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rated:
I thought it would be interesting to have a thread here devoted to Ally Bank since there currently is no specific thread for the bank...I primarily used Alliant CU which is also excellent but for various reasons decided to try Ally.

Best Combination (which is what i have) would be their Interest Checking Account for your day to day banking....doesn't pay a lot of interest but gives you a debit card (you customize your pin when you activated it) and access to the free ALLPOINT NETWORK. In addition, you have available up to $10 in surcharge rebates per month (when you use non-allpoint atms)....They also have an Excellent Bill Pay Service (what use to be known as "Checkfree" Bill Pay) and you can get free checks at any time (they send out packs of 20 but you can order more within online banking anytime you like)...

Online Savings: Provides a rate of 1% apy...You can't access it at atms but of course you can always transfer between the savings and checking in the online banking, on the phone, or using their mobile app.

They also have all kinds of CDs with nice rates...No penalty, bump up....current rate on the 18 month CDs is 1.35% apy

Their Mobile Banking app for Android and IPhone is excellent...fast, snappy and provides most of the features of the Online Banking...Also has E Check Deposit...you can deposit up to $50,000.00 and the deposit function is excellent...easy to use and takes very sharp pictures...

The Online Banking is also excellent! †Nice to look at and WELL ORGANIZED...some people say it is slow but i have found it to be be very fast as you move around it....

Customer Service is EXCELLENT 24/7 and US Based (no overseas) You can phone them, and also chat within the Online Banking....they are very slow answering e-mails so i would stick with Chat or Phone...

You get a Combined Statement if you have more then one account with them...And NO EXTRA CHARGE if you would also like to get Paper Statements in the mail in addition to see your statements in Online Banking (in fact, that is the default setting)...

They also welcome suggestions to improve the overall experience and they seem to be very focused in continuing to improve the experience of banking with them...
As i mentioned, i tried them on a "lark" and was pleasantly surprised at what a nice set up they have...I've tried lots of Online Banks, and aside from Alliant CU, this is one of the best i have found overall....

Customer Reviews of Ally Bank (from deposit accounts.com):
https://www.depositaccounts.com/banks/reviews/ally-bank.html

Member Summary
Most Recent Posts
I had a large balance at Ally & decided to move it to PurePoint paying 1.25%.† Moved all but $600+ to keep acct opened.†... (more)

pattyB (Apr. 25, 2017 @ 11:48a) |

Operate an Airbnb out of a Ally account, it's been great.

zimmiezee (Apr. 26, 2017 @ 9:05a) |

I noticed that when reading the information about the interest checking and money market accounts on their website, they... (more)

craig10x (Apr. 27, 2017 @ 8:30p) |

"Standard transfer between an Ally Bank and non-Ally Bank account requested before 1:00 am ET, Monday through Friday"†3 business days
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Oh, Just wanted to add information about ACH Transfers on Ally...
New external accounts are 3 day transfers in and out...but if you do at least one $250 transfer in and out, after 2 months, it will switch to 1 day transfers (new feature recently added on)...Although it only applies to manual transfers, not recurring ones...

ACH Limits: To Ally: $250,000 per day
Out of Ally: $150,000 per day

Those limits apply whether it is a 3 day transfer or a 1 day transfer...

MAXIMUM Per Month: 1 Million dollars in to Ally † $600,000 out of Ally

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Those are eye-popping ACH limits IMO. †They are very attractive and super competitive. †But does anyone know the Ally Bank cut off time? †I know Alliant ACH, for example, cuts off at 1:00pm ET.

Ally Bank ACH cut off? †I dunno.

Also noteworthy at Ally is their 1% APY OSA, which is quite competitive. †However they recently cut another of their accounts down to 0.85% APY (I think) which drew criticism from some.

I do have an Ally account, but my hub account is at Alliant.

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I just revived my old GMAC account that had been dead for several years into an Ally account. Getting the account back in service was super easy with CS by phone.

Setting up links to external accounts seems to be about 50/50 as far as being able to do instant links or wait a few days for verification by microdeposit. I've got about a dozen accounts linked and moving money around by both push and pull and both internal and external to Ally. Anyone know the limit of how far one can go with this sort of thing without AA? My plan is to go to 24 over the next few months.

