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Er, could you explain why? The Wikipedia articles you link to seem to very much make the case in the opposite direction... There doesn't seem to be anything da

Er, could you explain why? The Wikipedia articles you link to seem to very much make the case in the opposite direction... There doesn't seem to be anything damning in the Ally entry. Especially compared with the Wells Fargo entry, which includes a detailed 14 point list of "Controversies" (including the recent scandal and CEO resignation which should be fresh on everyone's minds).

ghshephard 10y ago
Size of the entity was what I was trying to capture. You know that an entity like WellsFargo is not going to go out of business overnight, I don't have the same level of confidence with a 600 employee online-operation. Also, without researching, I'm just guessing that a bricks and mortar FDIC regulated bank is reasonably safe (in the United States). I would have to sit down and do somewhat more research to be certain of an entity like Ally. Note, these are all personal observations - the original post was indicating they were surprised that people put their money in Wells Fargo/Bank of America, etc... instead of Ally. I was just trying to supply one (personal) reason why we do it. It's entirely possible that my biases/conservative nature make those reasons ridiculous, but they are still honest.
- throwaway287391 10y ago
  Okay, fair enough. Just for the record though, Ally is FDIC insured/regulated (and I'd guess that's true of most online banks that people actually use). I know you didn't explicitly say otherwise, but I wanted to make a note of that for anyone else who might be worried about that specifically. For someone like you, I'd reiterate my recommendation for Schwab. But if you never pay fees as is (even from ATMs) then I could see how it may not be worth the time to switch.
- dpark 10y ago
  Ally Financial is the parent company and has 7000 employees. It's got 5 billion in revenue. Yes, Wells Fargo is a bigger company but Ally is no small potato.
- kobeya 10y ago
  Ally is a rebranding of GM Bank -- as in General Motors. It has existed in some form since 1919. It's not some fly-by-night operation.

ghshephard 10y ago

Size of the entity was what I was trying to capture. You know that an entity like WellsFargo is not going to go out of business overnight, I don't have the same level of confidence with a 600 employee online-operation. Also, without researching, I'm just guessing that a bricks and mortar FDIC regulated bank is reasonably safe (in the United States). I would have to sit down and do somewhat more research to be certain of an entity like Ally. Note, these are all personal observations - the original post was indicating they were surprised that people put their money in Wells Fargo/Bank of America, etc... instead of Ally. I was just trying to supply one (personal) reason why we do it. It's entirely possible that my biases/conservative nature make those reasons ridiculous, but they are still honest.

throwaway287391 10y ago
Okay, fair enough. Just for the record though, Ally is FDIC insured/regulated (and I'd guess that's true of most online banks that people actually use). I know you didn't explicitly say otherwise, but I wanted to make a note of that for anyone else who might be worried about that specifically. For someone like you, I'd reiterate my recommendation for Schwab. But if you never pay fees as is (even from ATMs) then I could see how it may not be worth the time to switch.
dpark 10y ago
Ally Financial is the parent company and has 7000 employees. It's got 5 billion in revenue. Yes, Wells Fargo is a bigger company but Ally is no small potato.
kobeya 10y ago
Ally is a rebranding of GM Bank -- as in General Motors. It has existed in some form since 1919. It's not some fly-by-night operation.