Message from Ally Bank concerning negative interest rates
Posted: 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
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
