MIDVALE, Utah, Dec. 9, 2013 -- In keeping with its straightforward, customer-friendly approach to banking, Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced it has implemented Straight Talk Product Guides for its Ally Interest Checking, Online Savings Account and Money Market Account that incorporate The Pew Charitable Trusts' short and concise disclosure box for checking accounts. Guides for the entire portfolio of Ally Bank products are underway for posting online by the first quarter of 2014.
Developed by Pew as a model for banks and credit unions, this simple format is designed to provide consumers with clear and concise information about the key fees, terms and conditions on their checking accounts. The short format also helps consumers understand banking fees and important policies when comparing bank accounts.
"We launched Ally Bank in 2009 on the premise that the world didn't need another bank, it needed a better bank," said Diane Morais, Ally Bank deposits and line of business integration executive. "We welcome the opportunity to make banking easier and more convenient for consumers by simplifying the fine print and being more transparent with them when it comes to account services, fees and policies for all their accounts."
In May, Ally Bank earned the top rating in The Pew Charitable Trusts' study "Checks and Balances: Measuring Checking Accounts' Safety and Transparency" that rated the nation's top banks on key consumer protections.
In terms of checking accounts, Pew defines best practices as those that are the most effective in:
- Providing checking accountholders with clear and concise disclosure about costs and terms
- Reducing the incidence of overdrafts and eliminating practices that maximize overdraft fees
- Offering consumers a meaningful choice to resolve a problem with their bank rather than including mandatory binding arbitration clauses
"Consumers can more effectively manage their money when they have clear information about how their financial products work," said Susan Weinstock, director of Pew's safe checking research. "We're pleased that Ally Bank is adopting Pew's disclosure box and using it as a model across their banking products. Now more consumers can find the information they need to make the best banking choices."
Furthering its commitment, Straight Talk Product Guides for Ally Bank's Certificates of Deposit and Individual Retirement Accounts are also in development and scheduled for publication by the first quarter of 2014.
"Ally Bank is committed to talking straight, doing what is right for the customer and being obviously better than the competition," Morais added. "We are proud to be one of the early adopters of the Pew model disclosure format, not just for checking, but for all our product lines."
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 monthly 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.