Ally Bank

Ally Bank

Formerly GMAC

 3.7/5 (1329 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars
Author picture
Written by
Edited by

About Ally Bank

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Ally Bank has financial roots that go back to 1920, but it was established as a digital bank in 2009. It was one of the first 100% online banks, and now it is a full-service bank offering checking and savings accounts, investment and retirement services, and loans for auto and home purchases. Customers can expect fee-free products with no account minimums, such as the No-Penalty Certificate of Deposit (CD), which allows early withdrawals.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • No account minimum or overdraft fees
  • High APY

Cons

  • No physical bank locations
  • No cash deposits

Bottom Line

Ally Bank has low fees and higher yields, all with the ease of online banking from your preferred tech device. Customer support is available 24/7 for support; there are no in-person services.

Top Ally Bank Reviews

How do I know I can trust these reviews about Ally Bank?
  • 4,186,684 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Rated with 5 stars
Verified

Ally has always been responsive to my questions either online or via phone. They make me feel confident in banking with them and using new transaction practices. Their rates are c...

Read full review
Rated with 5 stars
Verified

I am having a very positive experience with Ally Bank. … The Web interface is easy to understand and fast. Interest rates are much better than brick-and-mortar banks’. … Ally Bank...

Read full review

What is Ally Bank?

Ally Bank is a completely digital bank; there are no brick-and-mortar locations. It offers many benefits and features for customers, including no account minimums for savings accounts, checking accounts and certain CDs. Many accounts offer a higher-than-average annual percentage yield (APY).

Some features of Ally Bank include:

  • No overdraft fees, low balance fees or cashier check fees for savings and checking accounts
  • Everyday rewards credit card with up to 3% cash back
  • Self-directed investing with cryptocurrency options and commission-free exchange-traded funds (ETFs)
  • Personal, auto and mortgage loans

Ally Bank’s savings account comes with tools that make saving for financial goals simple. The buckets option allows you to separate your savings into sub-accounts without the money leaving your main savings account. Surprise savings happens when Ally Bank transfers safe-to-save money from your linked checking account to your savings.

How Ally Bank works

Signing up for an Ally Bank account should take less than 15 minutes online. You can also choose to sign up over the phone with a specialist at any time. Opening a new account will require you to provide the following:

  • Social Security number
  • U.S. residential address
  • Legal name and birthdate
  • Driver’s license

Later in the application process, you can add up to four joint account holders, depending on the account. For individual retirement accounts (IRAs), only one account holder is allowed.

Applying for additional accounts or services is a similar process, though once you have one account, it should be easier to apply for another. Investment accounts and loan applications might require additional information to qualify.

Even though you will not be able to deposit cash into your account, you will still be able to deposit checks up to $50,000 in a single day and $250,000 total within 30 days through the mobile app. If you need to deposit more than the electronic limit, you can mail additional checks to Ally Bank.

Withdrawing cash is also convenient, with over 43,000 free-to-use ATMs across the country and up to $10 ATM reimbursements per statement cycle for out-of-network ATM usage.

Ally Bank products and services

Ally Bank is a full-service online bank that offers many accounts and services to meet your financial needs.

The Interest Checking Account has no account minimum and no overdraft fees. Plus, you can get paid up to two days early when your paycheck is set up through direct deposit.
As of the publishing date, the Online Savings Account comes with a high APY of 3.30%, no minimum balance and no account maintenance fees. There are three different CDs to choose from, including the No Penalty CD, which allows early withdrawals, and the High Yield CD, which offers up to 4.25% APY.

There is no minimum deposit to open a CD, and you receive a 0.05% bonus when you renew your CD with Ally Bank.

Ally Bank offers personal, auto and mortgage loans, as well as refinancing. For personal loans, there are no application fees, and you can check if you pre-qualify without hurting your credit.
Ally Bank offers four different credit cards. All include complete fraud protection (includes $0 fraud liability) and no fees for going over the limit or having a returned payment. The Ally Everyday Cash Back Mastercard gives you 3% cash back at gas stations, grocery stores and drugstores.

Ally Bank fees

Ally Bank is very transparent about its fees. It has eliminated several fees, including account maintenance fees and overdraft fees, making the account simple to use. It does charge fees for the following:

  • $10 fee for each withdrawal after the allowed six per statement cycle
  • Expedited delivery fee
  • Outgoing domestic wire
  • Research fees

FAQ

What debit card does Ally Bank use?

The Ally Bank Debit Mastercard comes with the Interest Checking Account.

Does Ally Bank require proof of income?

For savings and checking accounts, Ally Bank does not inquire about or check your income or employment status. However, for a loan or line of credit, such as a credit card, personal loan, auto loan or mortgage, you will need to provide your annual income and will need to show proof through bank statements or W-2s, depending on which product you are applying for.

Does Ally Bank use Zelle?

Ally Bank allows you to select Zelle from the payments menu within your Ally checking account.

Can you use Ally Bank with any ATM?

If an ATM is part of the 43,000 no-fee ATMs in Ally Bank’s network, you will not be charged a service fee. If you use an ATM out of network, you will be charged a service fee. However, Ally Bank will reimburse up to $10 in ATM service fees each statement cycle.

Is Ally Bank legit?

Ally Bank is a legitimate online bank. Unlike other online financial technology companies that are not legally allowed to be called banks, Ally Bank is legally a bank and FDIC-insured. It has over 8 million customers and uses Transport Layer Security (TLS) encryption and two-step verification to protect customers’ financial information.

