  Been using the mobile app since inception. It keeps getting better all of the time.

by Chris,  3/23/2021

Pros:  none

Cons:  everything

Review:  if you want nothing but hours of being on hold, blocked trades, being lied to about what SHOULD happen vs what actually happens. by all means flush your money down the drain. here is the latest gem of a response from my 10th chat msg regarding non stop issues of them rather than selling my shares putting them into boxed illegal tax positions that were banned for tax avoidance.

christopher: so now I have to waste 5+ hours on hold due to yet another ally mistake? despite how many chats i've had telling you to have your mangement get this shit together?
christopher: tell your supervisor what.. I'm going to the SEC FINRA and filing complaints
christopher: so maybe have a fucking supervisor call me with your illegal boxed positions
Thomas W.: Do what you need to do.
Thomas W.: Thank you for contacting Ally Invest. Have a great day!

by Grant,  3/18/2021

Pros:  Yeah right

Cons:  Everything

Review:  First I set up a managed account through their website. after account opened appeared to be a self directed account. Called customer service, after hour on hold, rep "Brian" told me account was a managed account and to be patient with funds being invested. Brian even told me he would change investment to be more aggressive. Next week called again. 1 hour hold hung up. Next day another hour hold got through to "brian" who now told me this account was a self directed account. Asked brian about my previous call and what I was told. He said didnt know about call and claim not to have access to the account notes. Told brian to transfer funds back to other account and close account. This never happened. Next week called. On hold for another hour plus. Ally invest suuuuucksssss. Customer service sucks. "Brian" sucks. Website sucks. Banking good. Ally invest sucks.

by J. A.,  3/11/2021

Pros:  Had excellent service and reliability until about June 2020

Cons:  They fired everyone good now and customer service is terrible.

Review:  I called them and they put me on hold with a looped recording for 1 hour until I hung up.

I signed up for their website chat and it logged me out of the website every single time while I waiting in the chat queue.

I emailed them and they say to call.

All I want to do is add money to my Roth because my bank changed. Time to look for a new brokerage.

by Craig,  3/4/2021

Pros:  Decent web interface

Cons:  Can't get support

Review:  I've been trying to call them for 3 weeks. I've always had to hang up before someone answers, have held up to 30 minutes. Currently at 20 min on this attempt.

Tried emailing support instead. Got an auto-response they'd contact me in 1-2 days. That was 2 weeks ago and i never got a reply.

Stay away!

by YZ,  3/3/2021

Pros: 

Cons:  Customer support

Review:  This is THE worst in terms of customer support, just stay away, every's compaint here is correct, you are warned!

by ale,  2/17/2021

Pros:  simple to use when it wroks

Cons:  have not been able to make trades for 3 weeks, ZERO customer service, email responses direct you to call a number that never gets answered

Review:  Their customer service is terrible. I cannot get an answer or resolution on why my account was closed/locked out for 3 weeks, can only call or send an email. The response email says to call, if you call you are just on hold until you give up. Website is super slow and nothing is accurate, and they admit that but have not been able to fix it.

by HW,  2/15/2021

Pros:  Can't think any

Cons:  Very hard to get any customer service

Review:  I opened an Ally Invest account late last year. It has been very difficult to reach customer service. I called a few times. Was put on hold for 90 min one time, and I finally gave up. The on line chat function has been disabled for several weeks. The only way I can reach Ally Invest is through email. They don't have a secure messaging system on their web site. The auto reply says that they would reply the email in 1-2 business days. The reality was 2 weeks in my case.

I also discovered a couple bad mistakes on my 1099-DIV where the dividends were wrongly classified. I was told by email that it would take more than 2 months to correct which mean I won't get a corrected 1099 before the 4/15 tax filing deadline.

by John,  2/12/2021

Pros:  Not worth to mention any

Cons:  Too many to mention all

Review:  The worst part of Ally is that the technical glitches costed me tens of thousands dollars on a several occasions. The system stop responding at a crucial moment so you pick up the phone. But I am put on hold for hours instead of making trades on a very short and narrow opportunistic window. By the time I get to talk to the rep, it became all too late. It cost me thousands of dollars at minimum each time it happened, and last year alone it happened to me half a dozen times. Truthfully, system freeze can happen during crazy market sessions like those we've seen. However, not being able to talk to a rep right away is another matter. They used to be before the pandemic, like 5 to 10 minutes. Since then, it's been 2 to 3 hours easily. I actually had to wait over 5 hours at one time. They've been giving the pandemic excuse each time since February of last year. But after a whole year (12 full months), it is not the kind of excuse I'd use if I were them anymore.

