You've just received a money order and you're ready to deposit it into your Ally Bank account. Fantastic! Ally Bank, being an online-only bank, handles deposits a little differently than traditional brick-and-mortar institutions. Don't worry, though, it's generally straightforward once you know the ropes. This comprehensive guide will walk you through each step, ensuring your money order deposit is a breeze.
How to Deposit a Money Order into Your Ally Bank Account
Depositing a money order into your Ally Bank account requires a slightly different approach than a traditional bank with physical branches. Since Ally is primarily an online bank, direct cash or money order deposits at a teller aren't an option. However, they offer convenient digital and mail-in methods.
Step 1: Understand Your Options – Which Deposit Method Is Right for You?
Before you even touch that money order, let's figure out the best way to get it into your Ally account. Ally Bank offers a few key ways to deposit funds, but it's crucial to understand which ones apply to money orders.
Sub-heading: Ally eCheck Deposit℠ (Mobile Deposit) - The Most Convenient Option
Ally's eCheck Deposit allows you to deposit checks (and sometimes money orders, with a caveat) by simply taking a picture of them with your smartphone or by scanning them on your computer. This is often the quickest and most popular method for Ally customers.
Key Consideration for Money Orders: While Ally's eCheck Deposit can handle certain checks, their policy explicitly states they do not accept money orders through this method. This is a critical point to remember to avoid delays or issues with your deposit. While some users might report success with certain types of money orders, Ally's official stance is that they are not eligible for eCheck Deposit.
Sub-heading: Mail-In Deposit - The Reliable Choice for Money Orders
For money orders, mailing it in is the most reliable and generally recommended method. This involves sending your endorsed money order directly to Ally Bank's processing center. It might take a few extra days for the funds to become available, but it ensures your money order is handled correctly.
Sub-heading: ATM Deposit - Limited Availability, Not for Money Orders
Ally Bank partners with the Allpoint and MoneyPass ATM networks for surcharge-free cash withdrawals. While some Allpoint+ ATMs do accept cash deposits, these are generally not equipped to handle money orders. You cannot deposit a money order at an ATM for Ally Bank.
Step 2: Prepare Your Money Order for Deposit
Once you've decided on the mail-in method (since it's the primary way for money orders), it's time to get your money order ready. Proper preparation is key to a smooth deposit.
Sub-heading: Endorse Your Money Order Correctly
This is arguably the most important step for any check or money order deposit.
Sign the Back: On the back of the money order, there will be a line for endorsement. Sign your name exactly as it appears on the "Pay To The Order Of" line on the front of the money order.
Crucial for Ally: Below your signature, you must write "For Deposit Only to Ally Bank Account [Your Account Number]". This ensures the money order is deposited directly into your account and cannot be cashed by anyone else if lost or stolen in transit.
Sub-heading: Record Your Money Order Details
Before you send it off, always make a record of the money order. This is your proof of purchase and can be invaluable if there are any issues with the deposit.
Take a Photo/Scan: Use your phone or a scanner to take a clear picture of both the front and back of the money order after it's endorsed.
Note Down Information: Write down the money order number, the amount, the date, and the sender's information. Keep this record in a safe place until the funds are fully available in your account.
Step 3: Mail Your Money Order to Ally Bank
Now that your money order is properly endorsed and recorded, it's time to send it to Ally.
Sub-heading: Obtain a Deposit Slip (Optional, but Recommended)
While not strictly necessary for a mail-in deposit, including an Ally Bank deposit slip can help streamline the process.
Online Ordering: You can often order pre-filled deposit slips directly from your Ally Bank online account or through their mobile app. Look for an option like "Order Deposit Slips & Envelopes" in the "Deposits" or "Account Services" section.
Print Your Own: If you can't order them, you can typically print a generic deposit slip from Ally's website or simply write your account number clearly on a piece of paper to include with the money order.
Sub-heading: Prepare Your Envelope
Secure Envelope: Use a sturdy envelope to prevent damage to the money order during transit.
Ally's Deposit Address: Address the envelope to:
Ally Bank P.O. Box 13625 Philadelphia, PA 19101
Double-check this address on Ally's official website or within your online banking portal, as addresses can occasionally change.
Include Your Account Number: Even if you've endorsed the money order with your account number, it's a good practice to include a separate note or deposit slip with your Ally Bank account number to ensure it's routed correctly.
Sub-heading: Send Your Mail
Use Reliable Mail Service: While standard mail (USPS) is generally fine, for larger amounts or increased peace of mind, consider using a service with tracking, such as Certified Mail. This provides proof of mailing and delivery.
