Ally Bank First to Adopt Pew Disclosure Format for Account Terms and Fees Across Entire Product Line
Addition of Ally-branded Straight Talk Product Guides for CDs and IRAs completes implementation of Pew disclosure format for all products
Jan 6, 2014
MIDVALE, Utah, Jan. 6, 2014 -- With the recent addition of Straight Talk Product Guides for its Certificate of Deposit and Individual Retirement Accounts offerings, Ally Bank, the direct banking subsidiary of Ally Financial Inc., is now the first bank to complete implementation of The Pew Charitable Trusts' clear and concise disclosure format for key fees, terms and conditions across its entire portfolio of deposit products.
"The Ally Bank team constantly challenges itself to go beyond consumer expectations to set a new standard for customer service," said Diane Morais, Ally Bank deposits and line of business integration executive. "Ally has always worked to make our disclosures and practices straightforward and easy to understand, so applying the Pew format was a natural next step. The easier it is for consumers to compare banks, the more the value of Ally stands out."
Developed by Pew as a model for banks and credit unions, Ally adapted the consumer-friendly format designed for checking accounts to help consumers understand banking fees and important policies when comparing bank products. In addition to applying the disclosure format in developing its Straight Talk Product Guides for Ally checking, online savings and money market products, the Bank recently added the following guides:
- No Penalty CD
- Raise Your Rate Certificate of Deposit
- High Yield Certificate of Deposit
- IRA High Yield Certificate of Deposit
- IRA Raise Your Rate Certificate of Deposit
In May 2013, Ally Bank earned the top rating in The Pew Charitable Trusts' study "Checks and Balances: Measuring Checking Accounts' Safety and Transparency," a report on the nation's top banks on key consumer protections. The report reviewed the checking accounts offered by 36 of the nation's 50 largest banks according to their practices in three areas: disclosures, overdrafts and dispute resolution. Ally Bank placed top for achieving six out of seven total best practices and nine out of eleven possible good practices.
"We applaud Pew for developing its model disclosure format and challenging the entire industry to improve its disclosure practices," Morais added.
About Ally Bank
Ally Bank is a direct bank in the U.S. that offers a straightforward approach to banking with no minimum deposits, no maintenance fees and 24/7 live customer service. A subsidiary of Ally Financial Inc., the bank offers online savings, interest checking, money market accounts, certificates of deposit with terms ranging from three months to five years and IRA Plans and products. Member FDIC.
For more information, visit the Ally media site at http://media.ally.com or on Twitter, @ally.