by KT,  2/10/2021

Pros:  ZERO

Cons:  Complete Garbage

Review:  I lost $5000 because of All Invest. I am going to complain to SEC about this. Their platform will not let me close my position to close the margin call and hence I lost money. It is their fault. Can anyone tell me where to complain about AllIynvest ?

by Chuck,  2/3/2021

Pros:  They used to be TradeKing

Cons:  Everything else

Review:  I started my IRA account with TradeKing. There should be a timeframe to close your account without a fee when ownership changes. Amateur operations like Ally Invest know that they get paid even if you leave, Several of my cost basis' are incorrect, shares are rounded to 3 decimal places, but carried at 5. The trade desk people are pretty good (when you don't have to spend hours getting them to answer). In the last 2 days, I've telephoned at 5 different times, have been on hold for a total of 7 hours and 45 minutes (and counting) and am still waiting to get current information not available on the website.

by Cody,  2/3/2021

Pros:  NONE

Cons:  Everything

Review:  Like MANY others here, my funds have been held hostage by Ally now for a week and a half. They cancelled existing GTC orders set to protect my investments without notice and then restrict your ability to access the platform to trade. You can just watch as your investments lose value and there is nothing you can do about it, as your preset orders were cancelled, and they will not allow you to trade. Their customer service doesn't exist. Chat function doesn't work at all, doesn't even put you in a holding que...just says sorry, we are too busy to chat?! They only respond to emails with generic we are sorry replies, and I have tried for OVER A WEEK to contact them by phone and haven't spoken to a human once, sitting on hold for over 2hrs on each attempt. Not only have they lost a customer, but they will soon have a lawsuit on their hands. They are illegally holding my funds, won't allow me to transfer my investments to another firm, (I have tried two different firms and multiple transfer attempts, each rejected by Ally). Stay away, stay far away!!!!!!

by Lawrence,  2/2/2021

Pros:  Non

Cons:  Cannot be trusted, manipulate the account so I could not trade

Review:  Do not trust this investment firm. Bring your money elsewhere. Don't even do business with its other branches of business. This company cannot be trusted. As of 12pm on February 2nd 2021, my account is still offline. I cannot trade and is losing money as I cannot sell too. They have been saying that they have a technical issue since January 29th 2021. Called their customer service and no one answers the call. Could not place any trades and lost all opportunities. Going to be lawsuit with this firm.

by Steve Wood,  1/29/2021

Pros:  0

Cons:  customer service

Review:  Site has been up but messed up all day. All positions are gone and all cash is gone. No access to trading. A lot of people lost a lot of cash today because of this. There better be some compensation. Probably will move my accounts on Monday. Tired of this.

by Chip,  1/29/2021

Pros: 

Cons:  Just awful

Review:  Have not been able to trade 3 mornings in a row. Calls and emails go unanswered. They are only good for CDs.

by Ally Customer???,  1/28/2021

Pros:  Charts are nice.

Cons:  Website goes down frequently, especially on high volume days.

Review:  I made the mistake of moving my investments to Ally. The website is just too slow and unreliable. If you are an active trader or like to check your positions daily, please save yourself the trouble. They need to invest millions more in their infrastructure.

by Jon Sobieski,  1/7/2021

Pros:  None

Cons:  Everything

Review:  slow website, often inoperable, long call waits, horrible, Please avoid ally investment

by Charlie,  12/17/2020

Pros:  None that I am aware

Cons:  Client service is a joke

Review:  I have been a client for over a year and the platform is bare bones and unsophisticated. I have reached out to customer service on several occasions and it is a slow and excruciating process. Recently they made a mistake with the value assigned to a stock dividend and after 65 minutes chatting with a cust. rep the issue did not get resolved and I got disconnected. Tried to reconnect and no chance. Closing the account shortly.

by Regrets,  12/1/2020

Pros:  have not found any

Cons:  Ally Invest is a joke, a broker want to be

Review:  (1) I made a mistake transferring my account to Ally. I am abhorred by the "slowness" of their website. It take many many (10+) seconds to move from one screen to another. Order page and confirmation page all take 15+ seconds to come up. If one can trade with this kind of system response, good luck.
(2) Ally Invest had no secure broker-sponsored email system. One has to use open email (Yahoo, Gmail, etc) to communicate with Ally
(3) Ally screwed up my account transfer. My cost basis were wrongly assigned to my holdings and some with zero cost basis. I am surprised that they even screwed up to beginning with. It never happened with other brokerage houses before. Nonetheless, if left uncorrected, it would cost me dearly from inflated capital gains from incorrect cost basis. Secondly, the reps could not understand what my problem was. Needless to say, how to solve them. This is a very simple problem. It should trigger in investigation and correction with a few minutes conversation. On my calls with Ally, I am put on hold several times. I would get disconnected when the "hold" dragged on. I am still struggling with Ally to resolve this. It is very stressful experience.