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I probably should have mentioned that an Ally rep told me outgoing ACH is limited to $100,000. †That was just one conversation with one rep who easily could have been in error. †So nobody should hang their hat on this.

The same rep did confirm the incoming ACH limit of $250,000 as mentioned up thread. †That is a mind-blowing amount of money but it can be helpful to have ability to move that much money all at once without having to resort to a federal funds wire or . . . . gasp, choke . . . . a paper check. ††


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debentureboy said:   I just revived my old GMAC account that had been dead for several years into an Ally account. Getting the account back in service was super easy with CS by phone.

Setting up links to external accounts seems to be about 50/50 as far as being able to do instant links or wait a few days for verification by microdeposit. I've got about a dozen accounts linked and moving money around by both push and pull and both internal and external to Ally. Anyone know the limit of how far one can go with this sort of thing without AA? My plan is to go to 24 over the next few months.

††
My best understanding is existence of a twenty linked account limit. †However, the OP might have better input on this than myself.

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I've had accounts w/ Ally since the GMAC days, always very pleased with their service. The recent improvement in ACH transfer time is nice, in or out, money shows up the next day. My CDs are 4 yr raise-your-rate-twice -- I keep thinking that someday eventually somehow rates will go up.

I don't need another checking account, but if they ever remove the foreign transaction fee for cash withdrawals I might consider it.

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Last year they started issuing a credit card. It's actually an Ally branded card issued by TD Bank.

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shinobi1 said:   I probably should have mentioned that an Ally rep told me outgoing ACH is limited to $100,000. †That was just one conversation with one rep who easily could have been in error. †So nobody should hang their hat on this.

The same rep did confirm the incoming ACH limit of $250,000 as mentioned up thread. †That is a mind-blowing amount of money but it can be helpful to have ability to move that much money all at once without having to resort to a federal funds wire or . . . . gasp, choke . . . . a paper check. ††


††Even if the outgoing ACH is $100K, looks good for me.† I had a CD of over $200K mature last week & I'm still in the process of getting the money where it needs to be†with Alliant CU.†
​I opened 2 of those nice Navy CU add-on 17Mo 2% CD's back last month (I think), with a $50K max.† I opened them with $5K each & now that I have money in Alliant to completely fund the $50K, it has taken me many days to complete. I should have all the funds ACH transferred†over Tues.
​So, I have an Ally account now†& I will surely check on moving funds over†there, if they pay 1% on savings.

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Another aspect of Ally ACH I discussed with the rep was trial deposits. †She did not appear to have a good handle on this, but there was talk of two trial deposits and also talk of withdrawal of those trial deposits! †I'm not writing here from personal experience at Ally. †It would be better if a person who has gone through the Ally trial deposit process would post. †However:

As always when doing ACH link setup, beware of withdrawals if they do exist with Ally. †You can overdraw the account you're trying to link unless you are cautious. †This has happened to me. †For example:

If you are linking to an account with a $5 minimum balance, and if you only deposit $5 into that account to start, then you are vulnerable. †When opening such an account, always deposit an extra dollar. †So you would have $6 in this example. †That way you will be good to go for your trial deposits/withdrawals, and in particular if (God forbid but this happened to me) the trial ACH withdrawal hits the account first†!!

So anyway, does Ally even withdraw their trial ACH deposits? †I dunno.

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pattyB said:   
shinobi1 said:   I probably should have mentioned that an Ally rep told me outgoing ACH is limited to $100,000. †That was just one conversation with one rep who easily could have been in error. †So nobody should hang their hat on this.

The same rep did confirm the incoming ACH limit of $250,000 as mentioned up thread. †That is a mind-blowing amount of money but it can be helpful to have ability to move that much money all at once without having to resort to a federal funds wire or . . . . gasp, choke . . . . a paper check. ††


††Even if the outgoing ACH is $100K, looks good for me.† I had a CD of over $200K mature last week & I'm still in the process of getting the money where it needs to be†with Alliant CU.†
​I opened 2 of those nice Navy CU add-on 17Mo 2% CD's back last month (I think), with a $50K max.† I opened them with $5K each & now that I have money in Alliant to completely fund the $50K, it has taken me many days to complete. I should have all the funds ACH transferred†over Tues.
​So, I have an Ally account now†& I will surely check on moving funds over†there, if they pay 1% on savings.

