Hey there! Thinking of moving some funds to Ally Bank? That's a great choice – Ally is well-known for its competitive rates and user-friendly online banking. But like all financial institutions, they have specific limits on how much you can transfer, and these can vary based on the transfer method and your account history.
Don't worry, we're going to break it all down for you, step by step! Let's dive in and make sure you can move your money smoothly and securely.
Understanding Your Transfer Options and Limits to Ally Bank
Transferring money to Ally Bank can be done through several methods, each with its own set of rules, speeds, and limits. It's crucial to understand these to avoid any surprises or delays.
Step 1: Identify Your Transfer Method
The first thing you need to figure out is how you plan to send money to Ally. Are you looking to do a quick online transfer, deposit a check, or move a substantial sum via wire? Each method has different capabilities.
Sub-heading: Common Transfer Methods to Ally Bank
ACH Transfers (Automated Clearing House): These are electronic transfers between banks. They are common for direct deposits, bill payments, and transfers between your linked external accounts. They are generally free but take a few business days.
Wire Transfers: These are faster, often same-day transfers, designed for larger sums of money. They typically come with a fee.
Mobile Check Deposit (eCheck Deposit): Using Ally's mobile app, you can deposit checks by taking a picture.
Direct Deposit: Setting up direct deposit for your paycheck or other regular income streams.
Transfers from Ally Invest: If you have an Ally Invest account, transferring between your Ally Bank and Ally Invest accounts is seamless.
Step 2: Delve into ACH Transfer Limits
ACH transfers are a popular and convenient way to move money. Ally Bank, like other banks, sets its own limits for these transfers.
Sub-heading: Inbound ACH Transfer Limits to Ally Bank
When you're pulling money into your Ally Bank account from an external bank account via ACH, Ally Bank has a relatively generous limit. As of recent information, you can generally transfer up to $500,000 per day into your Ally Bank account via ACH from an external source.
It's important to note that while Ally has this high inbound limit, the originating bank (the bank you're sending from) might have its own lower outbound daily limits. Always check with your external bank's policies as well.
Sub-heading: Outbound ACH Transfer Limits from Ally Bank
If you're moving money out of Ally Bank to an external account via ACH, the limits are typically lower. You can generally transfer up to $150,000 per day from Ally Bank to an external account via ACH.
Keep in mind that these limits are subject to change by Ally Bank at their discretion. It's always a good practice to verify the most current limits directly on Ally's website or by contacting their customer service if you're planning a very large transfer.
Step 3: Unpack Wire Transfer Limits and Specifics
For those really big transfers, wire transfers are often the go-to. They offer higher limits but come with a different set of considerations.
Sub-heading: Wire Transfer Limits to Ally Bank
In most cases, there isn't an explicit maximum limit for incoming wire transfers to Ally Bank. However, there's a key detail to be aware of:
For the first 90 days after opening your Ally Bank account, there might be a wire transfer limit of $25,000. This is a fraud prevention measure. If you need to wire more within this initial period, you might be able to request an exception by contacting Ally Bank directly.
Outgoing domestic wire transfers from Ally Bank generally cost $20. Ally Bank does not offer outgoing international wire transfers.
Sub-heading: Important Considerations for Wire Transfers
Fees: As mentioned, outgoing domestic wire transfers from Ally typically incur a $20 fee. Incoming domestic and international wire transfers to Ally Bank are usually free.
Cut-off Times: Wire transfers have strict cut-off times. For domestic wire transfers with Ally, the cut-off time is generally before 7 PM Eastern Time on business days for same-day processing.
Information Required: To send a wire, you'll need precise information for the recipient, including their name, contact details, bank account details, routing number (ABA code), and the payment amount. For incoming wires, you'll need to provide the sender with your Ally Bank account details and their routing number.
Step 4: Understand Mobile Deposit (eCheck) Limits
Depositing checks using the Ally eCheck Deposit feature is incredibly convenient, but it also has its limits.
Sub-heading: Ally eCheck Deposit Limits
You can typically deposit up to $50,000 in a single business day using Ally eCheck Deposit. There's also a cumulative limit of up to $250,000 every 30 calendar days.
Remember to endorse your checks properly by writing "For Mobile Deposit Only" and your account number on the back, along with your signature.
