Should I switch my daily banking business to Ally?

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Rus In Urbe
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Should I switch my daily banking business to Ally?

Post by Rus In Urbe »

I've been with Chase/Morgan a long time; that is to say, this brick-and-mortar bank gets our direct deposits (paychecks, SS and RMDs) and I have all bills on auto-pay, either direct from bank (if necessary) or through CCs (which then are also on auto-pay). I track all expenses through Banktivity; my iPhone kicks up notices about CC charges, which helps protect from frauds; the whole system works out very well for us.

I'm not thrilled with Chase. Of course, they pay bubkas in interest, and charge fees if the account is low (I've never paid a fee because we, admittedly, keep too much money there). But my antipathy goes beyond that to the whole Chase/Morgan Stanley company----I don't like their business practices, I'd like to be elsewhere.

I've not made the switch yet because it's a lot of work to re-set all the auto-pays; it's a task I'm planning to undertake after I'm retired (December!).

I was considering switching to Vanguard Advantage, but ---- I just read the thread about that disappearing! I've considered a credit union. I've also been considering using Ally as our bank. Does anyone have experience with running everything through Ally? The strictly on-line company SAYS there are no fees on ATMs, which is important to us (we use cash at our local farmer's market once a week)--does it really work? Also, has anyone used the deposit-checks-with-your-iPhone function? Are there other advantages/disadvantages to using Ally, versus a credit union, for instance?

Thanks in advance for any insights and experiences you have had with Ally (or your credit union, as a contrast).
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Re: Should I switch my daily banking business to Ally?

Post by Jack FFR1846 »

I've had only a credit union and online bank for over 30 years. Aside from safe deposit boxes, I can't think of a single thing a commercial bank can give me that my credit union doesn't. They are a member of the co-op network which makes virtually any credit union b&m branch my branch and atm fees are always refunded. All of my family's accounts are joint with me, so when I log in, I can see all the accounts. Low balance? Heck, my younger son's LTD account currently has 1 cent in it, and other son's checking has $56 which will go to $7 when he pays his credit card and of course there are no fees for any of that. The few times any of us have overdrafted an account, the fee is always waived simply by asking.

As to Ally (or Redneck, Able, CIT, etc), yes, the interest is significantly higher (well, except my CU first $1 per account that pays 6.12% currently). But of course getting money transferred can take some time.
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arf30
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Re: Should I switch my daily banking business to Ally?

Post by arf30 »

Ally is a popular choice, they refund up to $10/mo in ATM fees domestically and there's no fee at Allpoint ATMs. I've thought about Chase but their schedule of fees is ridiculous.
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RickBoglehead
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

There are many "pro-Ally" threads where people use Ally as their hub bank. I am one of them.

Ally offers a network of 43,000+ free ATMs. If you can't find a machine on the network, they will reimburse up to $10 per statement period, the $10 is reimbursed at the end of the statement period. I can tell you that the network is vast - but you have to read the machine carefully. I checked last summer and found 3 adjacent businesses that had a machine, but it turned out that there are different identifiers on the ATM network site indicating whether they are part of the free network (green dots) or "other ATMs" (purple dots). I ended up using the wrong network, but got reimbursed due to the up to $10 in fees reimbursement. https://www.ally.com/bank/find-atms/

Ally offers to some customers, based on usage, 1 day ACH in and out. Note that this is driven by an algorithm, NOT by the bank giving you the capability. I have it, a relative does not.

If you send payment via check via Ally BillPay, the amount is withdrawn from your account on the date you indicate the payment should be at the recipient's address, NOT the date the check is drawn. Capital One withdraws funds on the date the check is cut.

While Ally Online Savings restricts you to 6 withdrawals per statement period, there is nothing stopping you from having multiple accounts. We have several.

Ally allows you to edit future transfers that you setup. Capital One requires that you delete and re-enter the transfer. I setup next month around the 25th of the prior month, so I find Capital One's process annoying (I have to use it for a relative with a trust because Ally does not allow trust accounts to have a POA access the account, Capital One does).

