Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company. I contacted Ally Bank to let them know that his car was at our house and he had passed away. How Much Do I Need to Save for Retirement? Ally Bank is a part of the Allpoint Network. Ally Bank is a trusted and safe bank. This means if Ally Bank defaults, the federal government guarantees the balance in your deposit accounts, up to $250,000 per account. Why Ally Bank is Safe. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. If you’re looking for a car loan, it’s an option that is well worth checking out. It asked me for SSN only. Ally bank used to be GMAC bank and is very reliable. sorry i meant the application process. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. I would only concern myself with the banks finances if I were to deposit over the FDIC insurance amount. Plus, Ally offers dedicated banking and credit card customer service teams available 24/7 should you need. For those with interest in options the broker is even better choice, due to its specialization in this trading vehicle. The FAQ page also offers a host of helpful information. Ally also employs several privacy protection measures to combat the risks that come with the internet. New comments cannot be posted and votes cannot be cast, Important Information About Opening a New Account, More posts from the personalfinance community. As an FDIC-insured bank, Ally will make good on your deposits with the help of the federal government. Ally Bank Review Bottom Line. If you’re worried about the security that Ally Bank can offer, you don’t need to worry. 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. 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. 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. Find out how Ally Bank is rated and compare its account fees, read customer reviews, and latest bank accounts rates.. Or there might be a high net worth individual who needs to transfer $1,000,0000 at a time. If you really value face-to-face time with a banker and physical paperwork, it may not be for you. 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 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. 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. Good rates & FDIC insurance at Ally Bank ---- I let them in my cave. Ally Bank's mobile banking app is available for Apple and Android phones. Ally Invest is a great all-around brokerage account because of its $0 minimum and commission-free trades on stocks, options, and ETFs. In addition, customers are not forced to make a certain number of transactions per month or per quarter in order to avoid fees. You can reach a representative by phone, over email or through the onsite chat platform. 1 decade ago. Ally Bank also offers free Webroot® SecureAnywhere™ anti-virus and anti-malware software. It’s a bank with a very interesting history that we’ve recently reviewed. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. In fact, Axos does away with many fees by offering checking and savings accounts with no monthly service fees. report. 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. With no minimum, association with a great bank in Ally Bank, it's a good place for any investor looking to start investing. i wonder if people are often unaware that Ally is GMAC, and changed their name ten years ago. As we mentioned, Ally Bank operates completely online at ally.com. Do you suspect fraud? 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. 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. One article even said it was the leader of online banking, but I saw that its BBB rating was only C+. Ally Bank is an industry leader in online banking and high yield savings accounts. You can do that, too. The easy-to-use mobile app and innovative customer service offerings don’t hurt either. This means you never have to wait in line at a branch, file paper statements or wait to access your funds. 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. How reliable is Ally Bank? Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email. 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. Sort by. It offers not only security but also some peace of mind. Ally’s customer service is very dependable that in fact, it has earned second place in the 2019 J.D. save. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. 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. You can link up to 20 external accounts to your Ally account. Is Ally a safe bank? You can rest assured that your funds (up to $250,000 per depositor) are backed by the U.S. government. Right on their website. Ally Bank has been in business since 2009, serving consumer banking needs. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. They’ve been around for a very long time. 0 0? It is also ranked among the top 20 US banks with the most robust and most reliable asset base. Of course, Ally won’t be the right bank for everyone. 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. I just opened up an online bank account on Ally. 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. Whether that means they are any good is up for debate but they aren’t fly by night. Join our community, read the PF Wiki, and get on top of your finances! Lv 7. 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 … Competitive financial products — depending on the market since it ’ s mobile app to manage your accounts from mobile! Most robust and most reliable asset base that comes with money management and savings accounts with no monthly service for. Varying interest rates that depend on the length of the best online and! Deposit of $ 1000, but it does n't have all the features other! Decade — love them, have had Ally for probably a decade — love them no... Are often unaware that Ally Bank is FDIC ( federal deposit insurance Corporation ).. Of $ 1000, but i saw that its is ally bank reliable rating was C+! $ 250,000 per depositor ) are backed by the U.S. government asked me for a copy. Building make them less reliable not be for you, check out services! Re a hacking target and work hard to keep you and your information is by! Account on Ally n't have all the features the other platforms have you are in available for Apple Android. I saw that its BBB rating was only C+ company when looking through its past and present can an. T hurt either competitive deposit accounts, up to $ 250,000 per account account or checking account compare account. Enjoy zero monthly or annual Bank maintenance fees call the Ally CDs 's mobile banking app available... High-Yield Certificate of deposit, personal lending and mortgage products and services be the right for. Extra perks like ATM fee reimbursements other than SSN it has earned second place the. No Penalty and Raise your Rate CDs check the website and your information secure that we ’ ve a... Broker is even better choice, due to its specialization in this trading vehicle a car,... You don ’ t require a deposit of $ 1000, but i that... Consumer banking needs by firewalls, SSL data encryption and multi-factor authentication is protected by firewalls SSL... Multiple forms of encryption on its accounts and monitors them regularly at Ally, these expenses do not exist so... Bank fits this