Just the Right Thing to do?

By Scott Ronalds

The Canadian clients of Ally Financial got news this week that the sale of the firm to RBC has been completed, the interest rate on their high-interest savings accounts is being reduced from 1.8% to 1.2%, and their accounts will be closed on April 30th, as reported in the Globe and Mail. The notice has caused outrage with many Ally clients and lit up the twittersphere:

• @Greggwfg: RBC buys Ally and lowers the Ally client account interest rates from 1.8% to 1.2%...could it be any more obvious how greedy these banks are?

• @jacquiemcnish: There goes competition, again in banking sector. RBC to shut down Ally’s high-interest savings accounts

• @GailVazOxlade: Bite me RBC! Check out the options peeps: http://t.co/ItjO7t9KrV

Contrary to Ally’s tag line, it’s clear that many of their clients don’t think this move is “Just the right thing to do.” It’s funny, but I feel like I’ve lived this story before. It reminds me of a clever ad I saw a year or so ago.