Do you have an Ally Bank Savings Account and need to access your hard-earned money? Perhaps you're saving for a big purchase, an emergency, or simply need to transfer funds for everyday expenses. Whatever your reason, navigating the withdrawal process from an online-only bank like Ally might seem a little different than a traditional brick-and-mortar bank. But don't worry, it's actually quite straightforward and convenient once you know the various options available to you.
Ready to get started? Let's dive into the step-by-step guide on how to withdraw from your Ally Bank Savings Account!
Understanding Ally Bank Savings Withdrawals
Before we get into the "how-to," it's important to understand a key regulation that applies to all savings accounts, including Ally's: Regulation D. This federal regulation used to limit certain types of withdrawals and transfers from savings accounts to six per statement cycle. While Regulation D has been suspended, Ally Bank still limits these types of withdrawals and transfers to 10 per statement cycle for their Savings Accounts. This includes online and mobile banking transfers, transfers to third parties, and even some check requests. Exceeding this limit on an occasional basis won't incur a fee, but Ally reserves the right to close your account if it becomes a regular occurrence.
Now, let's explore your withdrawal options.
Step 1: Determine Your Withdrawal Method
Ally Bank offers several convenient ways to access funds from your savings account. The best method for you will depend on how quickly you need the money and where you need it to go.
Option A: Online or Mobile Banking Transfers (Most Common)
This is by far the easiest and most frequently used method for withdrawing funds from your Ally Savings Account. You can transfer money to a linked Ally Spending (checking) account or to an external bank account.
Sub-heading: Transferring to a Linked Ally Spending Account
If you have both an Ally Savings and an Ally Spending (checking) account, this is the quickest way to get your money for immediate use, especially if you plan to use your Ally debit card or checks.
Sub-heading: Transferring to an External Bank Account
You can also transfer funds from your Ally Savings Account to an account you hold at another financial institution. This is ideal if you need to pay bills from a different bank or prefer to manage your everyday finances elsewhere.
Option B: Wire Transfers (For Larger or Urgent Transfers)
Wire transfers are a fast way to send money, typically arriving the same day if initiated before the cutoff time. They are generally used for larger sums or time-sensitive payments.
Option C: Requesting an Official/Cashier's Check
If you need a physical check to pay for something (like a down payment on a car or house), you can request an official check from Ally Bank. This is a secure payment method guaranteed by the bank.
Option D: ATM Withdrawals (Indirectly from Savings)
While you cannot directly withdraw from your Ally Savings Account at an ATM, you can first transfer funds to your Ally Spending Account (which comes with a debit card) and then use that debit card at an ATM. Ally offers free ATM withdrawals at Allpoint® or MoneyPass® ATMs in the U.S. and will even reimburse up to $10 per statement cycle for fees charged by other ATMs.
Step 2: Initiate Your Withdrawal – Step-by-Step Guide
Let's break down the process for each withdrawal method.
Method 1: Online or Mobile Banking Transfers
This is the recommended first choice for most users due to its ease and speed.
Sub-heading: If Transferring to an Ally Spending Account
Log In: Open your Ally Mobile App or go to Ally.com and log in to your account.
Navigate to Transfers: Look for a "Transfers" or "Move Money" option on your dashboard.
Select Accounts: Choose your Ally Savings Account as the "From" account and your Ally Spending Account as the "To" account.
Enter Amount: Input the exact amount you wish to transfer.
Review and Confirm: Carefully review all the details of your transfer to ensure accuracy.
Submit: Confirm the transfer. The funds should be available in your Spending Account almost immediately.
Sub-heading: If Transferring to an External Bank Account
Log In: Access your Ally account via the mobile app or website.
Navigate to Transfers: Find the "Transfers" or "Move Money" section.
Link External Account (If Not Already Linked):
If this is your first time transferring to this external account, you'll need to link it. Look for an option like "+ Link other accounts" or "Add External Account."
You'll typically need to provide the external bank's routing number and your account number. Ally may send small trial deposits to the external account to verify it. You'll then enter the amounts of these trial deposits back on the Ally platform to complete the linking process. This can take a few business days.
Select Accounts: Choose your Ally Savings Account as the "From" account and your linked external bank account as the "To" account.
Enter Amount: Input the amount you want to transfer.
Set Frequency: You can choose a one-time transfer or set up recurring transfers.
Review and Confirm: Double-check all the transfer details.
Submit: Confirm the transfer. Transfers to external accounts typically take 1-3 business days to process.
Method 2: Wire Transfers
Wire transfers are generally faster but come with a fee and require specific information.
Sub-heading: Initiating a Domestic Wire Transfer
Online Form or Mobile App: The quickest way to submit a wire transfer request is by using Ally's online form or through their mobile app (Menu > Wire Money, under Transfer and Pay). You can also print and complete an Ally Bank Domestic Wire Transfer Form (PDF) and fax it to them.
Gather Recipient Information: You will need:
Recipient's name and contact details
Recipient's bank account details and transit number
Wire routing number (also called the ABA code)
Details of the payment amount
Complete the Form: Fill out all required fields with accurate information. Any errors can delay or misdirect your funds.
Review and Authorize: Carefully review the form. There's a $20 fee for each outgoing domestic wire transfer from Ally Bank.
Submit: Once submitted, Ally will review and verify the wire. Keep your phone handy in case they need to call you for verification.
Cut-off Times: For same-day delivery, submit your domestic wire request before 7 PM ET on a business day. Wires not fully verified by this time will be reviewed the next business day.
Method 3: Requesting an Official/Cashier's Check
For a physical check, you'll need to contact Ally directly.
