Well Done Ally Bank - CD purchase

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TheTimeLord
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Well Done Ally Bank - CD purchase

Post by TheTimeLord » Mon Jan 18, 2016 2:01 pm

A few months ago I opened an account with Ally Bank, today (a bank holiday) I purchased my first CD and all I can say is I was very impressed by the ease and simplicity of the process. Two Thumbs.

Considering all the poor service threads I thought I would give a shout out for good customer service.
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Kevin M
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Re: Well Done Ally Bank - CD purchase

Post by Kevin M » Mon Jan 18, 2016 2:08 pm

Also a happy Ally Bank customer, but not have not been buying CDs there in recent years, since somewhat higher rates are easily available elsewhere. Most of my taxable Ally CDs have matured, but I still have some IRA CDs there bought when the low early withdrawal penalty of 2 months of interest made them very competitive.

I like the functionality Ally recently added to manage CD options (but only in taxable accounts only); e.g., change the maturity options, like from rolling into a new CD to depositing proceeds in savings.

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swl
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Re: Well Done Ally Bank - CD purchase

Post by swl » Mon Jan 18, 2016 2:08 pm

I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?

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Re: Well Done Ally Bank - CD purchase

Post by Twins Fan » Mon Jan 18, 2016 2:27 pm

I have never had any problems with Ally, and have enjoyed being a customer of theirs.

If I transfer money from Ally to my Credit Union, it usually take two business days to show up... maybe three. I haven't found it to be an issue since I can plan for that if I need to transfer a large amount.

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Kenster1
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Re: Well Done Ally Bank - CD purchase

Post by Kenster1 » Mon Jan 18, 2016 2:36 pm

TheTimeLord wrote:A few months ago I opened an account with Ally Bank, today (a bank holiday) I purchased my first CD and all I can say is I was very impressed by the ease and simplicity of the process. Two Thumbs.

Considering all the poor service threads I thought I would give a shout out for good customer service.


For the most part - the experience with Ally CDs have been quite positive.

What about Checking/Savings? Have you found Ally good enough to use them for your primary checking needs? Or do you still use another bank for that?
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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Mon Jan 18, 2016 2:40 pm

swl wrote:I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?

Two business days.

For example, if you initiate an ACH push from Ally on Monday, the money will show up in your external bank account on Wednesday. It takes the same numbers of days as Vanguard's system.

It takes the same number of days for an ACH pull from Ally.

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Re: Well Done Ally Bank - CD purchase

Post by gclancer » Mon Jan 18, 2016 2:47 pm

swl wrote:I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?


In my opinion Ally has the best customer service of any financial institution I work with by a decent margin.

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Re: Well Done Ally Bank - CD purchase

Post by Kevin M » Mon Jan 18, 2016 3:01 pm

Yes, standard ACH transfer either way is 2 business days if initiated before their cutoff time.
Kenster1 wrote:What about Checking/Savings? Have you found Ally good enough to use them for your primary checking needs? Or do you still use another bank for that?

Yes, they are fine. I use Ally as my hub bank (most of my other financial institutions are connected to it).

I used to pay bills from a reward checking account, but got tired of having to switch all the auto-pays when the rate or balance cap declined enough to make it not worth it (although I still have an RCA to earn 3% on $15K). So last time the RCA I was using to pay bills crapped out, I switched everything over to my Ally checking account.

The interest is 0.6% if more than $15K in checking, but I've been trying to keep the balance as close to $0 as is convenient for me, with transfers from savings to checking several times a month to pay the upcoming bills. I also have overdraft set up to pull from checking if necessary, but prefer to do transfers manually to avoid going over the 6/month limit on withdrawals from savings. The overdraft is nice as a backup in case I space out--it has hit once, and worked as expected.

The 1% rate on savings is not the best, but good enough for me.

I'll also not that I've done a few early withdrawals from CDs at Ally (to buy PenFed 3% CD about a year ago), and it was quite easy. I did it by phone, and it took about five minutes. They asked a few more questions than Barclays Bank (like, "why are you doing this?"), but no biggie.

I also like that I can do most things that require interaction with a service rep using online chat instead of phone.

Another nice thing is that it's easy to set up and change beneficiaries online, so if you want to use POD accounts, it's a plus. Because of the ease of using POD to open CDs online, I switched to using POD instead of holding the CDs in the name of my trust (but as mentioned, have not bought any new CDs from them in a few years).