Ally is not perfect, no company is. I've had issues with them, just like any other company, and most have been resolved to my complete satisfaction, but not all.

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furwut
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Re: Should I switch my daily banking business to Ally?

Post by furwut »

has anyone used the deposit-checks-with-your-iPhone function?
Works well.

The thing with any internet only bank is what do you do on the rare occasion you need a branch service. A local credit union + Ally is a good combination.
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Re: Should I switch my daily banking business to Ally?

Post by Rus In Urbe »

Thanks so much!
RickBoglehead » Fri Mar 01, 2019 7:29 am
There are many "pro-Ally" threads where people use Ally as their hub bank. I am one of them.
Great links---I'll be studying these.
arf30 » Fri Mar 01, 2019 7:27 am
Ally is a popular choice, they refund up to $10/mo in ATM fees domestically and there's no fee at Allpoint ATMs. I've thought about Chase but their schedule of fees is ridiculous.
Yes, indeed, ridiculous, unless you keep a bit of a stash there (I know-----dumb!)
Jack FFR1846 » Fri Mar 01, 2019 7:26 am
I've had only a credit union and online bank for over 30 years. Aside from safe deposit boxes, I can't think of a single thing a commercial bank can give me that my credit union doesn't. They are a member of the co-op network which makes virtually any credit union b&m branch my branch and atm fees are always refunded. All of my family's accounts are joint with me, so when I log in, I can see all the accounts. Low balance? Heck, my younger son's LTD account currently has 1 cent in it, and other son's checking has $56 which will go to $7 when he pays his credit card and of course there are no fees for any of that. The few times any of us have overdrafted an account, the fee is always waived simply by asking.
Yes, I'm thinking credit union also; but you brought up a great point---I'd completely forgotten that we have a safety deposit box also with Chase (for free). I'd have to find an alternative for that, thanks for bringing up that point!

All grist for the mill. All three posts are extremely helpful. There are a lot of factors to consider (fees, services). I've been at Chase so long (and never pay fees, but of course "pay" for their services in the lack of interest paid. THANKS for all the input!
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sophie1
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Re: Should I switch my daily banking business to Ally?

Post by sophie1 »

I use Ally for daily banking needs. Just to provide a contrary view to the positives about them that have already been described - be aware of the limits of online banking. Basically, you still need a brick and mortar bank account.

The Ally mobile app rejects about 5-10% of checks in my experience, so you need a backup plan for those - I deposit at Chase. Online banks will not handle foreign transactions. When I bought my apartment 4 years ago, I asked Ally about the cashier's check for the downpayment. They send it USPS, uninsured. I begged for FedEx at least, but the answer was no. This was too much of a gamble for my comfort.

In the process of getting that downpayment check from Chase, I qualified for Chase Private Client. I keep thinking they'll notice that I've kept very little money there for years now and have no intention of using their high-priced investment service, but I haven't heard a thing. This removes fees, and their website has gotten much easier to manage as well. If I can count on keeping this status, the only benefits from Ally now are the ATM fee reimbursement and the interest rates. These are major advantages that make Ally worth keeping - for now!
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Tamarind
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Re: Should I switch my daily banking business to Ally?

Post by Tamarind »

I use Ally for all my banking. It's fantastic. Check deposit by phone works very well. They have never rejected any of my checks.

Some ATMs are free (check the map). In my area the closest independent ATMs are all free. If yours is not, Ally will still refund to you a certain amount of ATM fees per month.

I find they have all the banking products I could want and they have great customer service by phone. It's much better than the service I used to get in person at brick/mortar banks.

The one thing I've had reason to miss was certified checks, last year when I had to do a bunch of business with my state government. Ally won't issue those. But I think they are rarely needed.
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

Tamarind wrote: Fri Mar 01, 2019 8:43 am I use Ally for all my banking. It's fantastic. Check deposit by phone works very well. They have never rejected any of my checks.

Some ATMs are free (check the map). In my area the closest independent ATMs are all free. If yours is not, Ally will still refund to you a certain amount of ATM fees per month.

