Products and Services Used
I’ve been banking with Ally Bank since 2015. I’ve opened several high-yield savings accounts and checking accounts. Ally is my top choice for banking for both personal and business purposes. It offers a simple interface for managing and transferring money, as well as mobile check deposit and the ability to get paid or pay others through Zelle.
Online Experience
Ally Bank is an online bank with no physical branches. This means its entire focus is the online banking experience. Compared to other banks I’ve used online, including Chase, PNC and local credit unions, Ally has the most user-friendly interface.
Using Mobile Check Deposits
Since there are no physical bank branches, you must deposit checks by mobile check deposit or by mail. The Ally app makes this simple; you just photograph both sides of the endorsed check and enter its amount.
Ally will deposit the amount into your account within two business days, and you can always click on the deposit to view an image of the check, so you can remember the sender or memo.
Moving Money Between Accounts
Having multiple accounts with Ally means that I am very familiar with transferring money between accounts. The great thing about Ally’s transfer process is that it is instantaneous to transfer money between Ally savings accounts and checking accounts.
Transfers to external accounts are also simple, but they do take one to three business days to process. There is also a useful option to include a memo explaining why you are transferring the money.
Sending or Receiving Money With Zelle
While I don’t use Ally’s bill-pay feature, I do take advantage of its Zelle integration to send recurring payments. Zelle makes it super easy to pay my business landlord rent on the same day each month as a recurring transaction. I also use it to send and receive money on a one-time basis from friends and family, as an alternative to Venmo or PayPal.
Opening or Closing an Account
I have had 15 accounts with Ally Bank because I have checking and savings accounts for personal use and for several businesses, and I also use the virtual envelope method for my savings. This means that I separate my savings into different accounts for different purposes, such as an emergency fund, a travel fund and a house fund.
Now, Ally offers “buckets” to allow you to separate your money within a single savings account for different purposes. With this new feature, I have recently closed several of my accounts and found that to be a very simple process.
Opening an Account
Opening an account is as simple as filling out an online form with your personal information and selecting an account to transfer the opening balance from. If you already have an account with Ally, it is even easier.
Once you have an account, it is very simple to transfer money from one account to another as an opening balance. I recently opened another checking account with Ally, and it took about five minutes.
Closing an Account
I recently closed several of my savings accounts with Ally because, admittedly, having 15 accounts was getting overwhelming. This process was very simple and easy. I just called its customer service number at 877-247-2559 and spoke to an agent.
I explained that I wanted to close several of my accounts. The agent asked for the account numbers, the reason I was closing the accounts, and which account I would like to set up any leftover money to transfer to once the account was closed. It took less than 30 minutes on the phone to close four accounts, including hold time.
Withdrawing Cash
Ally Bank partners with over 43,000 Allpoint ATMs around the country to allow you to withdraw cash from your checking accounts easily without worrying about ATM fees. Ally will also reimburse up to $10 in fees charged at non-Allpoint ATMs at the end of each statement cycle. When you open a checking account, you’ll receive a debit card in the mail in seven to 10 business days.
I rarely use cash, but the few times I have withdrawn money from an ATM, the process has been seamless. ATM fees are charged to your account and then refunded by Ally the same or next day.
Final Take
I’ve had exclusively positive experiences with Ally Bank. It is convenient to check my accounts on my computer or via the phone app. Accessing cash is simpler than most banks because I don’t need to find a particular branch, so I can go pretty much anywhere without worrying about fees.
I feel secure banking with Ally, as I’ve never experienced any issues with fraud, and I know its customer service is top-notch. Any time I’ve had any questions, I’ve called its customer service at 877-247-2559, and I’ve received prompt and competent service from its phone agents.
The main reason I chose to bank with Ally was for its competitive high-yield savings account rates. I have earned over 3% APY on my savings with Ally, which is much better than the 0.05% I was earning with other banks that had physical branches. The reason I’ve stayed with Ally is its ease of use and top-notch customer service. I would recommend Ally Bank to anyone seeking a new bank.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.