Ally Invest is a great all-around brokerage account because of its $0 minimum and commission-free trades on stocks, options, and ETFs. It offers not only security but also some peace of mind. 10 comments. So what's going on with Ally? Of course, Ally won’t be the right bank for everyone. ALLY Bank ALLY is a scam and a ripoff Internet *UPDATE EX-employee responds : You are not alone in your complaints about Taxpayer Owned Ally Bank Print this Report To help the U.S. government fight terrorism and money laundering, federal law requires us to obtain, verify and record information identifying each person opening an account. Beware that they will measure you based upon your FICO score when opening an account, as well as your initial deposit may take slightly longer than a local bank because of the processing time … What makes a bank "reliable" OP? If Ally is taken over by another bank, they will either honor the CDs or the Fed will pay back depositors all insured funds, typically in a couple of weeks. Ally Bank has been in business since 2009, serving consumer banking needs. New comments cannot be posted and votes cannot be cast, Important Information About Opening a New Account, More posts from the personalfinance community. Anyone who has seen high ATM fees chip away at his or her bank accounts knows how valuable that is. Ally does have one of the best checking accounts on the market since it’s free and earns interest. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options. You can reach a representative by phone, over email or through the onsite chat platform. And they can boast of reliable and friendly live … In addition to avoiding unnecessary fees, you’ll want to make sure your money is growing as best as it can, too. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Press question mark to learn the rest of the keyboard shortcuts. Join our community, read the PF Wiki, and get on top of your finances! If the bank is FDIC insured, you can be confident that your money is safe. Ally Bank may not have branches like a traditional bank, but it does follow the same rules and regulations as big names like Chase or Citibank. I just opened up an online bank account on Ally. Though be aware that a penalty will incur if you make an early withdrawal. You can do that, too. Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company. Ally Bank is FDIC (Federal Deposit Insurance Corporation) insured. It is also ranked among the top 20 US banks with the most robust and most reliable asset base. You can link up to 20 external accounts to your Ally account. 14% Upvoted. Are online banks safe to use in general? Is identity theft common since SSNs and names are easy to obtain? How does a bank having a building make them more or less reliable? Power 2019 Direct Banking Satisfaction Study. Each account owner must be 18 or older and provide: A Social Security or Tax Identification number. It’s a bank with a very interesting history that we’ve recently reviewed. Entirely online, Ally Bank fits this description, with competitive rates and around-the-clock support. Ally employs the best safety measures to keep you and your finances safe. You can easily open a new, or additional. Ally Bank has over 6 million online savings account customers. Ally is FDIC insured for up to $250,000 per account. Press J to jump to the feed. Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email. Ally bank used to be GMAC bank and is very reliable. Settings like suspicious activity text and email alerts, session timeouts and fraud monitoring also keep your information secure. This insurance keeps your money safe even when the economy or Ally isn’t doing well. Ally’s online chat service is reliable and even lists estimated wait times so folks can get on with their day if the virtual line is too long. They're fine too. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. The website and your information is protected by firewalls, SSL data encryption and multi-factor authentication. Lv 7. The bank offers good checking and savings account options. I have an account with them, have had zero issues. If your accounts were to be hacked, though, you won’t be liable for those fraudulent charges and activity. 1 decade ago. With Ally Bank, there is no minimum amount required to open an interest-bearing checking account. How reliable is Ally Bank? Ally Bank may not have branches like a traditional bank, but it does follow the same rules and regulations as big names like Chase or Citibank. Physical banks are out of the question, I'm not trying to pay money to have my money simply exist somewhere else (I don't make that much income, so I'd like to keep it for myself). It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. Accessing your money with Ally Bank is as simple as setting up your account. Yes. Right on their website. As we mentioned, Ally Bank operates completely online at ally.com. However, Axos offers extra perks like ATM fee reimbursements. If you’re looking for a car loan, it’s an option that is well worth checking out. I just opened up an online bank account on Ally. Still, many wonder: Is Ally Bank safe? This means you never have to wait in line at a branch, file paper statements or wait to access your funds. Back to top Ally Bank vs. Ally Bank is an industry leader in online banking and high yield savings accounts. Ally uses multiple forms of encryption on its accounts and monitors them regularly. Learn more about Ally Bank at Bankrate.com today! For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. Ally Bank is a part of the Allpoint Network. Paramount Bank: Best for Interest Checking; Truist: Best for Mobile App; We partnered with the following banks to bring you the savings account offers in the table below. Chase asked for a lot of identification papers face to face but Ally didn't ask me for anything other than SSN. In addition, customers are not forced to make a certain number of transactions per month or per quarter in order to avoid fees. Oh, and they do check your identity. There might be a few cases where a consumer is not going to touch his or her money for years, and they’d be happy with a rival bank that has a very slightly higher rate. Plus, Ally offers dedicated banking and credit card customer service teams available 24/7 should you need. 0 0? If you’re concerned about how safe your money is while held in an online bank, you’ll find that Ally offers many of the same guarantees as a traditional bank. Under that, you'll find additional details on our editors' picks for the best online banks and why we chose them. Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. They’ve been around for a very long time. No driver license, no passport. 1 decade ago. Peter B. Lv 4. Presumably you have already passed identity checks by a local bank and have an account there that you can link to Ally. You can either link a non-Ally account and transfer money electronically, mail a check, use its patented eCheck Deposit™ system for a mobile deposit or set up a wire transfer. Simple: Overdraft fees I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any other reason. Whether that means they are any good is up for debate but they aren’t fly by night. Meanwhile, choose Chime Bank if you want mobile banking that comes with money management and savings tools as well. You can do all your banking with Chase online, does this make them less reliable? If Ally’s assets can’t be sold for any reason, the FDIC will send you a check or deposit directly for your current balances within a few days of a hack or closure. Second post of yours reference the reliability of online banks, it's FDIC insured. I've been using them for years and have never had any issues. My wife and I spoke with over 10 people over the next 4 months, and not one expressed any sympathy our loss, and it was obvious they could care less. Online banks know they’re a hacking target and work hard to keep their – and your – assets safe. So what's going on with Ally? Ally Bank also offers free Webroot® SecureAnywhere™ anti-virus and anti-malware software. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. Ally’s customer service is very dependable that in fact, it has earned second place in the 2019 J.D. How Much Do I Need to Save for Retirement? i wonder if people are often unaware that Ally is GMAC, and changed their name ten years ago. For those with interest in options the broker is even better choice, due to its specialization in this trading vehicle. Ally Bank Review Bottom Line. Because Ally Bank is not a traditional bank, it has no physical branch locations, which could be limiting for consumers who prefer in-person banking. As with any bank, be sure to shop around for one that truly offers the best security, services and accounts before handing over your money. Ally Bank's Interest Checking Account provides greater flexibility than most by providing consumers with a debit card, and free access to a network of ATMs. It asked me for SSN only. hide. The FAQ page also offers a host of helpful information. I switched from SunTrust years and years ago, very happy with the decision. Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. Many banks require a deposit of $1000, but Ally Bank doesn’t require a minimum deposit amount. You can rest assured that your funds (up to $250,000 per depositor) are backed by the U.S. government. And I'm sure you filed out more than just ss. Both Axos and Ally offer a full suite of reliable, inexpensive and effective products. You can also download Ally’s mobile app to manage your accounts from your mobile device. It asked me for SSN only. Want to open multiple accounts at once? Compare the Top 3 Financial Advisors For You. I just saw a commercial for a 1-yr 2.00% fixed CD with Ally Bank. Ally offers better rates overall. I've been using Ally Bank (GMAC) for over 5 years now. Ally Bank’s SmartAuction online platform was launched in 2000 to provide a competitive point of convergence for buyers and sellers interested in car auctions. Ally Bank offers a High-Yield Certificate of Deposit with varying interest rates that depend on the length of the term. Their rates are always above the norm. Photo credit: ©iStock.com/cnythzl, ©iStock.com/Eva-Katalin, ©iStock.com/Wavebreakmedia, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, The Federal Deposit Insurance Corporation, 7 Mistakes Everyone Makes When Hiring a Financial Advisor, 20 Questions to Tell If You're Ready to Retire, The Worst Way to Withdraw From Your Retirement Accounts. The bank rebranded in 2009 as Ally Bank, a straight-talking online bank. You can bank right from your couch in your pajamas. It's also available for Windows phones, but it doesn't have all the features the other platforms have. If you prefer online banking and want to get access to loans, high-yield deposit products and credit cards, this is a good solution for you. It asked me for SSN only. As to American Express...do you live in a cave? While safety is certainly an important consideration when choosing a bank, it isn’t the only one. We discovered some interesting facts about the company when looking through its past and present. If you need to withdraw cash, you’ll have access to over 55,000 ATMs in the Allpoint® ATM network. Given the pricing, ease of use and personalized customer experience, Ally Invest (read review) is an excellent broker for a beginning investor. If you provided a fake name or address, you won't be able to use/get the debit card and checks, or complete the signature card. Ally also employs several privacy protection measures to combat the risks that come with the internet. I just opened up an online bank account on Ally. Ally Bank offers thorough security measures, but your account safety is your responsibility, too. Ally Bank is a trusted and safe bank. Years ago, I made Ally Bank my main online bank. Why Ally Bank is Safe. Good rates & FDIC insurance at Ally Bank ---- I let them in my cave. When I went to Chase, they asked me for a lot of stuff. Compare Synchrony Bank with Ally Bank, side-by-side. Our experience with Ally Bank could not have been worse had they tried to torture us. