Ally Bank is a financial institution headquartered in Detroit, Michigan. It provides financial services, including car finance, corporate lending, online banking through a direct bank, mortgage loans, vehicle insurance, and an electronic trading platform to buy and sell financial assets. Ally is among the largest car finance institutions in the U.S., offering car financing and leasing for more than four million customers and producing 1.4 million car loans yearly. In today’s article, I will major in the Ally Bank checking account.
For your information, Ally Bank is among the largest banking institutions in the United States by assets. It has about 2.0 million depositors, with more opening accounts daily. Its electronic trading site has about 350,000 funded accounts. Among the most operated bank accounts are checking accounts that allow you to keep finances for your daily expenditures. Checking accounts help you to keep funds secure.
Additionally, checking accounts allow you to keep money needed for emergency uses. Instead of keeping funds in your house and risking it to thieves, fire, flood, and any other disasters, keeping them in your house is safe. Furthermore, you can conveniently access the funds using an ATM card, online, or through a mobile application. Businesses are now accepting electronic payments more than ever before.
Features of Ally Bank checking account
The account has numerous features, which include the following.
- ATM access using your ATM card at any time of the day.
- Remote check deposit using your mobile banking app.
- Ability to earn interest on your checking account.
- Overdraft protection
- Early direct deposit
Opening process an Ally Bank checking account
Ally Bank offers a checking account known as Interest Checking Account. You can open your checking account at Ally Bank in a simple manner. You only need to visit the Ally Bank website and navigate to the product page, then select the type of account you need to open. For our case, you will select a checking account and tap the “Open Account” button. Next, you should enter your personal details and choose the terms and the most preferred funding options you prefer. After that, you will receive an email once they approve your application.
You can also apply for a checking account online by calling customer care at 1-877-247-2559 27/7. You can also apply for an account by mail by downloading an application from the section of your form and sending it to the address on the application page.
Things needed to open the Ally Bank checking account
Various documents are necessary when opening your checking account at Ally Bank. These include the following.
- Your Social Security Number. Alternatively, you can provide a tax identification number.
- Your legal name
- Your street address
- Your birthday
You may also need to supply additional documents when needed. That can happen if you change your names and never make them official, for example, after marriage. The bank may request the following documents.
- Your Social Security card
- Your driver’s license
- Proof of U.S. residency or citizenship.
Ally Bank checking account fees
Most bank accounts charge monthly fees, withdrawal fees, foreign transaction fees, etc. However, Ally Bank’s Interest Checking Account does not charge those fees. There are no;
- Overdraft item fees
- Monthly maintenance fees
- Low daily balance fees
- Official/cashier’s checks
- Standard or expedited ACH transfer fees
- Incoming wires (domestic and international) fees
- Postage-paid deposit envelope fees
- Copies of online statements fees
However, you have to part with returned deposit item fees of up to $7.50. You also need to pay expedited delivery fees of around $15. Outgoing domestic wire fees can go up by $20. The account research fee is $25.
How much money do you require to open a checking account
Some banks require you to deposit some money when opening an account. However, Ally Bank does not require depositing money when opening your account. Interestingly, Ally Bank does not require you to fund your checking account with any specific amount. However, depositing some amount in your account is recommended to keep it active. You can deposit between $20-$25. Also, you can set up a direct deposit to receive your salary payments from your employer every month.
Pros of the Ally Bank checking account
There are various advantages associated with Ally Bank checking accounts. They include the following.
- There are no fees for various transaction activities. For example, no overdraft fees, incoming wires, and official/cashier’s checks.
- Easy account opening online since you can open an account online using your phone or computer. You can even call the bank to open an bank account.
- You can access your fund easily through ATMs and online.
- No minimum balance requirements. Therefore, you can open your checking account with any amount. Again, the bank does not penalize you or impose charges based on your balance.
- FDIC-insurance. Your funds will remain intact even if the bank collapses since FDIC insures them.
- Deposit checks remotely. Ally bank has an eCheck Deposit feature that allows you to deposit checks from your smartphone. You only need to snap a photo to deposit.
- Debit card. The bank gives you a Mastercard debit card that you can utilize to withdraw finances from ATMs and shop online and at physical stores.
- Its checking account earns interest. Your funds will not just lie idle in your account.
Cons of Ally Bank checking account
Even though the bank has numerous advantages, there are disadvantages too. These include the following.
- Fees on transactions such as expedited delivery and outgoing wires.
- No cash deposits. You can only make online deposits, direct deposits, wire transfers, or remote check deposits.
- No brick-and-mortar services since the institution operate online. Therefore, you need to get one-on-one assistance from bank officials.
Bottom line
Ally Bank is a financial institution headquartered in Detroit, Michigan. It provides financial services such as car finance, corporate lending, online banking through a direct bank, mortgage loans, vehicle insurance, and an electronic trading platform to buy and sell financial assets. The Interest Checking Account is among the best checking accounts for your transaction needs. The account has fewer fees and allows you to carry out various transactions online.
