I recently was able to close a long-term Certificate of Deposit which I had opened a few years ago with Ally Bank. Back then its name was still GMAC Bank.
I closed two of my certificates of deposit which took me approximately ten minutes to do – from calling them to instructing the CSR what to do with the money to hanging up the phone.
You cannot close a CD through secure e-mail anymore or through the chat version. I find this very annoying, since I do not like having to speak to someone anytime I want to do something with my money. The CSR was trying to pre-sell me their products, and asked me why I wanted to cash one of the certificates of deposit.
It definitely shows you that Ally is trying to make it harder psychologically for you to cash the CD. In contrast, with ING Direct it was much easier to designate everything online whether you want to renew your CD or cash it out. Of course Ally has better rates plus it is also offering a 0.25% bonus rate for customer loyalty.
In contrast, opening a CD with Ally Bank can be done online. Why won’t they let customers cash their CD online as well is well illustrated from my experience mentioned above.