I find they have all the banking products I could want and they have great customer service by phone. It's much better than the service I used to get in person at brick/mortar banks.

The one thing I've had reason to miss was certified checks, last year when I had to do a bunch of business with my state government. Ally won't issue those. But I think they are rarely needed.
Correct, they only issue Cashier's Checks, but don't mail them in an expedited manner per other posters.

Does Ally Bank issue certified checks, money orders or cashier's checks?
We don't currently issue certified checks or money orders, but we can issue cashier's checks.

Call us at 1-877-247-2559 to request a cashier's check – at no charge.
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heerekj1
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Re: Should I switch my daily banking business to Ally?

Post by heerekj1 »

I switched from Chase to Ally about 4 years ago. I also had salary & pension direct deposit at Chase. Left because they were not paying anything in interest.

The change went smoothly but I had enough money to cover any overdrafts I might of gotten during the transition. The only hiccup was that I used a savings account at Ally to receive most of the funds and I distributed the money from that account to others not realizing that Ally charges you for each withdrawal over 4 in any accounting period.

The check deposit by phone works fine. 2-3 a month.

Before I left Chase I needed to have then create a certified check. Not sure how I would do that now. I have no bricks and mortar bank.
BanditKing
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Re: Should I switch my daily banking business to Ally?

Post by BanditKing »

I've been with Ally for several years. Very happy with them. Like most others, I keep an account at a local credit union, to handle cash deposits as well as any check that might not deposit for some reason with Ally's phone app. This is also where I keep a safe-deposit box.

Ally is super easy. ATMs everywhere and they reimburse fees as well.

That said, I keep only my checking, 1st stage of my emergency fund, and a small amount of cash in a savings account that is the emergency backup to checking. Any other cash I keep in a MM or in VMLUX at Vanguard.
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

heerekj1 wrote: Fri Mar 01, 2019 1:12 pm not realizing that Ally charges you for each withdrawal over 4 in any accounting period.
6, not 4.
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Rus In Urbe
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Re: Should I switch my daily banking business to Ally?

Post by Rus In Urbe »

Many thanks for all the info on Ally.

I've now got a list of considerations, and that is incredibly helpful as I figure out what to do next.

Cheers to all.... :sharebeer
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Re: Should I switch my daily banking business to Ally?

Post by BUBear29 »

Alliant Credit Union. If there are partner branches nearby, you get the best of both worlds. High interest rates/good app like online banks and ability to deposit cash when needed. Also $20 per month reimbursement for atm. I switched to Alliant from Chase about a year ago and have not missed a thing.
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Eno Deb
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Re: Should I switch my daily banking business to Ally?

Post by Eno Deb »

I switched my checking to Ally about a year ago. Works well. The main reason I did it is because you can transfer money between checking and their high-yield savings account instantly via the phone app, which means I can keep a lower balance on average in checking (which earns almost no interest). Of course it would be even better if the checking account had a decent interest rate (for that reason I'm considering to switch to Fidelity, where you can keep balances in money market funds). I still kept my checking account at one of the big banks though for things like cashier checks and cash deposits.
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Re: Should I switch my daily banking business to Ally?

Post by xb7 »

Eno Deb wrote: Fri Mar 01, 2019 2:01 pm The main reason I did it is because you can transfer money between checking and their high-yield savings account instantly via the phone app, which means I can keep a lower balance on average in checking (which earns almost no interest).
But just to be clear, that takes one out of the six monthly allowable transactions (on the savings side, no such limit for checking) --- right? So it's instant, but can't be very frequent.

Not complaining, just making certain that I understand, as I too am considering Ally.

I had a chat with them on the phone today to ask a couple of questions; a bit of a wait, but a very intelligent, knowledgable and easy-to-communicate-with rep. For those that might be considering them, she said they exclusively check your credit via Transunion (nice that it's just one and that they tell you ...), and it's a "soft" credit pull. So if I go with them I'll have to do a general credit unfreeze on Transunion, I can't just get a one-time code or anything like that according to this rep, but then can re-freeze right after the new account is approved.
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Re: Should I switch my daily banking business to Ally?