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and an electronic trading platform to trade financial assets. At Ally, these expenses do not exist, so customers at Ally Bank enjoy zero monthly or annual bank maintenance fees. This thread is archived. sorry i meant the application process. If you really value face-to-face time with a banker and physical paperwork, it may not be for you. save. This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. While Ally Bank offers high interest on their Savings account. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. No driver license, no passport. As an FDIC-insured bank, Ally will make good on your deposits with the help of the federal government. Ally Bank is a full-service online bank offering competitive rates, low fees, no minimums and 24/7 customer service. I contacted Ally Bank to let them know that his car was at our house and he had passed away. Online banks offer some of the best interest rates in the industry. share. Is Ally a safe bank? 1 0. For one, being an entirely online bank without branches and the ability for cash deposits may be more of an inconvenience for many customers. Or there might be a high net worth individual who needs to transfer $1,000,0000 at a time. Once you set up your accounts, don’t forget to enforce other safety measures like setting secure passwords, using two-step authentication and surfing the web responsibly. I'm setting up my first bank account, and I've searched for reviews on the most well known online banks (USAA, Ally, Schwab). With no minimum, association with a great bank in Ally Bank, it's a good place for any investor looking to start investing. Good luck. They also tend to raise a few eyebrows. Saving. Do you suspect fraud? That gives Ally Bank checking account customers access to 55,000 in-network ATMs. For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. Then you can manage deposits, withdrawals and transfers with Zelle® for any account. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. You can open an Ally account online, over the phone or with a mail-in application. No driver license, no passport. I would only concern myself with the banks finances if I were to deposit over the FDIC insurance amount. Read on to learn how Ally Bank works, what makes it a safe place to store your cash and how to decide if you should make the switch. I’ve seen a lot of posts with people questioning whether Ally is a legitimate bank, etc. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Is Ally bank reliable? Don't be surprised if you are asked next week to provide scans of your ID and proof of address. Is Ally Bank Safe? I've never heard of this bank before and I'm curious to get some more - 542555 Find out how Ally Bank is rated and compare its account fees, read customer reviews, and latest bank accounts rates.. report. It offers not … Online banks still must follow the same rules and regulations as brick-and-mortar … In fact, Axos does away with many fees by offering checking and savings accounts with no monthly service fees. To determine whether Ally is right for you, check out what services it offers and compare them with your own banking needs. Both Ally Bank and Chime Bank offer competitive financial products — depending on the financial situation you are in. When I went to Chase, they asked me for a lot of stuff. The easiest method may be finding the type of account you want to open on the website and clicking “Open Account.” Once you enter your information, including your Social Security number, email address, mailing address and date of birth, you’ll be able to fund the account. You can call the Ally Fraud Hotline directly, instead of working through a phone tree. Ally Bank is also known as Ally Financial. You can also enroll in direct deposit with a new savings account or checking account. Sort by. But to make things simple, we got to say choose Ally Bank if you want something that has a wide variety of product selections, as well as higher interest rates. New comments cannot be posted and votes cannot be cast . One article even said it was the leader of online banking, but I saw that its BBB rating was only C+. It also asked you for your name, address, etc and some ways to fund the account. There is no minimum deposits or service fees for any of their banking products. Overall, ALLY bank is a convenient option that offers competitive rates with no minimum balance, as well as being backed by the FDIC so you know that your money is safe. In fact, none of Ally’s accounts charge service fees and they all earn at great rates, especially the Ally CDs. Once you have an account, you can log into your online account with your login and password. The easy-to-use mobile app and innovative customer service offerings don’t hurt either. Have had Ally for probably a decade — love them, no issues. This insurance keeps your money safe even when the economy or Ally isn’t doing well. In the event you can’t access one of those ATMs, Ally will reimburse up to $10 per billing cycle for out-of-network ATM fees. 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