Ally just shut down my accounts, with over $100K in them.

This comprised a variety of accounts. EG joint with my wife, personal, savings etc.

This was completely out of the blue. I contacted them to ask what was going on. They said I had been notified (there was indeed a notice inside my "profile and settings", but never an email or print letter sent to me)

I asked WHY the accounts were shut down, and basically told that it was due to their terms and services and the fact that they have the right to shut down an account at any time.

I pressed, and they said it was perhaps because they were considered as business accounts. This is wild because one, for example was my "emergency fund" which literally never had money moving in and out of it. Another was "charity" which literally just had a monthly automatic withdrawal and a monthly automated payment to charity water.

We do receive AirBnB income into one of the accounts, my best guess is that's the issue. But again, after talking with several people, no one will point us toward a definitive answer. If that is the issue I'm at a loss because there literally is not a way we could open a business account at another bank for this (all the income goes on our personal returns and I can't open a biz account without a business...).

In the end, no money seems to be lost (though I am going to go through and confirm), but I've basically lost all trust in this bank.

Just sharing here because

1. I'm moving my money out of Ally ASAP. Anyone considering this bank. I would consider again. and

2. Curious if anyone else had a similar experience? Is this an isolated incident, or are others having this issue at the same too.

Stay safe out there guys.

EDIT to clarify:

They didn't even shut down the account that I receive AirBnB income into. Rather they shut down the account I use to pay charity water, another used solely for Emergency funds.

The AirBnB income is all reported on my personal tax returns. I wouldn't even be ABLE to open a business account to receive these funds because I'm not set up as a business.

EDIT number 2:

Trying to transfer money out of my remaining OPEN account, and being told there is a note on it (that I was never notified of and I can't see) that THIS account is going to be closed and a check is going to be mailed. So it seems my $100K plus of funds is frozen.

Edit Number 3:

I'm getting a lot of "you deserved it" comments. And that's totally fine if you guys feel that way.

However, for anyone considering Ally as a potential bank I want you to know that

1. Ally STILL hasn't told me why they shut accounts (though the consensus in comments is that it was because I received payments from AirBNB)

2. I did not receive ANY push notification about this (email or letter in the mail) I was first made aware there was an issue when the accounts just shut down overnight.

3. There was never a warning of any kind. Just overnight loss of access to my life savings.

4. Ally has ALL of our money. It's what we use to buy groceries, gas, pay the mortgage etc. This account is linked to the school lunch payment system my 6 year old daughter uses.

5. Currently from what reps tell me, the BEST case scenario is I will get money in 5 business days (EG one week). Other estimates have been as much as 3-4 weeks.

There are a lot of "well just follow the TOS and you won't have an issue" comments. I get it. But also, I certainly wasn't blatantly trying to do something sketch with this account, and I'm certain there are other people who are, EG, getting Zelle payments for a one time gig, or receiving payment for driving Uber/Lyft etc who should know they are at risk as well. (and to be fair, it's still not clear the AirBnB thing even WAS the issue. As in fact the account that received those payments was one of the ones spared from being shut down 🤔)

Now my life feels basically flipped upside down and I Hope at the very least I can save someone else from going through this nightmare. cheers guys.

https://www.prnewswire.com/news-releases/ally-and-cardworks-reach-agreement-on-sale-of-allys-credit-card-business-302356724.html

Ally is selling their credit card business to CardWorks/Merrick Bank. Their cards aren't particularly noteworthy, but I liked the idea of having banking and credit cards in one place.

I have significant amount of deposits with this bank in multiple ownership category. This bank has been generally simple and convenient to deal with so I'm hoping to stay with this bank for a long time. However in case this bank goes bankrupt, instead of the bank disappearing, wouldn't it more likely that the bank would become an online division of another bank? Or they may get bought out by another bank. I understand FDIC will protect the deposits. What do you all think?