Ally Bank Reviews

Recent
  • Recent
  • Oldest
  • Most helpful
Any
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Ally Bank?
  • 4,186,684 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 27, 2023

Have been trying to break a CD and get money returned. Here's the experience to date: They will happily let you open a CD via an ACH transfer for more than $150K but have an internal limit of $150K to return the funds via an ACH transfer. They claimed this limit that this was holding up returning the funds. Next, they claimed they had approved the higher amount and it would be sent on 1/26 or 1/27 but have not. Next, they again claimed it was approved to be sent and next it was not approved to be sent. Next they claimed it was in a queue to be sent and it was approved but would not state when it would be sent. They claimed that sending the funds via ACH depended on when the queue it was in would be processed. Good luck. Do not put any money into Ally, especially if you need it for a pending transaction such as buying a house.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Jan. 25, 2023

Banked with them for about 10 years. For the last two, can’t get through in a timely manner, calls dropped, on line questions not answered and last week (after 10 years), they would not verify my account when I called in and then said they were ending the call. I’d bank local and use a different bank for higher online interest rates. I’m moving my accounts.

Be the first one to find this review helpful

Not sure how to choose?

Get buying tips about Banks and Credit Unions delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 23, 2023

    If it was possible for me to give Allied Financial a half star, I would! I made the big mistake of signing for a car for my daughter and financing it through Ally Auto. Because my daughter has been going through financial hardships I've been making her car payment for almost three years, and I've NEVER been late. For the month of December I explained to my daughter that it was her responsibility to make her car payments not me, but since I'm the primary name on the contract, failure to make her payments on time can be harmful to my credit score. The payment is $394.00 a month, due every 5th of the month. My daughter only paid $300.00 and I told her I'd pay the balance. Due to my busy work schedule I paid the balance on 8 January, but by then Ally Auto had hit my credit score for 59 points for being 30 days late!

    I've been making payments on time for three years, and they ruin my credit score for being 3 days late with the remaining balance of $94.00! I'm the store manager of a major jewelry retail business and I've NEVER experienced this form of treatment. So I looked into Allied Financial's business practice and discovered that they have been sued for discriminatory practices against Blacks and other minorities! When I contacted them asking that they correct what I considered to be an oversight, they refused.

    I'm posting on every social media site, every consumer complaining site, every retail review site I can find, asking ALL consumers (especially Blacks and minorities), to NOT do any business with Allied Financial. I looking into refinancing my daughter's car through my own financial institution. I'm done! When you pay on time it takes them FOREVER to report it to the credit bureau so that your score go up! But if you are late, or miss a payment, they tear down your score immediately!

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 19, 2023

    After being a long time customer for Ally Bank I have to close my accounts. I got just frustrated dealing with customer service about my issue. It's a long story to try to explain that. Basically, with each call they were giving me misleading information and complicating the issue even more.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 17, 2023

    I bought my car through GM Financial and paid it off within 1yr. $10,000 down, and the rest shortly after. I've called 7X to get a fax and letter mailed about this matter and still haven't received ANYTHING. This is a TERRIBLE COMPANY!!!

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 8, 2023

    I fell behind on payments so called Ally to set up a payment agreement to catch up on payment. After I caught up on payments I called several times over the last few months to have Ally discontinue the extra added on to my payment and was told by several customer service agents that this would no longer be taken from my account. Every time I was told that they had taken care of it and I would be only responsible for my normal payment amount yet they continue to take the larger amount out of my account thus stealing money from me not owed. This has caused me financial hardship as I am on a tight budget every month to pay my bills causing me to not have money for my other bills. I don't suggest dealing with Ally Bank as in my personal experience they are crooks.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 6, 2023

    AVOID at all cost!. Ally is a failing bank. Take a look at their share price. 50% of time no online access. Bill pay is suspicious. We lasted 6 months with. Banking Regulators need to act now to protect consumers from Ally Bank.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 30, 2022

    They have put a hold on every one of my paycheck and checks. I was supposed to get an email with reasoning, email was blank. I have tried speaking to reps and no one understands what is going on. Every employee gives me different answers. I have never dealt with this at any other bank.

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 16, 2022

    Ally has stolen money from our account this week with no explanation or notice. They refuse to even discuss let alone return the money. I only found out by accident when logging into the account. There have been many other examples in the past of horrible customer service as well. We are done with this criminal organization and will be finding another bank. Avoid them at all costs.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 14, 2022

    On today, 12/13/2023 I was trying to Zelle money from my Ally bank to my Citibank account so that would be able to pay a bill. The Zelle did not go through and a message was received to call the bank. I called and found out that my Zelle was restricted and I was transferred to loss prevention. They asked me questions regarding my cell provided which I didn't find relevant to me accessing Zelle. After multiple conversations with different incompetent individuals, I finally got a person who I thought would be of help. Wrong, this person not only didn't help me with the Zelle restriction but by the time I was finished with the call she (Tracy) had restricted my entire account.

    I asked her why I couldn't log on to my online banking and she told me that I would receive a email requesting documentation verifying my identity. I am not sure what Zelle, which is not a product of Ally but a tool used to transfer money has to do with my account. I am also confused how I go from questions about Zelle to not being able to access my account or my money. I can't attest to how good the bank is because I haven't been with them long but what I can attest to is that the Customer Service Reps and Managers are HORRIBLE and very INCOMPETENT when it comes to issue resolution and or caring about the customer.

    8 people found this review helpful
    Loading more reviews...

    Ally Bank Company Information

    Company Name:
    Ally Bank
    Website:
    www.ally.com