Post by Texanbybirth »

RickBoglehead wrote: Fri Mar 01, 2019 1:45 pm
heerekj1 wrote: Fri Mar 01, 2019 1:12 pm not realizing that Ally charges you for each withdrawal over 4 in any accounting period.
6, not 4.
That's also with every bank, not just Ally. Non in-person transfers from savings to checking (demand deposit) accounts are limited to 6 by federal law. Ally is up front about this.

The lack of being able to deposit cash is annoying to us. We've been with Ally for almost 10 years, but have been looking at Capital One 360 to supplement, as they have branches around us.
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

Open 5 Ally Savings accounts. 5 * 6 = 30. Done.
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Re: Should I switch my daily banking business to Ally?

Post by Eno Deb »

xb7 wrote: Fri Mar 01, 2019 4:34 pm
Eno Deb wrote: Fri Mar 01, 2019 2:01 pm The main reason I did it is because you can transfer money between checking and their high-yield savings account instantly via the phone app, which means I can keep a lower balance on average in checking (which earns almost no interest).
But just to be clear, that takes one out of the six monthly allowable transactions (on the savings side, no such limit for checking) --- right? So it's instant, but can't be very frequent.
Yes, that is correct. Note that the limit only applies to withdrawals and transfers out of the account.

What I do is that I use the checking account for incoming direct deposits, and set up an alert that notifies me when the balance exceeds a certain threshold (which is based on an estimate of my monthly expenses). When I get the alert, I use the phone app to transfer the excess to the savings account (takes only a minute). This transfer does not count against the transaction limit, so I can transfer money back in 6 times a month in case my estimate falls short.
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Re: Should I switch my daily banking business to Ally?

Post by azianbob »

I use Bank of America for my banking. Part of it si because it was the banks my parents used and I opened my first account. The other is that they have Merrill Edge, where I put all my IRAs, since if you have over 100k, you get 100 free trades a month. So it's nice to have commission free trades.

Also they give you the 75% bonus on credit card cash back with them, giving you 5.25% back on your choice of category (dining, online, travel, gas, etc) and 3.5% on markets, 1.75% on everything else.

They have a ton of ATMs so I can withdraw for free almost anywhere in the US. Since I have over 100k, they also refund a certain number of ATM fee s amonth if you happen to be in one of the few places they don't have a branch.

I use ally as my emeergency fund location, they have consistently good rates and a really good systems. It's fast. I have the bulk of my emergency fund in a CIT account right now because of the 2.45% interest, but if Ally comes close I would move all my funds back to them in a heartbeat.
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Re: Should I switch my daily banking business to Ally?

Post by xb7 »

Eno Deb wrote: Fri Mar 01, 2019 5:38 pm
xb7 wrote: Fri Mar 01, 2019 4:34 pm But just to be clear, that takes one out of the six monthly allowable transactions (on the savings side, no such limit for checking) --- right? So it's instant, but can't be very frequent.
Yes, that is correct. Note that the limit only applies to withdrawals and transfers out of the account.

What I do is that I use the checking account for incoming direct deposits, and set up an alert that notifies me when the balance exceeds a certain threshold (which is based on an estimate of my monthly expenses). When I get the alert, I use the phone app to transfer the excess to the savings account (takes only a minute). This transfer does not count against the transaction limit, so I can transfer money back in 6 times a month in case my estimate falls short.
Thank you again! So to be really clear, if I transfer money from Vanguard into Ally Savings, that doesn't count against my 6 transfers a month limit? Or would I only avoid this counting as a transfer if I first send it to checking and then as you do, use the app to move it to savings?

Sorry for so many questions, but it's difficult to ferret out the subtleties via web search, and when I called them this morning it was about a 20 minute wait on hold to talk to someone.
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FelixTheCat
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Re: Should I switch my daily banking business to Ally?