Do not go with Ally Invest. I am on my way out as soon as I get everything in order to leave.

by Painful Mistake,  11/17/2020

Pros:  None, regretted moving to Ally within the first hour of using their website

Cons:  slow server, need patience to see webpage come up, lack of account/trading features

Review:  Webpages are painfully slow. Even the login page takes 6 to 8 seconds to come up. Trading order page can take up to 15 seconds to come up and another 15 seconds to confirm entry. In a fast moving market, the prices shown on Ally webpage are not relevant anymore. Ally is definitely not for people who trades on price movement.

Commission is only free if you trade stocks that are more than $2.

Customer service rep(s) are clueless of what are common account set ups: beneficiary designation, cost basis transfer from previous broker, etc. A three minute conversation with E*Trade or TDAmeriTrade rep took more than 30 minutes. Ally rep constantly answered a different question than what I asked.

This is not a broker that I can stay with. Waste of my time. Waste of my energy.

by 1postDaily,  11/9/2020

Pros:  Easy to Setup

Cons:  Slow Severs During Trade Hours (Day Trading out of the Question)

Review:  The site make it easy to setup things to start trading but the slow tick rate servers for trading live online during market hours really make you lose big time on any profits since most of the time it just sits there loading while the stock has either dropped significantly or went way above your buy price. Suggest going with a company that have better live servers that aren't slow giving you malaises while trying to make money...After hours, long Term Stocks buys is all I would do with this account. They need better servers for live trading because its my job to work in this field and my personal account I manage also...so if the service is this bad go elsewhere to make profits

by JFen,  9/18/2020

Pros:  None

Cons:  Everything

Review:  Ally invest is garbage. Horrible customer service. Poorly functioning app. Could not recommend less.

by Max Pain,  9/17/2020

Pros:  Easy to Move Money from Ally Bank

Cons:  Everything is terrible

Review:  I was wondering why some people rated this highly. It seems as though people are confusing a review for Ally Bank for a review on Ally Invest. I have been with Ally Bank since they launched and they were great at the time. Nowadays theres some pretty good competitors but I am okay with sticking with them (for now).
However this is a review on AllyInvest not Ally Bank. Ally Invest is complete and utter garbage. I liked that I was able to move money easily from my bank account to ally invest but was all that was good about it.

Website and app are buggy. Sending orders is a crapshoot. Often it will go unacknowledged and you dont know if it went through or not. The data they are showing are often wrong. The gain / loss or the position is wrong and you dont know what you own or whether you lost or made money. It's not just the apps that are terrible, their operations in general is questionable. Usually the data you see is based on what is in their back end systems and I can only imagine the disaster behind the scenes. Virtually no quality control. Im really surprised how bad it is given that this is a regulated industry. Regulators ought to have a closer look at them and their operations. How can you operate a business where so much of peoples money is at stake and operate so poorly.

The support is worlds apart from Ally Bank. When calling in takes a long time to get someone on the phone, emails are even worse where they go unacknowledged for days / weeks even after repeated emails.
With every broker essentially charging no commissions there is absolutely no reason why you would use AllyInvest.

by Michael,  9/14/2020

Pros:  Marginally Cheap Options

Cons:  Data is terrible.. bad data = losses

Review:  People who rated this highly clearly has not used a real broker like ThinkOrSwim or TastyWorks or are paid reviews. Ally Invest is terrible. If you like setting up your own spreadsheet to track positions and p/l manually then by all means use this broker. If you prefer a broker who can calculate very simple things like cost basis and gain/loss properly then dont use this broker. Consistently, there are missing tax lots, missing cost prices, missing current prices which essentially wont let you know or understand your risk or if you gaining or losing. I have screenshots to show how positions that are losing are being shown as gains and gaining positions are shown as losses. I mean this is very simple arithmetic and their buggy website is just unreliable. But if you enjoy using a spreadsheet and manually updating prices to understand if you made or lost money then this broker is for you. If you want a real broker with a tried and true system / processes that lets you understand your risk and gain / loss then look elsewhere. Really.. a 15 cent discount per contract on options is not worth the hassle especially when you could lose a LOT of money due to their bad data especially in the current volatile environment.

