Ally Financial Inc. Bank Account Or Service Complaint

Ally Financial Inc. Bank account or service department,

Checking account Deposits and withdrawals California

I have an account with Ally Bank and over the past 6 months I have overdrafted my account between paychecks. The maximum amount that my account was overdrafted for was $75.00. On Wednesday, I deposited a check for the amount of $4000.00 which now Ally bank is holding until - - for NSF reasons. When called multiple times, Ally Bank first informed me that they were required by law to hold the funds for 5 business days due to Regulation CC ( I looked up regulation CC and informed them that had no such requirement ; Regulation CC requires them to inform me if they place a hold, not place a hold itself ). Upon providing this information, the line went silent and the agent hung up on me. I called Ally bank back and was informed, that it does n't matter what I do. All checks will be held for up to 5 business days regardless of the amount. I find it grossly unfair that a bank can place a hold for an arbitrary amount due to repeated overdrafts ( I offered to have part of my check to be held that was a reasonable multiple of the overdrafted amount in the past ). Additionally, I find it fairly misleading that banking institutions are informing consumers that they are *required* to hold funds, while rather they are required to inform consumers to hold funds.