Post by FelixTheCat »

I suggest switching to a Fidelity Cash Management Account. https://www.fidelity.com/cash-managemen ... t/overview
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fortfun
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Re: Should I switch my daily banking business to Ally?

Post by fortfun »

I switched everything to Ally 3 years ago. My only regret? I wish I had done it sooner!
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

xb7 wrote: Fri Mar 01, 2019 6:26 pm
Eno Deb wrote: Fri Mar 01, 2019 5:38 pm
xb7 wrote: Fri Mar 01, 2019 4:34 pm But just to be clear, that takes one out of the six monthly allowable transactions (on the savings side, no such limit for checking) --- right? So it's instant, but can't be very frequent.
Yes, that is correct. Note that the limit only applies to withdrawals and transfers out of the account.

What I do is that I use the checking account for incoming direct deposits, and set up an alert that notifies me when the balance exceeds a certain threshold (which is based on an estimate of my monthly expenses). When I get the alert, I use the phone app to transfer the excess to the savings account (takes only a minute). This transfer does not count against the transaction limit, so I can transfer money back in 6 times a month in case my estimate falls short.
Thank you again! So to be really clear, if I transfer money from Vanguard into Ally Savings, that doesn't count against my 6 transfers a month limit? Or would I only avoid this counting as a transfer if I first send it to checking and then as you do, use the app to move it to savings?

Sorry for so many questions, but it's difficult to ferret out the subtleties via web search, and when I called them this morning it was about a 20 minute wait on hold to talk to someone.
Withdrawals from a savings account have a 6 per month limit. No limit on deposits. A transfer OUT is a withdrawal, a transfer in is a deposit.
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Re: Should I switch my daily banking business to Ally?

Post by Eno Deb »

xb7 wrote: Fri Mar 01, 2019 6:26 pmThank you again! So to be really clear, if I transfer money from Vanguard into Ally Savings, that doesn't count against my 6 transfers a month limit?
Correct.
Or would I only avoid this counting as a transfer if I first send it to checking and then as you do, use the app to move it to savings?
No, that doesn't make a difference vs. moving the money directly into savings from an external account. Only outgoing transactions from the savings account count against the limit.

The reason why I prefer to receive direct deposits in checking (rather than savings) is just that it saves me one transaction from savings to checking for money that is needed to cover expenses.
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Re: Should I switch my daily banking business to Ally?

Post by Lynette »

I have bank checking and saving accounts at both Chase and Ally. I won't use Ally exclusively for a number of reasons:

1. I have the credit cards that I use with Chase. I travel a lot overseas and I don't think Ally is as good as Chase in handling issues overseas and in dealing with fraud. If I have any issues (or Chase thinks I do), I am notified immediately. I think their fraud department is good - sometimes too good - as they freeze accounts when there is no problem - but I guess rather safe than sorry.

2. For me the deal breaker was that Ally refused to give me an ATM only card. Their card is a debit card that can be used as a credit card. I had problems with a debit card being skimmed in St. Petersburg (Russia) and $3,000 removed from my checking account. I got it back after a long time and lot of hassle. This is when I switched from another regional bank to Chase. Chase have given me ATM only cards on both my checking and savings account. I use the ATM only card against my Savings account where I keep a low balance. If I need to replenish it, I simply transfer the money online from my Chase checking account to my Chase savings account.

3. Sometimes I wire money overseas and I just go wandering into the nearest Chase bank and get the matter handled efficiently.

When I have too much money in my checking account at Chase, I simply transfer it online to an Ally savings or CD account.
Last edited by Lynette on Fri Mar 01, 2019 7:48 pm, edited 1 time in total.
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Re: Should I switch my daily banking business to Ally?

Post by drummerboy »

Ally is fine. Their savings account rate is competitive (for an online bank). Their checking is pretty good too (but only a .10% rate). They also support Zelle for fast 1-day transfers.

Fidelity Cash Management (with FDIC coverage) is .37% . Better than the big banks (e.g. BofA, Wells, Chase). Of course, if you give up on FDIC, you can gain access to their money market rates (a little over 2%).