††
Yes, Ally OSA (online savings account) offers a 1% APY.

On the other, I agree. †I really have no other use for such high ACH limits except when rate shopping CDs. †But so often, in the CD rate shopping world, time is of the essence. †That's when such high ACH limits can REALLY be a life saver.


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burgerwars said:   Last year they started issuing a credit card. It's actually an Ally branded card issued by TD Bank.
††
Hmmm. †Rewards?

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I went back to check my Ally acct. Since I hadn't logged into the acct for years, I had to answer a few questions. All is well!
I also checked and found that I had Alliant CU already sit up for transfers. You say it takes a couple days for an ACH transfer, So I will try.

rated:
shinobi1 said:   
burgerwars said:   Last year they started issuing a credit card. It's actually an Ally branded card issued by TD Bank.
††
Hmmm. †Rewards?

† 2% on gas and groceries, 1% everything else.

rated:
Any maintenance fees with checking?

An rewards by using DC?

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fattywallace said:   Any maintenance fees with checking?

An rewards by using DC?

† No and no, and overdraft protection is free and automatic

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Yeah, if they ditched the FTF, their checking account would be really competitive for me, but it just isn't. It's such a BS nickel-and-dime charge.

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ken82 said:   
shinobi1 said:   
burgerwars said:   Last year they started issuing a credit card. It's actually an Ally branded card issued by TD Bank.
††
Hmmm. †Rewards?

† 2% on gas and groceries, 1% everything else.

† Actually, it's 2.2% and 1.1% if you redeem the cash back into an Ally account.

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shinobi1 said:   So anyway, does Ally even withdraw their trial ACH deposits? †I dunno.
††Yes, they do (unless they changed their policy since January, 2016).

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shinobi1: The ACH Transfer amounts i listed were taken from a pop up window that appears in my Ally Online Banking when i set up a transfer (by clicking on "limits") so i think that is probably more accurate then what the CSR said...When setting up some external transfer accounts, there is an option to have it verified right away or you can choose trial deposits, of course...

I had forgotten to mention that OVERDRAFT PROTECTION is absolutely free! (as Moosy mentioned) †The Online Savings covers the Interest Checking Account...

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Ally card is my backup atm card when traveling abroad. They dont charge any fees except a 1% cross border fee. (TD is my primary card since my understanding is that they dont have this 1% fee).

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craig10x said:   ...When setting up some external transfer accounts, there is an option to have it verified right away or you can choose trial deposits, of course...
†Does "the option to have it verified right away" mean that you have to give Ally the logon and password that you had set up to access the external account?

rated:
fw9999 said:   
craig10x said:   ...When setting up some external transfer accounts, there is an option to have it verified right away or you can choose trial deposits, of course...
†Does "the option to have it verified right away" mean that you have to give Ally the logon and password that you had set up to access the external account?

† Yes...you would have to provide the log in and password...but if you're not comfortable with that, they give you the option of doing trial deposits instead...And of course, if some reason they aren't able to log into the external account, then they give you that trial deposit option...
†† When i set up Alliant with them, there was no option to do immediate verification but for Chase it was offered and i used it and got instant verification for that account...For Alliant CU trial deposits were sent...

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craig10x said:   ACH Limits: To Ally: $250,000 per day
Out of Ally: $150,000 per day

MAX Per Month: 1 Million dollars on 3 day transfers...$600,000 on 1 day transfers...


I don't see any difference between the 1-day and 3-day transfers. The monthly in/out maximums are simply 4X the daily in/out maximums.

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Craig, are these limits for your account? If so, then as soon as the rest of us start using ACH transfers we would also get the same amounts.

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Thanks for bringing it to my attention 3c3†
My bad...i just checked the pop window again...i had misread it...the In and Outs regardless of whether it is a 3 day transfer or 1 day transfer are identical...
Maximum Amount per month is $1 million in and $600,000 out...I'll correct that on my earlier post...

pattyB: the ACH amounts i posted apply to all Ally Bank customers whether brand new or old...And the upgrade on manual transfers from 3 days to 1 day applies to each external account that you have made at least one $250 transfer In and one $250 transfer out and then after 2 months go by...