Contact Ally Bank: Call Ally Bank's customer service at 1-877-247-2559.
Request Official Check: Inform the representative that you wish to request an official or cashier's check from your savings account.
Provide Details: You will need to provide:
The exact amount of the check.
The payee's name (who the check should be made out to).
The address where the check should be mailed.
Confirm Fees and Delivery: Ally Bank states they do not charge a fee for official/cashier's checks. Confirm the estimated delivery time with the representative.
Method 4: ATM Withdrawals (Indirect via Spending Account)
Remember, this isn't a direct withdrawal from savings, but it's how you access cash.
Transfer to Spending: Follow the steps in Method 1, Sub-heading "If Transferring to an Ally Spending Account," to move the desired funds from your Ally Savings to your Ally Spending Account.
Locate ATM: Use Ally's ATM & Cash Back Locator (available online or through the mobile app) to find a nearby Allpoint® or MoneyPass® ATM for fee-free withdrawals. You can use any ATM worldwide, but other ATMs may charge a fee.
Use Debit Card: Insert your Ally Bank debit card into the ATM.
Select Withdrawal: Choose the withdrawal option and enter the amount.
Complete Transaction: Collect your cash and receipt.
Step 3: Monitor Your Withdrawal
Once you've initiated your withdrawal, it's a good idea to keep an eye on your account.
Online Banking/Mobile App: Log in regularly to check your transaction history and confirm that the withdrawal has been processed and the funds have arrived in the destination account.
Email/Text Alerts: Ally Bank allows you to set up alerts for various account activities, including transfers. This can be a helpful way to stay informed.
Important Considerations & Tips
Transaction Limits: Remember the 10 per statement cycle limit for certain types of withdrawals from your Ally Savings Account. This includes online and mobile banking transfers to linked or external accounts.
Processing Times: Be aware of the varying processing times for different withdrawal methods. Transfers to Ally Spending are instant, external ACH transfers take 1-3 business days, and wire transfers are usually same-day (if cut-off is met).
Fees: While Ally is known for low fees, be mindful of the $20 fee for outgoing domestic wire transfers. ATM fees from non-Allpoint/MoneyPass ATMs are reimbursed up to $10 per cycle.
Security: Always ensure you are on the official Ally Bank website or using the legitimate mobile app when conducting transactions. Be wary of phishing attempts.
Customer Service: If you encounter any issues or have questions, Ally Bank's customer service is available 24/7 at 1-877-247-2559.
Withdrawing money from your Ally Bank Savings Account is a seamless process once you understand the available options. By following these steps, you can efficiently access your funds whenever you need them!
Frequently Asked Questions (FAQs)
How to check my Ally Bank savings withdrawal limit?
Ally Bank allows up to 10 limited withdrawals and transfers per statement cycle from your Savings Account. You can track your transactions within your online banking or mobile app to monitor your usage.
How to avoid fees when withdrawing from Ally Bank savings?
To avoid fees, primarily use online or mobile transfers to a linked Ally Spending account or external bank account. Avoid wire transfers if not absolutely necessary, as they incur a $20 fee for outgoing domestic wires. When using an ATM via your Spending account, stick to Allpoint® or MoneyPass® ATMs or ensure your non-network ATM fees are within the $10 per statement cycle reimbursement limit.
How to link an external bank account to Ally Bank for withdrawals?
Log in to your Ally account online or via the mobile app, navigate to the "Transfers" or "Move Money" section, and look for an option to "Link other accounts" or "Add External Account." You'll typically need the external bank's routing number and your account number. Ally will likely send small trial deposits for verification.
How to get cash from my Ally Bank savings account quickly?
The quickest way to get cash is to first transfer funds from your Ally Savings Account to your Ally Spending (checking) account. Once in your Spending account, you can use your Ally debit card at an Allpoint® or MoneyPass® ATM for immediate cash.
How to request a physical check from Ally Bank savings?
You cannot write checks directly from an Ally Savings Account. However, you can call Ally Bank customer service at 1-877-247-2559 to request an official or cashier's check made out to a specific payee and mailed to an address you provide.
How to reverse a withdrawal from Ally Bank savings?
Once a withdrawal or transfer is submitted, it's difficult to reverse. For immediate assistance with wire transfers, call Ally Bank at 1-877-247-2559 as soon as possible, but there's no guarantee they can stop the transaction. For other transfers, monitor the destination account and consider transferring the funds back if they arrive.
How to set up recurring withdrawals from Ally Bank savings?
When setting up an online transfer to a linked Ally account or external bank account, you'll usually have the option to set the transfer frequency as "one-time" or "recurring." Choose "recurring" and specify the desired schedule (e.g., weekly, monthly).
How to confirm if my Ally Bank savings withdrawal was successful?
You can confirm successful withdrawals by logging into your Ally Bank online banking or mobile app. Your account balance will reflect the deduction, and the transaction will appear in your account history. You may also receive email or text alerts if you have them set up.
How to withdraw from Ally Bank IRA Savings?
Withdrawing from an Ally Bank IRA Savings Account is considered a distribution and may have tax implications and specific forms required. You'll typically need to request a distribution by logging into online banking, calling Ally's 24/7 support (1-877-247-2559), or completing and mailing in their Distribution Form. It's highly recommended to consult a tax professional for guidance on IRA distributions.
How to contact Ally Bank for withdrawal assistance?
For any assistance with withdrawals from your Ally Bank Savings Account, you can contact their customer service 24/7 by calling 1-877-247-2559. You can also send a secure message through your online banking portal or mobile app for less urgent inquiries.