You should also consider a Schwab Bank account. Checking is .40%. Savings is .50%. You get a linked brokerage account where you can buy purchased money market funds (currently 2.30%).

Schwab has mobile deposits, no ATM fees anywhere in the world (everything is reimbursed, no limit), and no-foreign transaction fees when getting cash abroad. Every time I think there's a better option, I come back to Schwab for Checking.
Full disclosure: I use Ally for an on-line FDIC bank account. But, I use Schwab for Checking/overdraft savings, and their brokerage SWVXX purchased money market fund.
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

Ally made our debit cards ATM only upon request...
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Re: Should I switch my daily banking business to Ally?

Post by Tdubs »

I am in the middle of closing out my Bank of America and Wells Fargo accounts and putting everything in Ally. I have to say, the inability to deposit cash is annoying even if I hardly ever do it. I decided I can live with this since I still will have a BOA credit card and can use its ATMs to payoff my credit balance.

Is there any other work around?

The slowness of Zelle at Ally is also a real pain. Three days, so far. What is the point of that?
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Re: Should I switch my daily banking business to Ally?

Post by RobLyons »

Here's an idea. Why not explore a local bank/cc for your daily banking?
Besides our desire to keep a brick & mortar location for check or cash deposits, it keeps locals gainfully employed and our local bank has many benefits that attracted us in the first place - (initially offered 6% rewards, now around 1.50%) fully reimburses all fees, someone to talk to / complain to face to face, friends in the community we know, etc.
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

Tdubs wrote: Fri Mar 01, 2019 7:45 pm The slowness of Zelle at Ally is also a real pain. Three days, so far. What is the point of that?
If your Zelle is setup with an established recipient, it is instant. The first transaction is slow.

I receive multiple Zelle payments same day into my Ally accounts
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Re: Should I switch my daily banking business to Ally?

Post by Tdubs »

RickBoglehead wrote: Fri Mar 01, 2019 7:50 pm
Tdubs wrote: Fri Mar 01, 2019 7:45 pm The slowness of Zelle at Ally is also a real pain. Three days, so far. What is the point of that?
If your Zelle is setup with an established recipient, it is instant. The first transaction is slow.

I receive multiple Zelle payments same day into my Ally accounts
That is what Ally told me too. But that hasn't been my experience.
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Re: Should I switch my daily banking business to Ally?

Post by UpperNwGuy »

I would stay at Chase. It's the best of the full service banks.
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Re: Should I switch my daily banking business to Ally?

Post by Lynette »

RickBoglehead wrote: Fri Mar 01, 2019 7:37 pm Ally made our debit cards ATM only upon request...
When was that? Do they allow you to set a low maximum withdrawal amount? Chase allowed me to set the daily maximum at $300 if I recall correctly. The other regional bank increased the daily withdrawal amount to $1,000 without my consent. So the skimmer simply went and withdrew $1,000 a day (over a weekend) from my checking account. Fortunately I was back in the US and noticed it. If I had still been on a cruise in Russia without internet, they could have continued emptying my checking account. I prefer Chase for traveling internationally.
Eno Deb
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Re: Should I switch my daily banking business to Ally?

Post by Eno Deb »

Lynette wrote: Fri Mar 01, 2019 7:27 pm I have bank checking and saving accounts at both Chase and Ally. I won't use Ally exclusively for a number of reasons:

1. I have the credit cards that I use with Chase. I travel a lot overseas and I don't think Ally is as good as Chase in handling issues overseas and in dealing with fraud. If I have any issues (or Chase thinks I do), I am notified immediately. I think their fraud department is good - sometimes too good - as they freeze accounts when there is no problem - but I guess rather safe than sorry.
Just as a note, I use Chase credit cards with autopay from an Ally checking account without problems. I do not have a checking account at Chase though, so I'm not sure if they still allow autopay from external accounts if you do.
2. For me the deal breaker was that Ally refused to give me an ATM only card. Their card is a debit card that can be used as a credit card. I had problems with a debit card being skimmed in St. Petersburg (Russia) and $3,000 removed from my checking account. I got it back after a long time and lot of hassle.
Actually Ally has a fantastic system called "Card Controls" that allows you to very easily limit the use of the card based on transaction types (including ATM withdrawals), geographical locations (e.g. you can block all international transactions or transactions away from your phone's location), or merchant types. All this can be easily changed at any time through their app. None of the big banks have anything comparable AFAIK. See here for more information:

https://www.ally.com/do-it-right/trends ... -controls/
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daytona084
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Re: Should I switch my daily banking business to Ally?

