Have had Ally for probably a decade — love them, no issues. Photo credit: ©iStock.com/cnythzl, ©iStock.com/Eva-Katalin, ©iStock.com/Wavebreakmedia, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, The Federal Deposit Insurance Corporation, 7 Mistakes Everyone Makes When Hiring a Financial Advisor, 20 Questions to Tell If You're Ready to Retire, The Worst Way to Withdraw From Your Retirement Accounts. Ally uses multiple forms of encryption on its accounts and monitors them regularly. You can do that, too. They’ve been around for a very long time. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Ally’s customer service is very dependable that in fact, it has earned second place in the 2019 J.D. If you prefer online banking and want to get access to loans, high-yield deposit products and credit cards, this is a good solution for you. I just opened up an online bank account on Ally. Settings like suspicious activity text and email alerts, session timeouts and fraud monitoring also keep your information secure. Many banks require a deposit of $1000, but Ally Bank doesn’t require a minimum deposit amount. 10 comments. There might be a few cases where a consumer is not going to touch his or her money for years, and they’d be happy with a rival bank that has a very slightly higher rate. Read on to learn how Ally Bank works, what makes it a safe place to store your cash and how to decide if you should make the switch. While safety is certainly an important consideration when choosing a bank, it isn’t the only one. No driver license, no passport. You can rest assured that your funds (up to $250,000 per depositor) are backed by the U.S. government. Ally Bank is a part of the Allpoint Network. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. Saving. Ally’s online chat service is reliable and even lists estimated wait times so folks can get on with their day if the virtual line is too long. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. There is no minimum deposits or service fees for any of their banking products. You can bank right from your couch in your pajamas. Accessing your money with Ally Bank is as simple as setting up your account. Is Ally bank reliable? report. Right on their website. This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. save. 1 decade ago. I just saw a commercial for a 1-yr 2.00% fixed CD with Ally Bank. If you’re concerned about how safe your money is while held in an online bank, you’ll find that Ally offers many of the same guarantees as a traditional bank. I switched from SunTrust years and years ago, very happy with the decision. If you’re looking for a car loan, it’s an option that is well worth checking out. Simple: Overdraft fees sorry i meant the application process. Presumably you have already passed identity checks by a local bank and have an account there that you can link to Ally. Learn more about Ally Bank at Bankrate.com today! Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company. Ally employs the best safety measures to keep you and your finances safe. Ally Bank. 14% Upvoted. I'm setting up my first bank account, and I've searched for reviews on the most well known online banks (USAA, Ally, Schwab). I have an account with them, have had zero issues. As with any bank, be sure to shop around for one that truly offers the best security, services and accounts before handing over your money. Both Axos and Ally offer a full suite of reliable, inexpensive and effective products. Same. Good luck. At the time of writing, unfortunately, this isn’t something Simple Bank offers its users. You can also enroll in direct deposit with a new savings account or checking account. How does a bank having a building make them more or less reliable? Ally Bank has been in business since 2009, serving consumer banking needs. Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options. For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. When I went to Chase, they asked me for a lot of stuff. Entirely online, Ally Bank fits this description, with competitive rates and around-the-clock support. Of course, Ally won’t be the right bank for everyone. Good rates & FDIC insurance at Ally Bank ---- I let them in my cave. You can either link a non-Ally account and transfer money electronically, mail a check, use its patented eCheck Deposit™ system for a mobile deposit or set up a wire transfer. I suspect better than Amex. And they can boast of reliable and friendly live … Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email. hide. Compare the Top 3 Financial Advisors For You. Chase asked for a lot of identification papers face to face but Ally didn't ask me for anything other than SSN. This means you never have to wait in line at a branch, file paper statements or wait to access your funds. While Ally Bank offers high interest on their Savings account. Then you can manage deposits, withdrawals and transfers with Zelle® for any account. Ally Bank's mobile banking app is available for Apple and Android phones. Ally Bank's Interest Checking Account provides greater flexibility than most by providing consumers with a debit card, and free access to a network of ATMs. It is also ranked among the top 20 US banks with the most robust and most reliable asset base. Still, many wonder: Is Ally