You've got money with Ally Bank, and now you need to access it. Whether it's for an urgent expense, a down payment, or just everyday spending, getting your funds out of an online-only bank might seem a little different than a traditional brick-and-mortar. But don't worry, Ally offers a variety of convenient and secure ways to get your hands on your cash!
Ready to get your money from Ally Bank? Let's dive in and explore all the options, step-by-step!
Step 1: Understand Your Ally Bank Account Type
Before you do anything, it's crucial to know what kind of Ally Bank account you're trying to withdraw from. Are you looking to access funds from your:
Spending Account (Checking)? This account is designed for everyday transactions and offers the most flexible withdrawal options.
Online Savings Account (OSA) or Money Market Account? These accounts are primarily for saving, and while you can withdraw, they might have certain transaction limits per statement cycle.
Certificate of Deposit (CD)? Withdrawing from a CD before its maturity date usually incurs a penalty, so this is generally not recommended for immediate access to funds.
Ally Invest Account? This is separate from Ally Bank and has its own withdrawal processes, typically involving transfers to a linked bank account.
Understanding your account type will guide you to the most efficient and cost-effective withdrawal method.
Step 2: Choose Your Withdrawal Method – A Comprehensive Guide
Ally Bank offers several convenient ways to get your money. Let's break down each one:
Method 1: Using Your Ally Bank Debit Mastercard®
This is often the easiest and quickest way to access funds from your Spending Account.
Sub-heading: ATM Withdrawals
How it works: You can use your Ally Bank Debit Mastercard at over 75,000+ fee-free ATMs nationwide, part of the Allpoint network. Just look for the Allpoint logo! If you use an ATM outside this network, Ally Bank will reimburse you up to $10 in ATM fees per statement cycle.
Daily Limits: For new accounts, there might be an initial daily ATM withdrawal limit (e.g., around $1,010 after 30 days). Your exact limit will be detailed in your account documents or within your online banking profile.
Important Note: While Ally reimburses out-of-network ATM fees, the ATM operator itself might have its own limits per transaction.
Sub-heading: Point-of-Sale (POS) Transactions with Cash Back
How it works: When making a purchase with your Ally Bank Debit Mastercard at many retail stores (like grocery stores or pharmacies), you can often request "cash back" at the checkout. This is a great way to get a small amount of cash without an ATM fee.
Limits: The amount of cash back you can get is usually limited by the retailer, not Ally Bank, and is tied to your daily spending limit on your debit card.
Sub-heading: Debit Card Purchases
How it works: While not a direct "withdrawal" of cash, using your debit card for purchases effectively uses your money directly from your Spending Account. It's a convenient way to access your funds for transactions.
Method 2: Electronic Funds Transfers (ACH Transfers)
ACH transfers are ideal for moving larger sums of money between your Ally Bank account and an account at another bank. They are free for standard transfers.
Sub-heading: Online Banking Transfers
How it works:
Log in to your Ally Bank online banking account.
Navigate to the "Transfers" or "Move Money" section.
Select "Bank Transfers" or similar.
If you haven't already, you'll need to link your external bank account. This usually involves providing the external bank's routing number and your account number. Ally might use a small deposit verification process to confirm ownership.
Once linked, select the Ally account you want to transfer from and the external account you want to transfer to.
Enter the amount and confirm the transfer.
Processing Time: Standard ACH transfers typically take 1-3 business days to process. Next-day delivery might be available for transfers initiated before a certain cut-off time (e.g., 7:30 PM ET).
Limits: Ally Bank has daily and 30-day rolling limits for ACH transfers. For example, you might be able to transfer up to $150,000 per day and $600,000 every 30 days. These limits are generally quite generous but can be viewed within the transfer section of your online banking.
Sub-heading: Transfers from External Banks (Pull)
How it works: Instead of initiating the transfer from Ally, you can also log into your other bank's online platform and initiate a transfer to "pull" funds from your Ally Bank account. You'll need Ally's routing number (124003116) and your Ally account number.
Processing Time: Similar to initiating from Ally, these transfers generally take 1-3 business days.
Method 3: Wire Transfers
Wire transfers are the fastest way to move money, often on the same business day, but they usually come with a fee.
Sub-heading: Outgoing Domestic Wire Transfers
How it works:
Log in to your Ally Bank online banking.
Navigate to the "Transfers" section and look for "Wire Transfer".
You'll need specific information for the recipient, including their:
Full name and address
Receiving bank's name and address
Receiving bank's routing number (ABA number)
Recipient's account number
Enter the amount and the purpose of the transfer.