Post by daytona084 »

I use Ally savings and checking, but I have kept my Chase checking account as well. It's called "Chase Better Banking" which does not appear in the list of available checking accounts (apparently I am grandfathered ... the account is over 40 years old.) There is no monthly fee and no requirement such as minimum balance or direct deposit. They even send me monthly statements by mail. I use this for smallish bills and ACH withdrawals. And on very rare occasions I write a paper check. I note that currently Chase currently offers a fee-waived checking account if you have one monthly ($500 or more) direct deposit such as an ACH credit, payroll, pension or government benefits such as Social Security. This seems like a low price to pay to have the convenience of a local branch when needed.

I use the local Chase branch for only two things in the past 10 years or so.
1. I like to be able to get a cashier's check in person when needed for a large purchase such as an automobile.
2. I have a big stack of US Savings bonds and every year I redeem the matured bonds in person and deposit the proceeds into the checking account.
Lynette
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Re: Should I switch my daily banking business to Ally?

Post by Lynette »

This must be fairly new. A few years ago when I called Ally about this issue they were most unhelpful and refused to bend their policy.

But I still think Chase is better for me as I grew up overseas and still have a small pension wired to me. Chase handles it flawlessly. I won't close my account with them. The other reason is that I want a backup in case the site of one is down for a while for whatever reason. This is also why I don't have all of my accounts with one brokerage company.
Last edited by Lynette on Sun Mar 03, 2019 12:39 am, edited 1 time in total.
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Gray
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Re: Should I switch my daily banking business to Ally?

Post by Gray »

I use Ally, Navy Federal, and USAA for banking. I like USAA’s advanced features the best, Navy Federal—the company the best, and Ally for what it does—speed, simplicity, and good interest. I can move money between them all, easily.

I’m not jazzed about USAA so much as before, but they have good capabilities. For service, if you know how to escalate to their executive resolution department, then you get a smart person who can assist in resolving unusual issues (the only reason I would need support).

Navy Federal has had a bunch of outages over the past few months.

Ally is very simple, but it works well.
nexesn
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Re: Should I switch my daily banking business to Ally?

Post by nexesn »

+1 for Ally Bank.

I've only had great experiences with them. They really seem to go out of the way for customer service. Only complaint is sometimes it take a few days to return secure email communication, but calling them is easy and quick.
MikeG62
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Re: Should I switch my daily banking business to Ally?

Post by MikeG62 »

Eno Deb wrote: Fri Mar 01, 2019 2:01 pm I switched my checking to Ally about a year ago. Works well. The main reason I did it is because you can transfer money between checking and their high-yield savings account instantly via the phone app, which means I can keep a lower balance on average in checking (which earns almost no interest). Of course it would be even better if the checking account had a decent interest rate (for that reason I'm considering to switch to Fidelity, where you can keep balances in money market funds). I still kept my checking account at one of the big banks though for things like cashier checks and cash deposits.
I just can't get over the worry about having my checking account linked to my brokerage account (MM fund) where I have a large amount of assets. Should something go wrong, I'd never forgive myself for taking this kind of risk. I'd rather have my checking account separate and not linked to any account where there would be an automatic pull in the event the checking account balance fell below a floor level. Honestly, the amount of foregone interest is really trivial on the grand scheme of things. For this reason (among others) I continue to maintain my checking account at a B&M Bank (BofA).
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ClevrChico
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Re: Should I switch my daily banking business to Ally?

Post by ClevrChico »

I love Ally. One less thing to worry about...
dallasjava
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Re: Should I switch my daily banking business to Ally?

