Online banks still must follow the same rules and regulations as brick-and-mortar … Back to top Ally Bank vs. 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). To determine whether Ally is right for you, check out what services it offers and compare them with your own banking needs. Saving. 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. So what's going on with Ally? Ally is FDIC insured for up to $250,000 per account. Are online banks safe to use in general? Is identity theft common since SSNs and names are easy to obtain? Both Axos and Ally offer a full suite of reliable, inexpensive and effective products. It’s a bank with a very interesting history that we’ve recently reviewed. Good rates & FDIC insurance at Ally Bank ---- I let them in my cave. Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options. Good luck. Ally bank used to be GMAC bank and is very reliable. What makes a bank "reliable" OP? Oh, and they do check your identity. Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. 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. sorry i meant the application process. Ally Bank is a trusted and safe bank. Ally Bank is FDIC (Federal Deposit Insurance Corporation) insured. Lv 7. 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. Right on their website. You can open an Ally account online, over the phone or with a mail-in application. I've been using them for years and have never had any issues. report. 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. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. Want to open multiple accounts at once? They're fine too. Simple: Overdraft fees So what's going on with Ally? There is no minimum deposits or service fees for any of their banking products. Compare Synchrony Bank with Ally Bank, side-by-side. In addition to avoiding unnecessary fees, you’ll want to make sure your money is growing as best as it can, too. Ally Bank is a full-service online bank offering competitive rates, low fees, no minimums and 24/7 customer service. 1 decade ago. In fact, none of Ally’s accounts charge service fees and they all earn at great rates, especially the Ally CDs. As an FDIC-insured bank, Ally will make good on your deposits with the help of the federal government. Anyone who has seen high ATM fees chip away at his or her bank accounts knows how valuable that is. If the bank is FDIC insured, you can be confident that your money is safe. When I went to Chase, they asked me for a lot of stuff. Learn more about Ally Bank at Bankrate.com today! 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. You can also download Ally’s mobile app to manage your accounts from your mobile device. The website and your information is protected by firewalls, SSL data encryption and multi-factor authentication. Ally Bank also offers free Webroot® SecureAnywhere™ anti-virus and anti-malware software. One article even said it was the leader of online banking, but I saw that its BBB rating was only C+. Is Ally a safe bank? Accessing your money with Ally Bank is as simple as setting up your account. 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. This means you never have to wait in line at a branch, file paper statements or wait to access your funds. Join our community, read the PF Wiki, and get on top of your finances! Online banks offer some of the best interest rates in the industry. 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. New comments cannot be posted and votes cannot be cast . It's also available for Windows phones, but it doesn't have all the features the other platforms have. We may ask to see your driver's license or other identifying documents. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. You can do all your banking with Chase online, does this make them less reliable? I just opened up an online bank account on Ally. Ally offers better rates overall. Why Ally Bank is Safe. As to American Express...do you live in a cave? I suspect better than Amex. Yes. 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. In fact, Axos does away with many fees by offering checking and savings accounts with no monthly service fees. This means if Ally Bank defaults, the federal government guarantees the balance in your deposit accounts, up to $250,000 per account. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. 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. 10 comments. Ally uses multiple forms of encryption on its accounts and monitors them regularly. 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. I contacted Ally Bank to let them know that his car was at our house and he had passed away. Ally Bank offers thorough security measures, but your account safety is your responsibility, too. Both Ally Bank and Chime Bank offer competitive financial products — depending on the financial situation you are in. Ally Bank has over 6 million online savings account customers. Still, many wonder: Is Ally Bank safe? If you really value face-to-face time with a banker and physical paperwork, it may not be for you. And they can boast of reliable and friendly live … You can do that, too. save. Is Ally Bank Safe? share. You can link up to 20 external accounts to your Ally account. Ally Bank is a part of the Allpoint Network. 0 0? 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 … At Ally, these expenses do not exist, so customers at Ally Bank enjoy zero monthly or annual bank maintenance fees. Though be aware that a penalty will incur if you make an early withdrawal. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. Chase asked for a lot of identification papers face to face but Ally didn't ask me for anything other than SSN. With Ally Bank, there is no minimum amount required to open an interest-bearing checking account. 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. 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. Ally Bank has been in business since 2009, serving consumer banking needs. How Much Do I Need to Save for Retirement? 14% Upvoted. Then you can manage deposits, withdrawals and transfers with Zelle® for any account. Our experience with Ally Bank could not have been worse had they tried to torture us. New comments cannot be posted and votes cannot be cast, Important Information About Opening a New Account, More posts from the personalfinance community. 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. Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. This insurance keeps your money safe even when the economy or Ally isn’t doing well. You can easily open a new, or additional. Presumably you have already passed identity checks by a local bank and have an account there that you can link to Ally. You can also enroll in direct deposit with a new savings account or checking account. 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. No driver license, no passport. 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. While Ally Bank offers high interest on their Savings account. As we mentioned, Ally Bank operates completely online at ally.com. Of course, Ally won’t be the right bank for everyone. Under that, you'll find additional details on our editors' picks for the best online banks and why we chose them. No driver license, no passport. It is also ranked among the top 20 US banks with the most robust and most reliable asset base. When I went to Chase, they asked me for a lot of stuff. hide. If you’re worried about the security that Ally Bank can offer, you don’t need to worry. 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. I've been using Ally Bank (GMAC) for over 5 years now. Press question mark to learn the rest of the keyboard shortcuts. If your accounts were to be hacked, though, you won’t be liable for those fraudulent charges and activity. Entirely online, Ally Bank fits this description, with competitive rates and around-the-clock support. Sort by. Ally Invest is a great all-around brokerage account because of its $0 minimum and commission-free trades on stocks, options, and ETFs. Settings like suspicious activity text and email alerts, session timeouts and fraud monitoring also keep your information secure. Given the pricing, ease of use and personalized customer experience, Ally Invest (read review) is an excellent broker for a beginning investor. Don't be surprised if you are asked next week to provide scans of your ID and proof of address. Power 2019 Direct Banking Satisfaction Study. Have had Ally for probably a decade — love them, no issues. The FAQ page also offers a host of helpful information. Ally Bank. Whether that means they are any good is up for debate but they aren’t fly by night. 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. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. , after you set up the account they do ask for a lot stuff! 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