Should I switch to Ally checking?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Should I switch to Ally checking?

Post by boglerocks »

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?
User avatar
Rainier
Posts: 1733
Joined: Thu Jun 14, 2012 5:59 am

Re: Should I switch to Ally checking?

Post by Rainier »

On personal accounts fidelity will reimburse foreign ATM fees and they don't charge a commission on foreign exchange.
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Re: Should I switch to Ally checking?

Post by boglerocks »

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.
Gleevec
Posts: 346
Joined: Sun Mar 03, 2013 10:25 am

Re: Should I switch to Ally checking?

Post by Gleevec »

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
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Re: Should I switch to Ally checking?

Post by boglerocks »

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.
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Re: Should I switch to Ally checking?

Post by boglerocks »

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.
inbox788
Posts: 8372
Joined: Thu Mar 15, 2012 5:24 pm

Re: Should I switch to Ally checking?

Post by inbox788 »

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.
Kircheis
Posts: 67
Joined: Mon Jan 14, 2013 8:12 pm

Re: Should I switch to Ally checking?

Post by Kircheis »

>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.
User avatar
Toons
Posts: 14467
Joined: Fri Nov 21, 2008 9:20 am
Location: Hills of Tennessee

Re: Should I switch to Ally checking?

Post by Toons »

"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
Gleevec
Posts: 346
Joined: Sun Mar 03, 2013 10:25 am

Re: Should I switch to Ally checking?

Post by Gleevec »

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.
User avatar
SSSS
Posts: 1914
Joined: Fri Jun 18, 2010 11:50 am

Re: Should I switch to Ally checking?

Post by SSSS »

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).
Danno77
Posts: 2
Joined: Fri Jun 28, 2013 11:31 pm

Re: Should I switch to Ally checking?

Post by Danno77 »

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.
Gleevec
Posts: 346
Joined: Sun Mar 03, 2013 10:25 am

Re: Should I switch to Ally checking?

Post by Gleevec »

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.
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Re: Should I switch to Ally checking?

Post by boglerocks »

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?
Default User BR
Posts: 7502
Joined: Mon Dec 17, 2007 6:32 pm

Re: Should I switch to Ally checking?

Post by Default User BR »

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".


Brian
Topic Author
boglerocks
Posts: 675
Joined: Sun Apr 03, 2011 9:08 pm

Re: Should I switch to Ally checking?

Post by boglerocks »

Bingo, you're right on the money.
Post Reply