Even with the 3 day transfers, well they are calling it 3 day but i put in an in going transfer on the 23rd and it arrived in my Ally account on the 25th...I'd call that two days...

rated:
One other item is that if you rollover a CD you get a .05% loyalty bonus added to the rate. So right now I just had a few Raise Your Rate 2-Year CD's rollover and received 1.35% (Published Rate 1.30% + .05% Loyalty Bonus)
They have a nice online interface to let you decide what to do with a CD at time of rollover without having to call or talk with anyone.

rated:
I've been using Ally for years now, have zero complaints. They even overnighted a debit card to a Vegas hotel when I lost it once for FREE.

They really do have great Customer Service, and you never feel like you got hit with a surprise fee.

rated:
Does the mobile deposit feature accept money orders?

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tree100 said:   Does the mobile deposit feature accept money orders?
† This is buried in the Remote Deposit FAQ:†

"Remember that we donít accept money orders or third-party checks through eCheck Deposit."

https://www.ally.com/do-it-right/trends/ally-echeck-deposit-frequently-asked-questions/

rated:
No, unfortunately, Money Orders can not be deposited...Only checks that are made out to you...maximum is $50,000 per day...which is very generous...Other then Alliant, i don't know of any bank/cu that allows such high amounts on e deposits...

By the way, i noticed that the statement generates the very next evening after the statement period closes out...so they are very fast with that...Sure enough, it's a combined statement and i like the way it is laid out...very easy to follow...

rated:
Another nice feature, for those of us who still prefer computers over smartphones for financial transactions, is that Ally allows you to scan and electronically deposit checks. Not unique, but a rarity among banks these days.

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My statement closes on the 20th. I don't remember if that was the day I joined, but it makes 1099 short 11 days.
Do others have statements close on the acct opening date.

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castaline said:   My statement closes on the 20th. I don't remember if that was the day I joined, but it makes 1099 short 11 days.
Do others have statements close on the acct opening date.


I called them a few weeks ago to see if my statement could be changed to close at month end. †The answer is NO; †their statement close dates can only be set on the 5th, 10th, 15th, 20th or 25th. †So I had them change it to the 25th.

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castaline said:   My statement closes on the 20th. I don't remember if that was the day I joined, but it makes 1099 short 11 days.
Do others have statements close on the acct opening date.

† For checking/savings mine has always closed on the 5th.† It has since I opened my GMAC account back in 2005.

rated:
montee4 said:   
tree100 said:   Does the mobile deposit feature accept money orders?
† This is buried in the Remote Deposit FAQ:†

"Remember that we donít accept money orders or third-party checks through eCheck Deposit."

https://www.ally.com/do-it-right/trends/ally-echeck-deposit-frequently-asked-questions/

† Thanks, should have read further down.

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This review might be of interest to persons interested in Ally Bank ACH capability:

Ally Bank ACH information

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It's worth noting that they DO accept checks that are payable to Ally Bank. I've been cashing out Citi ThankYou points for years by having them issue "student loan rebate" checks payable to Ally Bank and depositing in my account via Ally mobile deposit.

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shinobi1 said:   This review might be of interest to persons interested in Ally Bank ACH capability:

Ally Bank ACH information

† The problem is he doesn't know that after 2 months (and having done just one $250 ach transfer in and out of the particular external account) that it will automatically switch over to the 1 day transfers...notice he didn't mention anything about that...so he thinks they are "inconsistent"...he just doesn't know how the ach account qualifies for the service with them...
†It should be mentioned on the website...i found out from one of the CSRs so that is the only thing i'd fault them for....And they should allow it for recurring transfers also...
Still, overall, i think Ally has a great set up....†

Alliant reduced the outgoing transfers to $25,000...Still hasn't fixed the check deposit on the latest version of their mobile app (and they already has 3 updates on the app)...And charges for paper statements, so they have their "quirks" too...Let's face it...no bank or cu is PERFECT....it is more appropriate to judge it by it's overall set up and features...And OVERALL both Ally and Alliant are excellent...

Skipping 130 Messages...
rated:
I noticed that when reading the information about the interest checking and money market accounts on their website, they now mention about the debit card for these accounts having EMV Chip, so looks like they have added it on recently...Hope my card that is in the mail for my new checking account will have the chip on it...

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