If you are an active trader.. dont let the cheap commissions fool you. You will lose money because of their terrible data.

by jsr,  8/27/2020

Pros:  Great site when I first opened my accounts

Cons:  Virtually no customer service

Review:  Pages wont load, trade orders hang and wont go thru. Hard to make money this way

by John Jim,  8/25/2020

Pros:  Not under GM anymore but still terrible.

Cons:  Amateurs even after 100 years of company history.

Review:  I had total 6 investment accounts in my life and still have some. Ally is just an absolute amateur company. Poor selection of shares, distriburion, extremely annoying trasnfer policy whihin Ally accounts (So with non-Ally account is even worse), extremely long processing time and more. If Ally is your first ever investment account, it'll do a job, but if you have experience with financial inatitutiins like JPM or Fidelity, you'll see a clear difference.

by Ken,  8/12/2020

Pros: 

Cons: 

Review:  Long, long, long, long waits for assistance by telephone and the internet. The app is not real user friendly. Perhaps if Ally stuck with basic banking (i.e., checking and savings), they would do better.

by MarMar,  6/22/2020

Pros:  Great service

Cons:  just a little glitch

Review:  I love ally they make everything just so much easier when I had a problem with a deposit a customer service guy named Robert helped me out a lot, my only issue was I didn’t see the conversation until 2 hours later I don’t blame it on Robert or ally necessarily, more of the fact that the app was a little weird and I didn’t give Robert the full 5 stars he deserves because I didn’t see the conversation until after I submitted my review. All their customer services people are awesome and make everything so understandable. 5 stars on everything and thanks Robert

by Matt,  6/12/2020

Pros:  Cheap

Cons:  Website is useless

Review:  I had a stock got split and could not trade for a day because of "PRESPLIT". Even next day, I could not trade and message was saying I had to call them to trade. I had an exactly the same stock at other bank and they let me trade the stock right away and no issues whatsoever. And also, their website is really slow and goes down often. Completely useless.

by Rod,  6/8/2020

Pros:  No commissions

Cons:  Slow at times

Review:  Have been with Ally since they were TradeKing. They have been good for my portfolio.

by BudgetMaster,  6/5/2020

Pros:  Love them to bank and invest!

Cons: 

Review:  I’ve been saving online with Ally for a couple years now - using them for a savings account was a no brainer. But I DID use the ole brain to decide who to go with for my first foray into the stock market. I read up on best apps for beginners, pros and cons of several different platforms, etc, and decided to go with Ally - ultimately the fact that I already banked with them gave an extra ‘pro’ to them on the list, in addition to charging NO commission and NO trading fees, which seemed basically unheard of on most other apps I looked into. I’ve had my investment account open for most of this month and it’s been a really easy, unscary process (as Unscary as the stock market can be, anyway.) I used them to buy a handful of specific stocks I decided on after tracking those stocks for a year and researching them, and I plan to use this account to grow my money towards retirement, investing a modest amount each year (not to actively trade, and not to quickly grow funds that I then want to immediately use). So my experience based on that goal has been really great!

by mgwatt,  5/23/2020

Pros:  Best Bank thus far

Cons: 

Review:  I’ve been with Ally for several years now. I have a checking and savings account with them. Even when I couldn’t find a bank to finance my car loan, Ally was the only one to trust me with a car loan. I paid off that car with no issues from Ally. I would recommend Ally to everyone that I know.

I realized recently how great they are. I had not used my account for over a year, probably a year and a half. So, when I called them the other day, to my surprise, my account was still open and ready to use! Amazing!!! And their live customer support is the best!

I’m seeing negative comments here, but why would you use a bank for stock investments? Maybe if you are having issues with Ally’s investment program, try using companies that focus just on that, and come back to Ally once they have mastered that option. It seems that their stock investment program may need some updating, but don’t write them off just because you’ve had issues. Ally is still a great bank option.

by Danial Jackson,  4/18/2020

Pros:  Outstanding Investment and Banking Platform

Cons: 

Review:  I moved my money over to Ally because I liked the ability to easily create additional checking and savings custodian accounts for my kids all manageable from one place. Each with their own debit cards and free checks! + Found a really neat savings feature called buckets to help save for specific goals.

