12/31/20 Cash Bonus Promotional Offer: Terms & Conditions
If you’re reading this, you know we’re running a cash bonus promotional offer for children born on December 31, 2020. Exciting, right? Here’s how it works.
You can get a cash bonus of $250 when you enroll through the landing page and open an eligible Ally Bank custodial Online Savings Account on behalf of a child who was born between 12:01 am and 11:59 pm (local time) on Thursday, December 31, 2020. To apply to open a custodial account at Ally Bank, you must be 18 years or older and a U.S. citizen or legal permanent resident with a Social Security number (SSN) or Taxpayer Identification number (TIN) and a residential street address in one of the 50 U.S. states, Guam, or the U.S. Virgin Islands. If you’re participating in the promotion on behalf of multiples (twins, triplets, or beyond!), you’ll need to go through these steps once for each child. The maximum cash bonus any child can receive is $250 — opening additional custodial accounts in the child’s name (even if the accounts have different custodians) won’t increase the child’s total cash bonus. Here are the basic steps to participate, which we’ll cover in more detail below:
- Apply for a SSN and order a birth certificate for the child.
- Once the SSN and birth certificate are available, go to our promotion landing page to enroll in this offer and open an Ally Bank custodial Online Savings Account in the child’s name (with yourself as custodian) between 1/15/21 and 7/31/21. Be sure to provide a valid email address in your application, since we’ll use it to communicate with you throughout the promotion. This offer is online-only – any custodial account you open without going through our landing page won’t qualify.
- If you haven’t already enrolled in online banking (like during the account opening process), enroll at ally.com or on the Ally Mobile app by 7/31/21. (You’ll need to have at least one account with us to complete this step.)
- Follow the instructions you receive from us to upload the child's birth certificate and any other required documents by 7/31/21.
- Once your account is open, we’ll deposit $1 within a week so you don’t need to worry about making a deposit or transfer to keep the account open.
- Keep your custodial Online Savings Account open and in good standing until we deposit your bonus.
We’re all about playing fair, so if we believe you’re trying to game or abuse this offer, we won’t allow you to participate in this offer or any future offers.
Promotional period – 1/15/21 through 7/31/21. You have this timeframe to meet our enrollment and promotion eligibility requirements. We may modify or shorten this timeframe without notice.
Custodial accounts – Commonly referred to as Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA) accounts. To set up a custodial account, open an account in the name of a minor and name yourself as custodian for the minor under your state or territory’s UTMA, UGMA, or similar law. By putting money in the account, you make an irrevocable gift to the minor. Money in a custodial account, including the cash bonus and any deposits you make, legally belongs to the minor.
- The custodian is the only person who can act on the account and must use the money for the minor’s benefit. We have no duty to monitor or make sure the acts of a custodian are for the minor’s use or benefit, comply with applicable law, or are otherwise permissible. The custodian must abide by applicable law and must notify us in writing when the minor becomes entitled to receive the money or upon the minor’s death.
- If the custodian requests to close the account after we’ve paid the bonus but before the minor is entitled under UTMA/UGMA to receive the money as an adult, we’ll close the account, issue a check payable to the minor under UTMA/UGMA, and send the check to the custodian. We won’t issue a check payable to custodian personally, and the custodian can’t move money from the custodial account to an account that doesn’t belong to the minor (such as the custodian’s personal account).
- We don’t convert custodial accounts to individual or joint accounts (including in the minor’s or custodian’s name) or individual or joint accounts to custodial accounts.
- Each custodial account can belong to only one minor, and we only allow one custodian at a time on a custodial account. Custodial accounts can’t have pay-on-death beneficiaries.
Eligible account – A new Ally Bank custodial Online Savings Account opened according to the promotion rules and requirements.
Excluded accounts – Accounts that aren’t eligible for the cash bonus, including Interest Checking accounts, Money Market accounts, non-custodial Online Savings Accounts (like those opened in the name of one or more adults), Certificates of Deposit, Individual Retirement Accounts, accounts in the name of a trust, and other fiduciary accounts.
To participate, you must enroll in the offer and open an eligible account through our landing page as well as provide all required documentation during the promotional period. Heads up: you’ll need the child’s SSN to open a custodial account in their name. This offer is online-only – any custodial account you open without going through our landing page won’t qualify.
To apply to open a custodial account at Ally Bank, you, as custodian, must:
- Be a citizen or legal permanent resident of the U.S.
- Be 18 years or older
- Have a SSN or TIN
- Provide a U.S. residential street address (not just a P.O. box) in one of the 50 U.S. states, Guam, or the U.S. Virgin Islands
We have the right to refuse to open any account for any reason without advance notice. By opening a custodial account, you agree to the Ally Bank Deposit Agreement and Disclosures and any other applicable terms and conditions.
To qualify for the cash bonus, the child must:
- Be a citizen or legal permanent resident of the U.S.
- Have a certified birth certificate showing a date of birth between 12:01 am and 11:59 pm (local time) on December 31, 2020
- Have a SSN
- Have a U.S. residential street address (not just a P.O. box) in one of the 50 U.S. states, Guam, or the U.S. Virgin Islands
We won’t accept a birth certificate that we think has been altered or revised.
The money in a custodial account, including the $250 cash bonus and any deposits you make, legally belongs to the child. We can refuse to open any account or pay out the Ally Bank 12/31/20 cash bonus at any time and for any reason.
We’ll pay the balance of the bonus (the remaining $249 after our initial $1 deposit) within 30 calendar days after you’ve met the enrollment and promotion eligibility requirements and we’ve verified the child’s birth certificate. We’ll deposit the bonus to your custodial Online Savings Account; the account must be open and in good standing at time of the bonus payout to receive the bonus. We won’t pay out bonuses by check or transfer to another financial institution.
We’ll treat the cash bonus as interest for tax reporting purposes. You should talk to your tax advisor about potential impacts to your child’s 2021 tax liability. To learn more about the tax rules for children, refer to IRA Publication 929, Tax Rules for Children and Dependents at http://www.irs.gov/pub/irs-pdf/p929.pdf.