Super easy to open new accounts. I have three checking and three savings accounts (one each POD, trust, and joint). One nice thing about having more than one savings account is that if you go over the 6/month limit for withdrawals on one, you can do another 6 withdrawals/month from the other.

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Re: Well Done Ally Bank - CD purchase

Post by LateStarter1975 » Mon Jan 18, 2016 4:01 pm

Another Ally customer here. Been with them since 2010 and I've never had anything bad to say about them. Customer service is exceptional and I've never had to wait for more than 2 minutes to be attended to
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Re: Well Done Ally Bank - CD purchase

Post by chald » Mon Jan 18, 2016 9:34 pm

Does Ally check your credit if you open a new account? I am hearing conflicting answers. Can you share your experience if you opened a new account recently? I am trying to avoid a hard pull on my credit.

Thanks.

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Phineas J. Whoopee
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Re: Well Done Ally Bank - CD purchase

Post by Phineas J. Whoopee » Mon Jan 18, 2016 9:46 pm

chald wrote:Does Ally check your credit if you open a new account? I am hearing conflicting answers. Can you share your experience if you opened a new account recently? I am trying to avoid a hard pull on my credit.

Thanks.

Yes, absolutely, they do. I don't know why. What's the problem with one hard pull? It makes very little credit score difference, none at all after one year, and drops off the record entirely after two years. Unless one is planning to borrow a lot soon and is right on the edge it wouldn't seem to make much of a difference.
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Re: Well Done Ally Bank - CD purchase

Post by bayview » Mon Jan 18, 2016 9:50 pm

I opened a savings account with Ally about six months ago. They did NOT pull my credit. I know this for a fact, as we were in the process of getting a HELOC, and I was watching my credit reports closely, as was the loan officer.

Well, unless they pulled from one of the wacko services (other than Experian, TransUnion, or Equifax.)

No info on their policy with checking accounts.

edit to add: lol, posted right after Mr. Whoopee. :D All I know is, they didn't pull mine.
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Kenster1
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Re: Well Done Ally Bank - CD purchase

Post by Kenster1 » Mon Jan 18, 2016 10:04 pm

I believe they do a 'soft' pull.

A lot of banks use the background check as an identification verification and most of them use ChexSystems - a consumer reporting agency.

Why do a credit check when you're just opening a checking or savings account and not applying for credit?
Well I think the banks aren't checking on your creditworthiness but on your identity and banking history.

Examples:

Are you someone who continually writes bounced checks?
Have you ever had a negative report on a bank account for trying to deposit an empty envelope at an ATM?
Have you opened an exceptionally high number of checking and/or savings accounts?
Has a bank ever closed an account on you because of suspicion of fraud or writing too many bad checks?

https://wallethub.com/edu/what-is-chexsystems/13131/
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Phineas J. Whoopee
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Re: Well Done Ally Bank - CD purchase

Post by Phineas J. Whoopee » Mon Jan 18, 2016 10:06 pm

Chexsystems is one thing. Pulling a credit score is another. Ally does the latter. I assume it must also do the former.

Credit is better than chexsystems in one way, which is that one has a legally-protected right to protest incorrect information in credit reports.

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Re: Well Done Ally Bank - CD purchase

Post by k4carbon » Mon Jan 18, 2016 10:10 pm

I am thinking of using Ally for CD's as my CU has $60K limit for 2% CD for some reason. Problem is I have Family Trust so the money needs to be in Trust name and I have to check with Ally if this is doable.

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Re: Well Done Ally Bank - CD purchase

Post by protagonist » Mon Jan 18, 2016 10:11 pm

"Hard pulls" are not to be feared as much as some might lead you to believe if you have good credit. They might lower your credit score by a couple of points for a few years. If you have good credit it is doubtful that this will make any significant difference to your bottom line. I say this having several hard pulls and following my credit score, which is over 800.

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Kenster1
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Re: Well Done Ally Bank - CD purchase

Post by Kenster1 » Mon Jan 18, 2016 10:17 pm

Phineas J. Whoopee wrote:Chexsystems is one thing. Pulling a credit score is another. Ally does the latter. I assume it must also do the former.

Credit is better than chexsystems in one way, which is that one has a legally-protected right to protest incorrect information in credit reports.

