Should I switch to Ally checking?

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Should I switch to Ally checking?

Postby boglerocks » Mon Jun 24, 2013 6:48 am

I have a personal checking account and business checking account with Chase. I live outside of the US so Chase charges 3% on all of my ATM withdrawals which gets annoying. Ally only charges 1% so I'm thinking of opening a personal checking account with them. My average balance is about $2k so the interest would be negligible.

Do any banks charge less than 1% on international ATM withdrawals?

Do any banks reimburse ATM fees outside of the US?

For anyone who's used it from any bank, how well does mobile check deposit work? I think it amounts to emailing them a photo of a check you want to deposit?

I suppose it's impossible to deposit cash into an Ally account?

I've read that Ally will close your account if you try to use it for business. Can anyone recommend a good business checking account or should I stick with Chase there?
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Re: Should I switch to Ally checking?

Postby Rainier » Mon Jun 24, 2013 6:51 am

On personal accounts fidelity will reimburse foreign ATM fees and they don't charge a commission on foreign exchange.
- Bill
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Re: Should I switch to Ally checking?

Postby boglerocks » Mon Jun 24, 2013 7:17 am

Thanks, it looks like Capital One 360 and Schwab also fall under that category:

http://www.nerdwallet.com/blog/banking/ ... -atm-fees/

Schwab requires you to open a brokerage account. Does Fidelity? I'll call Capital One 360 to confirm when they open in a few hours.
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Re: Should I switch to Ally checking?

Postby Gleevec » Mon Jun 24, 2013 9:45 am

1. Schwab is best for international transactions and ATM fees (no fees)
2. Fidelity is close second (they charge 1% transaction fee internationally) but no ATM fees.

I use both and the customer service is excellent.

Downsides
1. Interest is not as good, but they are terrible everywhere anyway and I dont rely on my checking account for interest
2. You still need a "real bank" for getting cashiers checks, etc
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Re: Should I switch to Ally checking?

Postby boglerocks » Mon Jun 24, 2013 11:18 am

I called Capital One 360 and apparently the info at nerdwallet.com is wrong. They do not reimburse ATM fees and (the guy thinks) they charge .2% (not 2%) which he says comes from Mastercard. Looks like Schwab for me.
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Re: Should I switch to Ally checking?

Postby boglerocks » Fri Jun 28, 2013 3:38 am

I tried to open the Schwab account from Spain and they said since the IP address is from outside of the US, I have to come to one of their branches to verify the account. I told them to close the account and I'll try again with a US IP.
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Re: Should I switch to Ally checking?

Postby inbox788 » Fri Jun 28, 2013 8:10 am

boglerocks wrote:I tried to open the Schwab account from Spain and they said since the IP address is from outside of the US, I have to come to one of their branches to verify the account. I told them to close the account and I'll try again with a US IP.

Exactly the kind of suspicious activity that red flags potential fraud and annoys customers to no end. So if it's simply a matter of trying with a different IP, criminals can do the same. So if they reject your application a second time, their security process works, but you would be pissed off. If they allow the account, their security is questionable. No win for anyone. My bank used to require my pin to log in and with EVERY deposit. If someone wants to deposit INTO my account, by all means, allow them :greedy more recently, they've reduced the times I have to enter a pin, but it's still required again for withdrawals, which I agree is prudent.
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Re: Should I switch to Ally checking?

Postby Kircheis » Sat Jun 29, 2013 9:52 am

>Do any banks charge less than 1% on international ATM withdrawals?

>Do any banks reimburse ATM fees outside of the US?

I use B of A and they charged me 1% on a international ATM withdrawal. However, they waived the ATM fee as I used a bank that is in their network (Deutchebank when I was in Germany). It might be worthwhile to call your bank and see if they have a similar arrangement with any of the banks in the country that you are in.
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Re: Should I switch to Ally checking?

Postby Toons » Sat Jun 29, 2013 10:01 am

"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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Re: Should I switch to Ally checking?

Postby Gleevec » Sat Jun 29, 2013 3:19 pm

boglerocks wrote:I tried to open the Schwab account from Spain and they said since the IP address is from outside of the US, I have to come to one of their branches to verify the account. I told them to close the account and I'll try again with a US IP.


The fact that they have that level of security, plus I have an RSA token with them, is part of the reason I really like Schwab and think they are MILES ahead of Vanguard in security and checking.
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Re: Should I switch to Ally checking?

Postby SSSS » Sat Jun 29, 2013 6:00 pm

Gleevec wrote:The fact that they have that level of security, plus I have an RSA token with them, is part of the reason I really like Schwab and think they are MILES ahead of Vanguard in security and checking.


My beef with Schwab is that (on my accounts, at least) they only allow passwords up to 8 characters, alphanumeric only (no special characters).
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Re: Should I switch to Ally checking?

Postby Danno77 » Sun Jun 30, 2013 9:54 am

Schwab is great and their customer service is out of this world. I travel for work within the US and had the IP security issue as well when opening my account. I don't know about anyone else but I appreciate that level of security.
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Re: Should I switch to Ally checking?

Postby Gleevec » Sun Jun 30, 2013 10:33 am

SSSS wrote:
Gleevec wrote:The fact that they have that level of security, plus I have an RSA token with them, is part of the reason I really like Schwab and think they are MILES ahead of Vanguard in security and checking.


My beef with Schwab is that (on my accounts, at least) they only allow passwords up to 8 characters, alphanumeric only (no special characters).


Get a RSA token which effectively makes 6 additional numbers that are randomly generated. 8 alphanumeric + 6 RSA generated numbers on a token only you have = only 2 factor security option I am aware of from the Vanguard/Fidelity/Schwab trio.

I would love for Vanguard and Fidelity to catch up to Schwab in this regard.
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Re: Should I switch to Ally checking?

Postby boglerocks » Mon Jul 01, 2013 3:25 am

Capital One 360

Unfortunately not true. I called them and they said they charge .2% and don't reimburse ATM fees.

I travel for work within the US and had the IP security issue as well when opening my account. I don't know about anyone else but I appreciate that level of security.

How did this play out for you? Did you visit a branch or were you able to switch to a US IP and open the account online after being denied with a foreign IP?

My beef with Schwab is that (on my accounts, at least) they only allow passwords up to 8 characters, alphanumeric only (no special characters).

I was able to set up a password with more characters than that. Have you tried changing your password recently?
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Re: Should I switch to Ally checking?

Postby Default User BR » Mon Jul 01, 2013 11:01 am

boglerocks wrote:
My beef with Schwab is that (on my accounts, at least) they only allow passwords up to 8 characters, alphanumeric only (no special characters).

I was able to set up a password with more characters than that. Have you tried changing your password recently?

Have you tried just entering the first eight of yours? Sometimes they'll allow setting up a longer one, but will ignore any over their "window".


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Re: Should I switch to Ally checking?

Postby boglerocks » Tue Jul 02, 2013 2:36 am

Bingo, you're right on the money.
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