Fees: Ally Bank charges a $20 fee for outgoing domestic wire transfers.
Cut-off Time: Wire transfer requests received and verified before 3:00 PM ET on a business day are generally sent the same day. Requests after this time will be processed the next business day.
Important Note: Ally Bank does not support outgoing international wire transfers. If you need to send money internationally, you'll need to transfer the funds to another bank that offers international wire services or use a dedicated international money transfer service.
Method 4: Requesting a Check
For certain situations, you might need a physical check.
Sub-heading: Ally Bank Bill Pay (Sending Checks to Individuals/Businesses)
How it works: Ally's free online Bill Pay service allows you to send payments to individuals or businesses by check. You set up the payee and the amount, and Ally sends a paper check on your behalf.
Delivery Time: This can take several business days, as it involves mailing a physical check.
Helpful Tip: This is great for paying rent, utilities, or other bills where a physical check is required or preferred.
Sub-heading: Requesting an Official/Cashier's Check
How it works: If you need a certified check, you can call Ally Bank's customer service (1-877-247-2559) to request an official or cashier's check.
Fees: Ally Bank generally provides official/cashier's checks at no charge.
Delivery Time: The check will be mailed to you, so allow time for postal delivery.
Step 3: Verify Your Withdrawal and Keep Records
After initiating any withdrawal, it's always a good practice to:
Check your Ally Bank account activity online or through the mobile app to ensure the transaction is pending or complete.
Keep a record of the transaction, including the date, amount, and method used. This can be helpful for budgeting and in case any issues arise.
Monitor the receiving account (if transferring to another bank) to confirm the funds arrive as expected.
Step 4: Troubleshooting and Contacting Support
If you encounter any issues or have questions, don't hesitate to reach out to Ally Bank's customer service.
Phone: You can call Ally Bank at 1-877-247-2559. They are available 24/7.
Secure Message: You can send a secure message through your online banking portal.
Chat: Log in to your Ally account online to access their chat support.
Frequently Asked Questions (FAQs) about Getting Your Money from Ally Bank
Here are 10 common "How to" questions about withdrawing money from Ally Bank, with quick answers:
How to withdraw cash from Ally Bank? You can withdraw cash from your Ally Bank Spending Account using your Ally Bank Debit Mastercard at any ATM. Ally reimburses up to $10 in fees charged by out-of-network ATMs per statement cycle. You can also get cash back at point-of-sale terminals when making a purchase.
How to transfer money from Ally Bank to another bank? You can transfer money from Ally Bank to another bank via free ACH transfers through your Ally online banking portal. Link your external account, and then initiate a transfer. Funds typically arrive in 1-3 business days.
How to send a wire transfer from Ally Bank? Log into your Ally Bank online account, go to the "Transfers" section, and select "Wire Transfer." You'll need the recipient's bank and account details. There is a $20 fee for outgoing domestic wire transfers. Ally does not offer outgoing international wire transfers.
How to get a cashier's check from Ally Bank? You can request an official or cashier's check by calling Ally Bank customer service at 1-877-247-2559. These checks are typically provided at no charge and will be mailed to you.
How to find Ally Bank ATM locations? You can find fee-free Ally Bank ATM locations by using the ATM locator tool on Ally Bank's website or within their mobile app. Look for ATMs that are part of the Allpoint network.
How to check my daily withdrawal limit at Ally Bank? Your specific daily ATM withdrawal limit can be found within your Ally Bank online banking profile, under your debit card details, or in your account documents. It may start lower for new accounts and increase after 30 days (e.g., to $1,010).
How to get cash without an Ally Bank debit card? Without a debit card, your primary options are to initiate an ACH transfer to a linked external bank account (which you can then withdraw from), or request an official check to be mailed to you. Wire transfers are also an option if you need to send funds directly to another person's account.
How to transfer money from my Ally Savings Account? You can transfer money from your Ally Savings Account to your Ally Spending Account or a linked external bank account via online transfers. Keep in mind that savings and money market accounts may have a limit of 10 certain types of withdrawals or transfers per statement cycle.
How to make a large withdrawal from Ally Bank? For large withdrawals, ACH transfers (up to $150,000 per day, $600,000 per 30 days) or wire transfers ($20 fee, no set limit other than your balance for domestic wires) are the most suitable methods. Contact Ally customer service if your needs exceed these limits or for specific guidance.
How to receive money into my Ally Bank account? You can receive money into your Ally Bank account via direct deposit (using Ally's routing number and your account number), incoming ACH transfers from other banks, or incoming domestic wire transfers (which are free for the recipient).