Noticed they offered an integrated investment platform and so I opened one just to test the waters. This ended up being one of my favorite features. My money is transferable from any Ally checking or savings accounts IMMEDIATELY (as in only seconds to process) great if a last minute opportunity develops.

The platform has been 100% responsive and reliable executing trades of both stocks and options. They allow you to sell short or buy long, and offer a good research platform. There are API integration features to enable other custom platforms and rich detailed market data.

Best of all great 24/7 customer support that is both responsive and provided by real humans. Have an issue and they have your back, it exceeded my expectations by far when compared to other banks and trading platforms.

Oh yeah as another big plus 9 times out of 10 they have the highest interest rates available out there on the savings accounts! While none of us are planing to get rich on interest it’s nice to have my cash value savings keep up with inflation, and get that nice compound interest as it sits safely.

A+ 5 star from me

by Morgan,  1/27/2020

Pros:  Cheap, easy to use when working

Cons:  A lot of serious bugs

Review:  Says I had 10x the gain that I actually did one day. Said the money in my account was worth zero the next day, despite the individual stocks listed having value.

by Sheena243,  1/15/2020

Pros:  Need to see trade history

Cons: 

Review:  The Ally Invest portion of the app needs some improvements. I would like to be able to see a history of trades that have been made and the gain or loss on those through the app.

The app also is unable to shrink or fit font in a good way if you have text enlarged across the phone. So it looks bad with parts of the figures disappearing or overlapping. Needs a more professional and smoother look.

In short, the app is useful for a current snapshot of holdings. But if you get an alert that you just made a trade ... going to the app is highly frustrating as you realize you don’t have the ability to see what just happened.


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Introduction to Ally Invest Complaints

While Ally Invest is known for low commissions, the broker nevertheless has problems from its clients in other areas. This article will take a look at Ally Invest complaints and see which brokers do better.


Ally Invest Complaints

Ally Invest requires at least 25 trades every month to receive Level II quotes. Charles Schwab, by comparison, offers Level II quotes free to non-professional investors.

Deposits made by check, wire, or ACH are not available for withdrawal for ten business days. This policy is much more strict than Fidelity's, which usually allows funds to be withdrawn in four business days.

The major Ally Invest complaint is that there aren't any no-load, no-transaction-fee mutual funds. The broker charges $0 for each transaction of any no-load fund. Charles Schwab, by contrast, offers more than 3,200 funds that have no transaction fees.

Penny stocks can be traded, although the broker does charge an additional 1¢ on each share. Firstrade and Schwab have no surcharge on penny stocks.

There is a trading platform available for clients who have the required $2,500 in assets or the minimum of 1 trade per year. It's called Ally Invest LIVE. While the account requirements are fairly low, some brokers, such as Webull and Schwab, have lower requirements. Ally Invest's customers also complain about the elementary nature of the platform. It is web-based and not a desktop software program. The load time seems a little slow in Google Chrome. Market and security research are rather limited, compared to what can be accomplished on some competitor websites. Quotes on the platform are inadequate in terms of the information supplied.


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Ally Invest Advantages

Despite the above Ally Invest complaints, there are a number of major strengths the firm has that give the broker an upper hand in certain areas.

Ally Invest has a great low rate for stock and ETF trades that is hard to beat — $0. This is the lowest commissions in the industry.

Option contracts are just 50¢ extra. This commission is also below average. It beats Charles Schwab (65¢) and Etrade (65¢).

Ally Invest's commission on mutual funds is only $0. The lowest priced competitor, Firstrade matches this rate, while all other firms have prices starting from $15 and all the way up to $49.95.


Ally Invest Complaints


Although Ally trading platform has certain limitations as noted above, it does not carry steep account minimums or trading requirements. Other brokers, including Fidelity, Merrill Edge, and Schwab, impose higher account obligations in order to use their advanced platforms.

Investors at Ally Invest can not only buy and sell securities, they also can trade forex. Moreover, Ally Invest offers a dedicated currency platform free of charge. Most other brokerage firms, including Vanguard and WellsTrade, do not offer forex trading.

The broker's website has a chat function. This is a convenient feature for traders who prefer to chat with a rep rather than make a phone call. Other firms, including Merrill Edge and even Webull, don't offer chat service.


Ally Invest Complaints Recap

No broker is perfect and Ally Invest customers have some things to complain about and hope for. However, the broker advantages beat the Ally Invest complaints easily and the firm outperforms in many areas. Frequent stock, option, and forex traders as well as beginner investors will do especially well with the firm.

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