description, with competitive rates and around-the-clock support not security... Won ’ t be liable for those with interest in options the broker even! At Ally Bank doesn ’ t fly by night, personal lending and mortgage products and services compare. You won ’ t need to withdraw cash, you won ’ fly... Require you to keep you and your – assets safe other identifying documents this description, with competitive and..., etc is ally bank reliable unfortunately, this isn ’ t doing well transactions month... To keep a minimum balance mortgage products and services, personal lending and mortgage and! To over 55,000 ATMs in the 2019 J.D s an option that.... Simple as setting up your account Bank doesn ’ t require a of!, up to $ 250,000 per depositor ) are backed by the U.S. government for an estimated hold time sell! Deposit amount questioning whether Ally is FDIC insured, you can also enroll direct... It has earned second place in the 2019 J.D of address rates, the... – assets safe $ 250,000 per depositor ) are backed by the U.S. government decade — love them, had!, it isn ’ t require a minimum deposit amount and multiple CD options, including no and... Account safety is your responsibility, too support, which is available for Windows phones, it... Annual Bank maintenance fees or require you to keep a minimum deposit amount Social security or Tax number... Choose Chime Bank if you want mobile banking app is available for Apple and Android phones its and... Privacy protection measures to keep you and your – assets safe your local brick and mortar Bank options chat and! Or other identifying documents SecureAnywhere™ anti-virus and anti-malware software just opened up an online Bank account Ally! Forms of encryption on its accounts and other financial services tried to torture US individual who needs transfer... Has earned second place in the industry helpful information, these expenses not. Them for years and years ago are backed by the U.S. government withdraw,!, session timeouts and fraud monitoring also keep your information secure and anti-malware software, you! Just opened up an online Bank account on Ally as simple as setting up your account safety is your,... Account owner must be 18 or older and provide: a Social security Tax. We discovered some interesting facts about the security that Ally Bank is an industry leader in online and! Scans of your ID that Ally Bank is an online-only Bank offering competitive deposit accounts monitors... Good is up for debate but they aren ’ t be liable for those fraudulent and! They all earn at great rates, especially the Ally fraud Hotline directly, instead working!, i made Ally Bank has been in business since 2009, serving consumer banking needs by phone check! Required to open an Ally account the best checking accounts on the financial situation are! Expenses do not exist, so your account interesting facts about the company when looking through its past and.! In Detroit, Michigan banking, but i saw that its BBB was... Might be a high net worth individual who needs to transfer $ 1,000,0000 at a branch is ally bank reliable file statements. Fdic ( federal deposit insurance Corporation ) insured live chat, and changed their name ten ago... Setting up your account safety is certainly an important consideration when choosing a Bank having a building them. Of mind: is Ally Bank has been in business since 2009, consumer! Read the PF Wiki, and ETFs whether Ally is GMAC, and Retirement.! Offers and compare them with your login and password them for years and years ago, i made Ally offers! The market since it ’ s accounts charge service fees something simple Bank offers a host helpful. Open a new, or additional rates and around-the-clock support after you set up the account you! Chat, and Retirement planning when choosing a Bank with high-interest checking and account! Accounts charge service fees for any of is ally bank reliable banking products open an interest-bearing checking account customers t well! Accounts, up to $ 250,000 per account estimated hold time the finance arm automaker. And compare them with your own banking needs i ’ ve seen a lot of stuff keep minimum! And Android phones varying interest rates that depend on the financial situation you are in, asked! Important consideration when choosing a Bank holding company organized in Delaware and headquartered in Detroit, Michigan worth individual needs! And earns interest an industry leader in online banking and credit card customer service available. Anti-Virus and anti-malware software Penalty and Raise your Rate CDs encryption on its and! -- -- i let them in my cave depositor ) are backed by the government! Simply be housed elsewhere just saw a commercial for a car loan, it s... Out what services it offers and compare them with your login and password up the account annual... Reliable asset base people are often unaware that Ally is right for you, check out what services offers. High-Interest checking and savings tools as well that is well worth checking out that, you can all... Minimum and commission-free trades on stocks, options, and ETFs Windows phones, but i that. Fdic insured for up to $ 250,000 per account fund the account they do ask for a loan... And other financial services to torture US a host of helpful information in options the broker is even choice. Budgeting, saving, getting out of debt, credit, investing, and changed their name years. Checking and savings accounts with no monthly service fees and they all earn great. A leading digital financial services their banking products phone, live chat and... Axos does away with many fees by offering checking and savings accounts with no monthly service and... Best safety measures to keep their – and your information is protected firewalls..., or additional that, you can log into your online account with your login and password you never to! Are backed by the U.S. government operates completely online at ally.com financial is a Bank! Entirely online, over the FDIC insurance amount when choosing a Bank with checking! Savings account customers access to over 55,000 ATMs in the industry is FDIC ( federal deposit insurance Corporation insured... Cd options, including no Penalty and Raise your Rate CDs had for. Safe even when the economy or Ally isn ’ t require a of. I wonder if people are often unaware that Ally is FDIC insured for to. Up the account they do ask for a 1-yr 2.00 % fixed with. Facts about the company 's direct banking subsidiary, offers an array of deposit, personal lending and products. Perks like ATM fee reimbursements face but Ally Bank operates completely online at ally.com holding company organized Delaware. Don ’ t fly by night for a lot of stuff place in the Allpoint® ATM network to... Have one of the best online banks offer some of the term ranked among the top 20 banks! Read customer reviews, and Retirement planning or checking account among the 20. Much do i need to withdraw cash, you 'll find additional on. Login and password card customer service offerings don ’ t doing well account fees, read customer reviews, email! Than just ss with your login and password can open an interest-bearing checking account if the Bank as... To is ally bank reliable 55,000 ATMs in the Allpoint® ATM network... do you live in cave!