In effort to assist those currently in need and trying to figure out how to make ends meet, Ally Bank is taking steps to help. Mortgage and auto loan customers can get up to 120 day deferments on loan payments. They will also be suspending many banking fees for the next 120 days. See below for their statement and contact them for details.
Statement From Ally Bank
With the growing spread of the new coronavirus (COVID-19), we know this is a difficult time for many, and we’re committed to doing what’s right for you. We’re making some changes to support you during this time, and we’re working behind the scenes to find more ways we can make sure you have access to the financial services you need to help you stay healthy and have some peace of mind.
We encourage you to visit ally.com or download our app for 24/7 access. This is an unprecedented situation, and we’re doing everything in our power to help people who have been impacted by COVID-19, but call wait times may be longer than usual.
Here is a summary of updates that we hope will help.
Suspended fees at Ally Bank. For the next 120 days, we’re waiving fees for overdrafts, excessive transactions for savings and money market accounts, and expedited shipping of checks and debit cards. As always, there are no monthly maintenance fees or balance minimums to bank with us. If you have questions, contact us at 1-877-247-2559. We’re here 24/7.
Deferred payments for Ally Auto financing. You can defer your payment for up to 120 days. During this time, finance charges will accrue, but you won’t be charged any late fees. Starting March 20, you’ll be able to log in at ally.com/auto to defer your payments. (It’s easy to set up your username and password if you haven’t already.) If you need help today, call us at 1-888-925-2559 any time before 10 pm ET. We’re also deferring payments for new auto financing, so the first payment isn’t due for 90 days.
Deferred Ally Home payments. If you’re facing financial hardship due to an interruption in your income, we can defer your Ally Home payments for up to 120 days. During this time, interest will accrue, but you won’t be charged any late fees or have impacts to your credit. If you need to start this process, call us at 1-866-401-4742.
Caring for the communities we serve. We’ve pledged $3 million to help the communities where our employees live and work, with special focus on our hometown locations of Detroit and Charlotte. We’re targeting our help to address the emergency needs of those communities, such as food, health care, emergency housing, and childcare. The vast majority of our team is already working from home, and we’re working toward a goal of allowing the entire workforce to be at home. We’re also paying short-term disability benefits to any employee diagnosed with COVID-19, providing supplemental childcare benefits, and offering paid caregiver leave to employees caring for a sick family member.
We hope these changes help, and we’re committed for looking for more ways to help as we navigate these new waters together. This is a challenging time for many. But no matter what changes, one thing will remain the same: you have an ally in us. If there’s anything we can do to help you, let us know.
We’ll continue to update any news from us at ally.com/coronavirus-response