Post by dallasjava »

BUBear29 wrote: Fri Mar 01, 2019 1:53 pm Alliant Credit Union. If there are partner branches nearby, you get the best of both worlds. High interest rates/good app like online banks and ability to deposit cash when needed. Also $20 per month reimbursement for atm. I switched to Alliant from Chase about a year ago and have not missed a thing.
I recommend Alliant too. They offer good rates and great cash back on their credit card.
blueman457
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Re: Should I switch my daily banking business to Ally?

Post by blueman457 »

My slight annoyance with Ally is that you have to manually download transactions to quicken (I use banktivity). So I haven’t jumped over to ally yet.

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Rus In Urbe
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Re: Should I switch my daily banking business to Ally?

Post by Rus In Urbe »

UpperNwGuy » Fri Mar 01, 2019 7:56 pm
I would stay at Chase. It's the best of the full service banks.
I'm reconsidering this! Nothing is off the table at this point.

THANKS to all Bogleheads for this valuable input----especially information on Alliant, Ally, credit unions, etc.

All of this is extremely helpful.

I'm retiring in December (yay) and in the process of just trimming and simplifying everything, including our daily banking.

Best to all! :beer
I'd like to live as a poor man with lots of money. ~Pablo Picasso
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RickBoglehead
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Re: Should I switch my daily banking business to Ally?

Post by RickBoglehead »

blueman457 wrote: Sat Mar 02, 2019 11:47 am My slight annoyance with Ally is that you have to manually download transactions to quicken (I use banktivity). So I haven’t jumped over to ally yet.

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I download Ally to Quicken 2016 just fine.
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rashad3000
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Re: Should I switch my daily banking business to Ally?

Post by rashad3000 »

Side note:

I keep my emergency fund with Marcus. Is there any particular reason to put it into Ally? My Ally account currently has $.01.
drk
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Re: Should I switch my daily banking business to Ally?

Post by drk »

rashad3000 wrote: Mon Mar 04, 2019 10:39 am Side note:

I keep my emergency fund with Marcus. Is there any particular reason to put it into Ally? My Ally account currently has $.01.
If it’s working for you, then no. IIRC, Marcus offers a higher APY than Ally.
rashad3000
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Re: Should I switch my daily banking business to Ally?

Post by rashad3000 »

drk wrote: Mon Mar 04, 2019 10:41 am
rashad3000 wrote: Mon Mar 04, 2019 10:39 am Side note:

I keep my emergency fund with Marcus. Is there any particular reason to put it into Ally? My Ally account currently has $.01.
If it’s working for you, then no. IIRC, Marcus offers a higher APY than Ally.
That's what I thought. Thanks.
Nummerkins
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Re: Should I switch my daily banking business to Ally?

Post by Nummerkins »

Rus In Urbe wrote: Fri Mar 01, 2019 7:18 am ... they pay bubkas in interest, and charge fees if the account is low (I've never paid a fee because we, admittedly, keep too much money there).
Have you considered Chase's self-directed brokerage platform -- YouInvest? They have Vanguard ETFs and Mutual Funds for no fee if you have enough assets. You could park your cash in Vanguard's MMF so that Chase can't pay you .011% interest :)
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aspiringboglehead
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Re: Should I switch my daily banking business to Ally?

Post by aspiringboglehead »

BUBear29 wrote: Fri Mar 01, 2019 1:53 pm Alliant Credit Union. If there are partner branches nearby, you get the best of both worlds. High interest rates/good app like online banks and ability to deposit cash when needed. Also $20 per month reimbursement for atm. I switched to Alliant from Chase about a year ago and have not missed a thing.
I use Alliant for my daily banking, but I don't believe they have shared/partner branches anymore. They do have a network of deposit-taking ATMs, but their representatives told me they withdrew from the shared-branching system sometime in the last year or two. If you value physical branches, it may be worth keeping an account at another (mainly online) credit union just for the convenience. I find I've needed a branch less and less over the years anyway.
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