Ally Bank Review

How does your bank stack up?

  • Financial Rates: 5.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon

Pros:

  • Ally Card Control app
  • Transferring money is easy through Zelle
  • Ten Day Best Rate Guarantee
  • Online bill pay is free

Cons:

  • Ally does not offer free ATM transactions
  • ATM withdrawal limit is $1,000 per day
  • You cannot deposit cash
  • Cannot transfer money to or from a CD

What You Need to Know

The Ally app offers the ability to turn your debit card off in case of an emergency or to stop your spending. You can view transactions, set spending or GPS limits, and receive notifications if your card is declined. These different features allow you to stay on top of fraud usage and be in control of spending habits. Once you set up an account with Ally, download the app to get started.

Ally offers a transferring money system called Zelle. The system allows customers to send and receive money from almost anyone in the U.S. Transfers are made using an email address or phone number, and happen within minutes. Split money transfers between up to five people. Zelle handles money requests the same way. Money received is automatically deposited into your Ally Bank account.

For ten days after opening an account, interest rates are guaranteed on non-IRA CDs. If rates change, you receive the better rate. This guarantee applies to CD renewals as well. No minimum amount is required to receive the Ten Day Best Rate Guarantee. Be sure to check the deposit amount as a larger sum will qualify you for a higher interest rate.

Free bill pay comes with every interest checking account. No other registration is needed. Interest checking accounts offer competitive interest rates, no monthly maintenance fees, and can be accessed as often as needed. Customer service can be reached by telephone, chat, secure email, mail, or have a representative call you.

Ally Bank does not offer free transactions at ATMs. However, the bank will refund ATM fees up to $10 a month. There is a daily withdrawal limit of $1,000 from an ATM. Their website provides an ATM and cash locator.

Ally Bank does not accept cash deposits. Fund your account though Ally eCheck Deposit, online transfers, direct deposit, wire transfers, or sending a check in the mail.

You can transfer money between your different accounts. CD accounts, however, are more restrictive. Once you open a CD account, you must wait for the maturity date to add or withdraw money from the account. At maturity, you have a ten-day grace period to make necessary changes without penalty.

Early withdrawal from a CD account will incur a penalty. The initial CD term determines the severity of your penalty. It can be as much as 150 days worth of interest earned.

Cool Things

Ally Wallet Wise

Ally offers free financial courses in budgeting, banking, investing, credit, and auto finance. Learn why to budget or invest, the difference between buying and leasing a vehicle, and what credit is and how to rebuild it. Ally Wallet Wise offers a quiz to test your knowledge before you take a course. Download a copy of the course and study other resources Ally has on these topics to further your learning.

In 2016 more than 17,500 people used Ally Wallet Wise to increase their financial knowledge.

Ally Wallet Wise offers financial events you can attend to ask questions in person. Not all states offer these events.

Not Liable for Unauthorized Transactions

Ally Bank guarantees you are not responsible for unauthorized transactions. You have sixty days to report the transaction. Ally's website provides information to help you navigate the different scams and frauds. Contact the fraud hotline (1-800-971-6037) anytime.

Price Match Guarantee

In 2017 Ally Bank introduced their Price Match Guarantee. Customers get the best rates when they are buying or refinancing their home.

Financial Calculators

Ally's website offers financial payment calculators for a mortgage, automobile payment, emergency funds, and savings goals. Know your total payment before you make a big financial decision.

History

You would not think that the economic downturn would be the reason for the start of Ally Bank. The recession caused GMAC to take a good look at how they could be different from other banks.

Ally Bank first opened its doors in 1919 as GMAC to help auto dealers finance and keep up with customer demand. Their first locations were in New York City, Detroit, Chicago, San Francisco, and Toronto. By 1924 GMAC had financed their four millionth vehicle. During WWII GMAC helped finance the war effort. They helped the struggling railroads stay in business and supplied allies with submarines, airplanes, truck, and tanks.

GMAC also helped finance household appliances for customers who could not afford them. After the war, they introduced their Time Payment Plan, which allowed customers to buy the car they wanted with a payment plan to fit their budget. It was not until the 1980s that GMAC decided to branch out from auto loans and start offering home loans.

When the economy tanked in the 2000s, GMAC knew they had to make a change to survive. In 2009 they transformed GMAC Bank into Ally Bank. This change meant taking away all physical banking locations and becoming strictly online. Ally could offer more consistent and competitive rates and support customers anytime.

In 2012 Ally Bank exceeded one million customer accounts. In 2016 they introduced the Ally CashBack credit card and Ally Invest. Ally Bank offers a complete banking service online.

Awards and Recognition

  • "Best Internet Bank" from Kiplinger's Personal Finance Magazine
  • "Dealers Choice Award" from Auto Dealer Monthly
  • Best in Class for "Offering of Investments" from StockBrokers.com
  • "Best Companies to Work for Women and Millennials" by Women's Choice Award
  • "Best Banks to Work For" by American Banker
  • "Winning Company" by 2020 Women on Boards

Giving Back

Ally takes the time and opportunity to give back to the community. They donated over 3,000 new library books in Detroit. In North Carolina, they provided 830 students with school supplies. Ally employees have volunteered over 660 hours mentoring more than 4,400 students in the Junior Achievement program. Grants are offered to organizations that help low-to-moderate income families.

Frequently Asked Questions

Is Ally Bank FDIC insured?

Yes. Ally Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks. The insurance protects up to $250,000 per customer, per bank. No matter what happens to the bank, your money is secure.

How do I access my money?

Access money with debit cards, checks, free online bill pay, ATMs, and transfers between Ally accounts. You can connect your Ally account to your current bank accounts and transfer money between banks. Using Ally Zelle, you can send, receive, or request money.

Does Ally Bank offer mobile banking?

Yes. You can access your accounts from any smartphone, tablet, or computer. The app can complete all banking needs, track spending, turn debit cards on and off, and transfer money with Zelle.

Is Ally Bank free?

There are no monthly maintenance fees or hidden fees. Some Ally accounts do not require a minimum opening balance or daily balance. You will be charged fees for overdrafts, excessive transactions, returned deposits, or wires.

Is this a good bank?

Yes. Ally Bank offers competitive interest rates, great customer service, and protects your information and money.

Is Ally Bank secure?

Ally Bank is FDIC insured. They also protect your information through insurance protection, firewalls, and secure socket layering. Login fails are limited, and Ally never asks for your login information. Ally's website offers free security software.

Does Ally Bank offer competitive interest rates?

Yes. Current interest rates are listed on their website. All CDs include the Ally Ten Day Best Rate Guarantee.

Can I use Ally Bank for my business accounts?

No. Ally does not currently offer banking products for businesses.

How is Ally different from the online banking my bank offers?

Online banks offer higher interest rates and fewer fees.

Do their checking accounts pay interest?

Yes. The Ally checking account earns interest.

How do I reach customer service?

Customer service can be reached by phone, email, mail, online chat, or have a representative call you.

Does Ally Bank offer bill pay?

Yes. Ally's interest checking account comes with free bill pay.

Can I deposit cash?

No. Ally does not accept cash deposits. Money can be transferred between accounts, by direct deposit, wire transfers, send a check by mail, or deposit a check using Ally eCheck Deposit.

How long do transfers take?

Transfers between Ally accounts are immediate. All other transfers can take up to three business days. Some transfers are eligible for expedited delivery and only take one business day.

Can I sign up for direct deposit to this account?

Yes. Ally accounts can have money directly deposited.

Bank Contact Information

Ally Bank Customer Care
P.O Box 951
Horsham, PA 19044
1-877-247-2559

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