Step 5: Explore Other Deposit Methods
While ACH, wire, and mobile deposits are the most common, there are other ways to get money into your Ally Bank account.
Sub-heading: Direct Deposit
Setting up direct deposit for your paycheck or other recurring income is often unlimited in terms of the amount you can receive, though your employer or the payment provider might have their own processing limits. Ally also offers early direct deposit, where you might receive your paycheck up to two days early. For early direct deposits, there's a limit of up to eight early direct deposits per account per statement cycle, with each paycheck being $10,000 or less.
Sub-heading: Transfers between Ally Accounts (Bank & Invest)
If you have both an Ally Bank account (checking, savings, money market, CD) and an Ally Invest account, transfers between these are generally free and often unlimited. This provides a lot of flexibility if you're managing both your banking and investment needs with Ally.
Sub-heading: ATM Deposits
Ally Bank does not have its own ATMs for cash deposits. However, you can deposit cash at Green Dot® Reload @ the Register™ locations for a fee. The limits for these vary by retailer and are typically lower than other transfer methods.
Step 6: What to Do if You Need to Transfer More Than the Limit
Sometimes, you might have a legitimate reason to transfer a sum larger than the stated limits.
Sub-heading: Contact Ally Bank Customer Service
If you need to transfer an amount exceeding the standard limits, especially for wire transfers within the initial 90-day period, your best course of action is to contact Ally Bank's customer service directly. Explain your situation, and they may be able to approve an exception or guide you on alternative methods.
Be prepared to provide documentation or further verification to support your request.
Sub-heading: Consider Spreading Out Transfers
For large ACH transfers, if time isn't an extreme constraint, you could consider breaking down the large transfer into multiple smaller transfers over several days to stay within the daily limits. However, this is usually less ideal for time-sensitive transactions.
Frequently Asked Questions (FAQs)
Here are 10 common questions about transferring money to Ally Bank, with quick answers to help you navigate the process.
How to check my current transfer limits with Ally Bank?
You can usually find your specific transfer limits by logging into your Ally Bank online banking account or mobile app, typically under the "Transfers" or "FAQs" section. You can also contact Ally Bank customer service for the most up-to-date information.
How to increase my daily transfer limit with Ally Bank?
For higher transfer limits, especially for wire transfers, you'll need to contact Ally Bank customer service directly. They will review your request and may require additional verification or documentation.
How to initiate an ACH transfer to Ally Bank from an external account?
Log in to your external bank's online banking portal, find the option for "External Transfers" or "Link Accounts," and enter your Ally Bank routing number (061092387) and your Ally Bank account number. Then, you can initiate the transfer.
How to send a wire transfer to my Ally Bank account?
Provide the sender with your Ally Bank account name, account number, and Ally's wire routing number (which is the same as their general routing number: 061092387). For domestic wires, they will also need Ally Bank's address.
How to set up direct deposit to Ally Bank?
You can set up direct deposit by providing your employer or payer with Ally Bank's routing number (061092387) and your Ally Bank account number. Many employers have a direct deposit form you can fill out.
How to use Ally eCheck Deposit?
Open the Ally Bank mobile app, select "Deposit Checks," take clear pictures of the front and back of your endorsed check, and enter the amount. Make sure to write "For Mobile Deposit Only" and your account number on the back of the check.
How to avoid transfer fees when moving money to Ally Bank?
ACH transfers and direct deposits to Ally Bank are generally free. Incoming wire transfers are also free. Outgoing wire transfers from Ally Bank typically have a $20 fee.
How to know if my transfer to Ally Bank was successful?
You will typically see the funds credited to your Ally Bank account once the transfer is complete. You can also check your transaction history in your online banking or mobile app. For wire transfers, you might receive a confirmation from the sending institution.
How to get money into Ally Bank if I only have cash?
You can deposit cash at Green Dot® Reload @ the Register™ locations. There is a fee associated with this service, and limits will vary by retailer.
How to transfer money between my Ally Bank and Ally Invest accounts?
Log in to your Ally Bank or Ally Invest account, navigate to the transfer section, and select the option to transfer between your linked Ally accounts. These transfers are typically free and processed quickly.
