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The auto lender, which has been operating under tight regulatory restrictions since its bailout during the financial crisis, will now be allowed to use its federally insured deposit base to fund more of its loan portfolio.
July 28 -
Ally Bank has worked to capitalize on what other banks were doing wrong in retail ever since it launched. Now its newly departed CEO offers some advice to her fellow bankers on how they can do better.
June 25 -
The loss of a key partnership with General Motors has left Ally Financial searching for new revenue streams. In the short term, the bank has ramped up its subprime auto lending, but to sustain its growth it must "get more out of customer relationships," says CEO Jeffrey Brown.
April 28 -
After the industry rejected a 2012 plan for speedier electronic payments, its authors made two key changes designed to win over banks that would have borne costs without seeing many benefits.
May 19
Ally Financial has extended the cutoff time for accepting check deposits that are credited the next day.
The $156 billion-asset company said that checks deposited electronically by 7 p.m. Eastern time, Monday through Friday, will be available in customers' accounts on the next business day. That is later than the current deadline of 4 p.m. Eastern, according to Detroit-based Ally's website.
Additionally, checks deposited after 7 p.m. Eastern weekdays, or on a weekend or holiday, will be available in customers' accounts on the second business day.
"It's really about being more flexible and convenient for customers, especially those on the West Coast," Andrea Puchalsky, an Ally spokeswoman, said in an email to American Banker explaining the move.
The changes take effect Sept. 15 for deposits made by computer or mobile device, according to a notice sent to Ally Bank customers on Friday afternoon.
Ally Bank only conducts business online and does not operate branches.