PJW


But either way - I don't see the big deal of a soft pull. Most bank that do pull your credit only do a soft pull - it doesn't really affect your credit score.
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Phineas J. Whoopee
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Re: Well Done Ally Bank - CD purchase

Post by Phineas J. Whoopee » Mon Jan 18, 2016 10:23 pm

Kenster1 wrote:...
But either way - I don't see the big deal of a soft pull. Most bank that do pull your credit only do a soft pull - it doesn't really affect your credit score.

Unlike most banks, as you correctly cite, Ally does a hard pull. That's the point. I don't know why they do, but they do. I don't know why people care, but they do.
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Re: Well Done Ally Bank - CD purchase

Post by john94549 » Mon Jan 18, 2016 10:24 pm

I've always found it somewhat amusing that financial institutions check "our" credit when we are proposing to lend "them" money. Seems like it's backwards.

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Re: Well Done Ally Bank - CD purchase

Post by chald » Tue Jan 19, 2016 2:01 am

Phineas J. Whoopee wrote: What's the problem with one hard pull?


Right, no big deal in general, but I'll be applying for a mortgage in the next six months and would like to avoid a hard pull. It sounds like I should not open an account with Ally until after I buy a house just to be on the safe side.

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Re: Well Done Ally Bank - CD purchase

Post by Kevin M » Tue Jan 19, 2016 3:37 pm

k4carbon wrote:I am thinking of using Ally for CD's as my CU has $60K limit for 2% CD for some reason. Problem is I have Family Trust so the money needs to be in Trust name and I have to check with Ally if this is doable.

Ally does allow holding accounts, including CDs, in the name of a living trust. As I think I mentioned already in this thread, I have such accounts there, however, opening accounts using Payable On Death is faster and easier. If your trust disposition terms are simple, then POD is a fine alternative, which is why I use POD accounts extensively, while also holding some assets in the name of my living trust.

But again, Ally is not the best place to buy CDs now. It's not terrible, paying 2% on a 5-year CD, but it's easy to get at least 2.25% elsewhere (e.g., Synchrony Bank, Barclays Bank), and probably also held in a living trust (although again, POD is easier).

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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Tue Jan 19, 2016 3:41 pm

k4carbon wrote:I am thinking of using Ally for CD's as my CU has $60K limit for 2% CD for some reason. Problem is I have Family Trust so the money needs to be in Trust name and I have to check with Ally if this is doable.

Ally is well equipped to handle your trust account. Give them a call @1-877-247-2559 and ask for the trust account department.

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Re: Well Done Ally Bank - CD purchase

Post by scsiguru » Fri Jan 22, 2016 7:35 am

I plan to transfer a large amount from my CU to my Ally Bank savings account and I'm wondering since I'm doing it ACH is there any time limit or "hold" that Ally may put on that transfer?

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Re: Well Done Ally Bank - CD purchase

Post by mouses » Fri Jan 22, 2016 7:40 am

Twins Fan wrote:I have never had any problems with Ally, and have enjoyed being a customer of theirs.

If I transfer money from Ally to my Credit Union, it usually take two business days to show up... maybe three. I haven't found it to be an issue since I can plan for that if I need to transfer a large amount.


I use a transfer feature from a credit union. By poking around a bit, I found that the business that handles it, at least for my cu, offers two speeds to the cus, with a note suggesting they charge their customers for the faster speed.

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Re: Well Done Ally Bank - CD purchase

Post by scsiguru » Fri Jan 22, 2016 7:43 am

mouses wrote:
Twins Fan wrote:I have never had any problems with Ally, and have enjoyed being a customer of theirs.

If I transfer money from Ally to my Credit Union, it usually take two business days to show up... maybe three. I haven't found it to be an issue since I can plan for that if I need to transfer a large amount.


I use a transfer feature from a credit union. By poking around a bit, I found that the business that handles it, at least for my cu, offers two speeds to the cus, with a note suggesting they charge their customers for the faster speed.


Thanks for the information. I'll have to check on my CU's site. I don't want to leave it parked there since they are only offering .10% :shock:

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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Fri Jan 22, 2016 7:50 am

https://www.ally.com/bank/achtransfer.html

About Transfer Times
Electronic transfers

Funds availability
For incoming Ally transfers, interest starts to accrue as soon as the funds are received on Day 3. However, to help keep you and the bank protected from fraudulent activities, we conduct a risk review of all incoming transfers. During this time, the transferred funds are held until the very end of the day before they're available to you.