Keep the Tracking Number: If you use a tracked service, save the tracking number!
Step 4: Monitor Your Deposit and Funds Availability
After mailing your money order, the waiting game begins. It's important to know when to expect your funds to be available.
Sub-heading: Check Your Ally Account Online
Log In Regularly: Log in to your Ally Bank online banking account or mobile app to check your account activity.
Look for "In Process" Deposits: You should see the money order deposit appear as "In Process" or "Pending" once Ally receives and begins processing it.
Confirmation Email: Ally may also send you an email confirmation when they receive and process your deposit.
Sub-heading: Funds Availability
Processing Time: Mail-in deposits generally take longer than electronic deposits. Expect it to take a few business days for Ally to receive and process the money order after you mail it.
Hold Times: Even after the deposit is processed, Ally Bank, like all banks, may place a hold on the funds.
For most checks and money orders, Ally makes the first $300 available on the first business day after the day of deposit.
The remaining funds typically become available on the second business day after the day of deposit.
Important Note: For new accounts, or for very large money orders, longer hold times may apply. Refer to Ally's Funds Availability Policy (usually found in your deposit agreement or on their website) for specific details.
Step 5: What to Do if You Encounter Issues
While the process is generally smooth, sometimes things don't go as planned.
Sub-heading: If Your Deposit Doesn't Appear
Review Tracking (If Applicable): If you sent it with tracking, check the delivery status.
Wait a Few Extra Days: Allow ample time for mail delivery and processing, especially if there was a weekend or holiday involved.
Contact Ally Customer Service: If a reasonable amount of time has passed and you don't see the deposit, contact Ally Bank's customer service immediately. They are available 24/7 at 1-877-247-2559. Have your money order details (especially the money order number and the amount) ready.
Sub-heading: If Funds Are on Extended Hold
Understand the Reason: Ally Bank is usually transparent about hold reasons. It could be due to the amount, your account history, or the type of instrument.
Contact Customer Service: If the hold seems unusually long or you need access to funds sooner, call Ally customer service to inquire about it. They may be able to provide more specific information or even expedite the release of funds in certain situations.
10 Related FAQ Questions
Here are 10 common "How to" questions related to depositing money orders with Ally Bank, along with quick answers:
How to find Ally Bank's mailing address for deposits?
Ally Bank's mailing address for deposits is: Ally Bank, P.O. Box 13625, Philadelphia, PA 19101. Always verify on their official website for the most current address.
How to endorse a money order for Ally Bank mobile deposit?
While you should not use mobile deposit for money orders with Ally Bank, if you were depositing a check, you would sign your name and write "For Mobile Deposit Only to Ally Bank Account [Your Account Number]" on the back.
How to know if my money order deposit was successful with Ally Bank?
Log in to your Ally Bank online banking or mobile app. The deposit will appear in your account activity, usually as "In Process" initially, then as a completed deposit. You may also receive an email confirmation.
How to get a deposit slip for Ally Bank?
You can often order pre-filled deposit slips through your Ally Bank online account or mobile app. Alternatively, you can include a piece of paper with your account number clearly written.
How to check the status of a mailed money order deposit with Ally Bank?
Monitor your Ally Bank account online. If you sent it with tracking (e.g., Certified Mail), use the tracking number provided by the mail service. For further assistance, contact Ally customer service.
How to avoid delays when depositing a money order with Ally Bank?
Properly endorse the money order with your signature and "For Deposit Only to Ally Bank Account [Your Account Number]". Use the correct mailing address, and consider tracking for peace of mind. Do not attempt mobile deposit for money orders.
How to contact Ally Bank customer service about a deposit?
You can reach Ally Bank customer service 24/7 at 1-877-247-2559.
How to understand Ally Bank's funds availability policy for money orders?
Generally, the first $300 of a mail-in check or money order deposit is available on the first business day after deposit, with the remaining funds available on the second business day. Review Ally's official Funds Availability Policy for complete details and exceptions (e.g., for new accounts or large amounts).
How to get a receipt for a money order deposit at Ally Bank?
Since it's a mail-in process, Ally Bank won't provide an immediate paper receipt. Your online account activity showing the "In Process" or completed deposit serves as your digital receipt. Keeping a photo of the endorsed money order and a mail tracking number (if used) is your best physical record.
How to deposit cash into Ally Bank if I don't have a money order?
Ally Bank does not accept cash deposits directly. You would need to deposit cash into an account at another bank and then transfer the funds to your Ally Bank account, or convert the cash into a money order (which you would then mail to Ally).