BrokAIr Reviews

Ally Financial Review

"Ally Financial has been successful in its attempts to bring banking back to its customers, but have they gone too far in their attempts to control the banking industry?"

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Ally Financial is an online brokerage with a long history of providing financial services. Founded in 1919 as the General Motors Acceptance Corporation (GMAC) by General Motors Corporation, the company has evolved over the years to become one of the largest online brokerages in the world. Ally Financial offers a comprehensive suite of investment services, ranging from stocks, ETFs, mutual funds, bonds, and options to retirement accounts, margin accounts, and educational resources.

The company is highly rated for its low fees, user-friendly interface, and customer service. Ally Financial has received numerous awards and accolades for its products and services, including being named #1 in Customer Satisfaction by J.D. Power in both 2017 and 2018. Additionally, Ally Invest has been rated as one of the best online brokerages by Kiplinger’s Personal Finance Magazine in both 2018 and 2019.

Ally Financial also offers a number of other services such as banking and auto loans, as well as a wide range of other financial products. The company is regulated by the US Securities and Exchange Commission (SEC), and is a member of FINRA, the self-regulatory organization for broker-dealers. In addition to its US operations, Ally Financial also has offices in Canada, Europe, and Asia.

The company has been involved in a number of newsworthy events over the years. In 2009, the company received $17 billion from the US government as part of the Troubled Asset Relief Program (TARP). In 2012, it was fined $25 million by the SEC for violating securities laws related to research reports. More recently, in 2020 Ally Financial was sued by investors for allegedly failing to disclose information about its subprime auto loan business.

Overall, Ally Financial is well-rated by customers and critics alike due to its low fees, user-friendly interface, extensive products and services offering, and reliable customer service. The company’s involvement in several newsworthy events has tarnished its reputation slightly but overall it remains one of the top online brokerages in the world.