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Re: Well Done Ally Bank - CD purchase

Post by scsiguru » Fri Jan 22, 2016 7:54 am

HueyLD wrote:https://www.ally.com/bank/achtransfer.html

About Transfer Times
Electronic transfers

Funds availability
For incoming Ally transfers, interest starts to accrue as soon as the funds are received on Day 3. However, to help keep you and the bank protected from fraudulent activities, we conduct a risk review of all incoming transfers. During this time, the transferred funds are held until the very end of the day before they're available to you.


Thanks!

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Re: Well Done Ally Bank - CD purchase

Post by csm » Fri Apr 29, 2016 10:52 am

I've had an Ally online savings account for over a year. Now I wish to purchase an Ally CD (or several) with money from that account. How do I do this? I cannot find any link inside my account to purchase a CD. I've searched their website. I sent a secure message to them two days ago and still do not have a response about how to purchase a CD.

If I go to the CD page the only link there wants to take me to "open an account" even if I'm already logged into my account, but when I do that it gives me a message that it cannot open an account because I'm currently outside the U.S. But I already have an account that I can access from abroad just fine.

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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Fri Apr 29, 2016 11:09 am

There are several steps involved in opening a new CD. You should just follow the steps and near the end it will ask you if you want to do an internal transfer from your online savings account.

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Re: Well Done Ally Bank - CD purchase

Post by ChicagoSparty » Fri Apr 29, 2016 11:44 am

I am very happy with Ally!

I do my regular banking through Chase, but I have an Ally checking and savings account. If you are worried about ACH transfer times I would highly recommend getting a checking account through Ally as well. No fees and .1% interest.

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Re: Well Done Ally Bank - CD purchase

Post by csm » Fri Apr 29, 2016 1:25 pm

HueyLD wrote:There are several steps involved in opening a new CD. You should just follow the steps and near the end it will ask you if you want to do an internal transfer from your online savings account.


Which steps? If I'm logged into my account, there is nowhere to start the process to purchase a CD. If I go to the CD page, the only option is "Open Account" and when I click on it, it tells me they will not accept new applications from outside the U.S. But I'm not a 'new application' because I already have an online savings account.

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Re: Well Done Ally Bank - CD purchase

Post by clip651 » Fri Apr 29, 2016 1:26 pm

csm wrote:I've had an Ally online savings account for over a year. Now I wish to purchase an Ally CD (or several) with money from that account. How do I do this? I cannot find any link inside my account to purchase a CD. I've searched their website. I sent a secure message to them two days ago and still do not have a response about how to purchase a CD.

If I go to the CD page the only link there wants to take me to "open an account" even if I'm already logged into my account, but when I do that it gives me a message that it cannot open an account because I'm currently outside the U.S. But I already have an account that I can access from abroad just fine.


The CD will be a separate account at Ally. Once you open one, you can see the CD, as well as any Ally savings or checking accounts from the same online access. But the CD will be a separate account, just like savings and checking accounts at Ally (or any other bank) are separate accounts. (You may be thinking of your online access as an account, but that's not what they mean when they tell you to open a new account.)

If they won't allow you to open a new account while outside the US, that sounds like it means no new CD. At least that is my interpretation.

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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Fri Apr 29, 2016 1:40 pm

csm wrote:
HueyLD wrote:There are several steps involved in opening a new CD. You should just follow the steps and near the end it will ask you if you want to do an internal transfer from your online savings account.


Which steps? If I'm logged into my account, there is nowhere to start the process to purchase a CD. If I go to the CD page, the only option is "Open Account" and when I click on it, it tells me they will not accept new applications from outside the U.S. But I'm not a 'new application' because I already have an online savings account.

Use a VPN?

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Re: Well Done Ally Bank - CD purchase

Post by indexaway » Fri Apr 29, 2016 1:46 pm

Nice thread. I've been thinking about opening a savings account with Ally and a CD with Synchrony. Does anyone have qualms about the latter?

csm
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Re: Well Done Ally Bank - CD purchase

Post by csm » Fri Apr 29, 2016 1:50 pm

HueyLD wrote:
Use a VPN?


Just tried that and it worked! Thanks!

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Re: Well Done Ally Bank - CD purchase

Post by LadyGeek » Fri Apr 29, 2016 3:17 pm

If a VPN worked, then Ally is checking IP addresses to be within the US. See the explanation here: Open an Account | ally (right side of page).