Bank safe? Plus, Ally offers dedicated banking and credit card customer service teams available 24/7 should you need. Is identity theft common since SSNs and names are easy to obtain? The bank offers good checking and savings account options. It also asked you for your name, address, etc and some ways to fund the account. The easiest method may be finding the type of account you want to open on the website and clicking “Open Account.” Once you enter your information, including your Social Security number, email address, mailing address and date of birth, you’ll be able to fund the account. Anyone who has seen high ATM fees chip away at his or her bank accounts knows how valuable that is. Their rates are always above the norm. If you need to withdraw cash, you’ll have access to over 55,000 ATMs in the Allpoint® ATM network. Lv 7. Ally bank used to be GMAC bank and is very reliable. In addition to avoiding unnecessary fees, you’ll want to make sure your money is growing as best as it can, too. Ally Bank is also known as Ally Financial. To help the U.S. government fight terrorism and money laundering, federal law requires us to obtain, verify and record information identifying each person opening an account. Or there might be a high net worth individual who needs to transfer $1,000,0000 at a time. Under that, you'll find additional details on our editors' picks for the best online banks and why we chose them. Ally also employs several privacy protection measures to combat the risks that come with the internet. Don't be surprised if you are asked next week to provide scans of your ID and proof of address. Want to open multiple accounts at once? Is Ally a safe bank? Once you set up your accounts, don’t forget to enforce other safety measures like setting secure passwords, using two-step authentication and surfing the web responsibly. Find out how Ally Bank is rated and compare its account fees, read customer reviews, and latest bank accounts rates.. The website and your information is protected by firewalls, SSL data encryption and multi-factor authentication. Given the pricing, ease of use and personalized customer experience, Ally Invest (read review) is an excellent broker for a beginning investor. Ally Bank is a full-service online bank offering competitive rates, low fees, no minimums and 24/7 customer service. At Ally, these expenses do not exist, so customers at Ally Bank enjoy zero monthly or annual bank maintenance fees. Online banks offer some of the best interest rates in the industry. With no minimum, association with a great bank in Ally Bank, it's a good place for any investor looking to start investing. Though be aware that a penalty will incur if you make an early withdrawal. No driver license, no passport. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. I’ve seen a lot of posts with people questioning whether Ally is a legitimate bank, etc. This thread is archived. I contacted Ally Bank to let them know that his car was at our house and he had passed away. I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any other reason. It asked me for SSN only. Ally Bank has over 6 million online savings account customers. In fact, none of Ally’s accounts charge service fees and they all earn at great rates, especially the Ally CDs. But to make things simple, we got to say choose Ally Bank if you want something that has a wide variety of product selections, as well as higher interest rates. share. For one, being an entirely online bank without branches and the ability for cash deposits may be more of an inconvenience for many customers. This insurance keeps your money safe even when the economy or Ally isn’t doing well. It’s a bank with a very interesting history that we’ve recently reviewed. Are online banks safe to use in general? This insurance keeps your money safe even when the economy or Ally isn’t doing well. That gives Ally Bank checking account customers access to 55,000 in-network ATMs. Ally does have one of the best checking accounts on the market since it’s free and earns interest. No driver license, no passport. Ally Invest is a great all-around brokerage account because of its $0 minimum and commission-free trades on stocks, options, and ETFs. I've never heard of this bank before and I'm curious to get some more - 542555 The easy-to-use mobile app and innovative customer service offerings don’t hurt either. So what's going on with Ally? Both Ally Bank and Chime Bank offer competitive financial products — depending on the financial situation you are in. If Ally’s assets can’t be sold for any reason, the FDIC will send you a check or deposit directly for your current balances within a few days of a hack or closure. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Sort by. Ally Bank is a trusted and safe bank. How reliable is Ally Bank? Online banks still must follow the same rules and regulations as brick-and-mortar … Compare Synchrony Bank with Ally Bank, side-by-side. My wife and I spoke with over 10 people over the next 4 months, and not one expressed any sympathy our loss, and it was obvious they could care less. 1 0. To determine whether Ally is right for you, check out what services it offers and compare them with your own banking needs. 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