Message from Ally Bank concerning negative interest rates

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ochotona
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Message from Ally Bank concerning negative interest rates

Post by ochotona » Thu Feb 11, 2016 5:43 pm

Dear (my name deleted),

Thank you for contacting Ally Bank. We appreciate your business and I am happy to assist you with your interest rate inquiry.

When the Federal Reserve raises the target Federal Funds Rate, various downstream effects may occur in the economy, including potential changes to deposit interest rates offered by banks. However, there isn't always a correlation between changes in the Federal Funds Rate and changes in deposit rates. The Federal Funds Rate is just one of many factors that banks, including Ally, consider when setting rates on deposits. Our rates are determined by a variety of factors including, but not limited to, the health of the overall economy, what competitors are doing and Ally Bank's business objectives.

Ally's decision on what interest rates to offer on its products is constantly being evaluated to meet our customer's needs, align with business objectives and remain competitive in the overall industry. Ally monitors several economic indicators, one of which is the Federal Funds Rate. We cannot provide advance notice of rate changes because our rates are subject to change at any time, depending on conditions. I apologize for any inconvenience that this may cause you.

We appreciate your continued patronage and hope you will continue to be a customer for many years to come. If you have any additional questions, we are here for you 24 hours a day, seven days a week. Our toll free number is 1-877-247-ALLY (2559) or you can always visit us online at allybank.com.

Thank you,

Ms. (first name deleted) Smith
Ally Bank Customer Care
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dualstow
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Re: Message from Ally Bank concerning negative interest rates

Post by dualstow » Thu Feb 11, 2016 7:48 pm

Just FYI, you made your name public when you started that alternate pp forum at Google+.
Not that I wrote it down or published it or anything... ???
ochotona wrote: Dear (my name deleted),
Sam Bankman-Fried sentenced to 25 years
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ochotona
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Re: Message from Ally Bank concerning negative interest rates

Post by ochotona » Thu Feb 11, 2016 8:16 pm

Not that it matters, Google+ is sort of winding down. No one visited, I deleted the community.
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buddtholomew
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Re: Message from Ally Bank concerning negative interest rates

Post by buddtholomew » Thu Feb 11, 2016 9:04 pm

That letter is not in response to negative interest rates, but rather whether Ally would raise their interest rates in response to a rise in the Feds funds rate.
"The first principle is that you must not fool yourself and you are the easiest person to fool" --Feynman.
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ochotona
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Re: Message from Ally Bank concerning negative interest rates

Post by ochotona » Thu Feb 11, 2016 9:40 pm

I asked about negative rates; obviously just boilerplate.
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