However, an IP address is not proof of identity. csm is a US citizen living abroad "US ex-pat" (Re: Brokerage account for NRA spouse).

I'm only mentioning this in case someone interprets the use of a VPN as an intent to bypass US law.
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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Fri Apr 29, 2016 3:30 pm

LadyGeek,

Using a VPN to access one's existing account while abroad is perfectly legit. It has nothing to do with breaking any U.S. law.

While traveling abroad, you may have a need to manage investments. But many websites block you from access their sites because you, an existing customer, want to access the sites from a foreign URL. And making international calls can be cost prohibitive, depending on the country.

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Re: Well Done Ally Bank - CD purchase

Post by LadyGeek » Fri Apr 29, 2016 4:39 pm

Yes, I agree. I just wanted to make that point clear.
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Re: Well Done Ally Bank - CD purchase

Post by Fieldsy1024 » Fri Apr 29, 2016 7:17 pm

Had Ally savings ever since ING Direct turned to CAP360 and loved it.

A month ago I joined their interest checking :)

Love Ally

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Re: Well Done Ally Bank - CD purchase

Post by FlamingoTime » Sat Apr 30, 2016 12:57 am

I have an Ally savings account and have taken money out and transferred money in with no problems. I also have 5 CDs at Syncrony and have had no issues with them. Pleased with both.

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Re: Well Done Ally Bank - CD purchase

Post by Dandy » Sat Apr 30, 2016 11:58 am

I used to use Ally back when they had top rates, low early withdrawal penalties and were really pushing the envelope of being a really customer oriented bank. They are still good but have become a bit less attractive e.g. higher early withdrawal penalties, reduced interest on checking, set up different tiers for rate differences depending on balances for some products. They are still very good but lost that superior edge in my opinion.

Some better rates/deals are out there as online competitors have caught up or surpassed Ally. e.g.I'm looking at Alliant Credit Union's Checking and Savings which seems better - don't have Ally anymore but haven't pulled the trigger on Alliant.

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Re: Well Done Ally Bank - CD purchase

Post by Gardener246 » Sun May 01, 2016 1:11 am

A twenty-year customer of First Tech CU, but perhaps due to the population explosion here in Seattle they're having many problems with their website, Bill-pay service (payments arriving late), call center (53 folks on hold ahead of me !), and equipment at the branches (PIN reset machine was broken, had to drive to another location).

I was a bit nervous leaving a 'brick and mortar' bank, by my experience with Ally's saving account has been so good over the years that I closed all my First Tech accounts last month and now have my checking account at Ally and couldn't be happier. Love the 24-hour telephone availability, and the poster above attested to, there's essentially no wait.

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Re: Well Done Ally Bank - CD purchase

Post by csm » Sun May 01, 2016 2:38 am

As I was trying to purchase the Ally CD, I remembered another issue I had with Ally within the last year that I was not happy with. I received an IRS tax refund (by mistake but that's another story) and sent it in for deposit to my Ally account. They would not accept it for deposit because the tax refund was in both my name and my husband's since the return was MFJ and my Ally account was only in my name.

I tried to add my husband to the account which was not allowed, so decided to open an additional account as a joint account in both our names (my husband had become a legal permanent resident by this time with a SSN). Ally asked for multiple IDs for my husband, fair enough. But then they asked for me to send multiple forms of ID for me despite that I already held an Ally account for more than a year. It became ridiculous that I could not even make a deposit without jumping through all these hoops. I instead opened a joint checking account totally online with BoA and deposited the Treasury check.

I've been reasonably happy with my online savings account with Ally but some of the other threads I'm reading give me pause to buy a CD, particularly those that say they do a hard credit pull to purchase a CD even with funds already held by Ally. My credit score is over 820 but it dropped a few points from two credit pulls last year for new credit cards (done to earn Southwest Companion Pass) so I don't want another credit pull, particularly just to save money, not to apply for credit.

I was looking at Barclay's with their current 2.05% 5-year CD. Any thoughts?

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Re: Well Done Ally Bank - CD purchase

Post by duckcalldan » Sun May 01, 2016 7:30 am

Dandy wrote:I used to use Ally back when they had top rates, low early withdrawal penalties and were really pushing the envelope of being a really customer oriented bank. They are still good but have become a bit less attractive e.g. higher early withdrawal penalties, reduced interest on checking, set up different tiers for rate differences depending on balances for some products. They are still very good but lost that superior edge in my opinion.

Some better rates/deals are out there as online competitors have caught up or surpassed Ally. e.g.I'm looking at Alliant Credit Union's Checking and Savings which seems better - don't have Ally anymore but haven't pulled the trigger on Alliant.

Longtime Alliant customer here. They are a great bank for savings and ACHing and a decent bank for checking as long as you don't mind their bill pay system. It's UI is quite antiquated and several steps behind my current online bank, First IB. Any new payee shows up as being paid by paper checks but will usually switch to electronic after the first payment. You can't schedule a payment to be delivered on a certain date, only the withdrawal date. It's kept me from making Alliant my daily checking account, but despite the above frustrations I'm giving it a trial run for a couple of months, to see if I can live with it in order to close a couple of other bank accounts to keep things simple.

It's a really good bank.

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Re: Well Done Ally Bank - CD purchase

Post by JonnyDVM » Sun May 01, 2016 7:49 am

swl wrote:I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?


Bout 3 or 4 business days. That's why I keep a separate checking/savings with my local Bank but keep the bulk of our cash at Ally. Sometimes I need the cash faster than 3 days !
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

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HueyLD
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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Sun May 01, 2016 8:29 am

JonnyDVM wrote:
swl wrote:I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?


Bout 3 or 4 business days. That's why I keep a separate checking/savings with my local Bank but keep the bulk of our cash at Ally. Sometimes I need the cash faster than 3 days !

If you initiate a transfer on Monday before the cutoff time, the money will arrive the destination bank on Wednesday. Same speed as Vanguard.

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JonnyDVM
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Re: Well Done Ally Bank - CD purchase

Post by JonnyDVM » Sun May 01, 2016 9:30 am

HueyLD wrote:
JonnyDVM wrote:
swl wrote:I've actually heard pretty good things about their customer service. Only thing that's kept me from opening an account has been negative reports of outgoing ACH speeds - how long does a push from your Ally account take to show up in your external bank account?


Bout 3 or 4 business days. That's why I keep a separate checking/savings with my local Bank but keep the bulk of our cash at Ally. Sometimes I need the cash faster than 3 days !

If you initiate a transfer on Monday before the cutoff time, the money will arrive the destination bank on Wednesday. Same speed as Vanguard.


I assume part of the delay is my bank. But it's definely not instantaneous which makes one wonder where exactly is the money since it would seem like it should happen immediately. Just floating around in space I guess. Though we only keep about 10k there now nice to have a physical bank you can walk into to deposit checks/take out cash ect. Can't kick the habit and go all electronic. If I want to take out a grand in cash for whatever reason I don't want to be waiting 3 days.
Sometimes the questions are complicated and the answers are simple. -Dr. Seuss

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HueyLD
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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Sun May 01, 2016 10:18 am

If you have a checking account, you can withdraw cash from many ATMs and Ally will reimbursement the ATM fees for up to $10 per statement cycle. The daily ATM withdrawal limit is $1,000.

https://www.ally.com/help/bank/atms-withdrawals.html

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Geneyus
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Re: Well Done Ally Bank - CD purchase

Post by Geneyus » Sun May 01, 2016 12:52 pm

Are there any checking accounts at national banks that allow you to transfer any amount of money between your checking and Ally savings account in one transaction? And does Ally allow transferring a lot of money at a time to outside (non-Ally) accounts?

Example: The current local bank I'm using only allows you to transfer $1,000 at a time to external accounts. I'm sure they made it difficult like that so you'll keep your checking and savings with them, but I'd really like to drop them altogether for that stupid policy.

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HueyLD
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Re: Well Done Ally Bank - CD purchase

Post by HueyLD » Sun May 01, 2016 1:10 pm

Geneyus wrote:Are there any checking accounts at national banks that allow you to transfer any amount of money between your checking and Ally savings account in one transaction?

What does "any amount" mean? $1 billion or $1?

Due to liability and cost involved, I would say that virtually all banks have limits on the amounts of transfers.

And does Ally allow transferring a lot of money at a time to outside (non-Ally) accounts?

For transfers initiated at Ally, the maximums are:

(1) Push money to Ally: $250k per transfer; $250k per day and $1MM per month.

(2) Pull money from Ally: $150k per transfer; $150k per day and $600k per month.

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