Withdrawing money from your Ally Bank savings account is a straightforward process, but it's important to understand the different methods available and any associated limits or fees. Since Ally Bank operates primarily online, the withdrawal options differ slightly from a traditional brick-and-mortar bank.
Are you ready to take control of your savings and access your funds when you need them? Let's dive into the various ways you can withdraw money from your Ally Bank savings account, step by step!
How to Withdraw Money from Ally Bank Savings Account: A Step-by-Step Guide
Ally Bank offers several convenient ways to access your savings. We'll walk you through each method, detailing the process and important considerations.
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| How To Withdraw Money From Ally Bank Savings Account |
Step 1: Understand Your Withdrawal Options with Ally Bank
Before you initiate a withdrawal, it's crucial to know the different avenues available to you. Ally Bank, being an online-only bank, doesn't have physical branches for over-the-counter withdrawals. However, they provide several robust digital and physical methods.
Electronic Transfers (ACH): This is the most common and often the most convenient way to move money between your Ally savings account and an external bank account.
ATM Withdrawals (with an Ally Bank Checking Account): While you can't directly withdraw from your Ally savings account at an ATM, you can easily transfer funds to your linked Ally Spending (checking) account and then use your debit card.
Wire Transfers: For larger sums or urgent transfers, a wire transfer is an option, though it comes with a fee.
Requesting a Check: You can request Ally Bank to mail you an official check from your savings account.
Step 2: Prepare for Your Withdrawal – Key Information You'll Need
Regardless of the method you choose, having the following information readily available will make the process smoother:
Your Ally Bank online banking login credentials (username and password).
The amount you wish to withdraw.
Details of your linked external bank account (bank name, routing number, and account number) if you're transferring funds out of Ally.
Recipient information (name, address, bank details) for wire transfers or checks.
Step 3: Detailed Step-by-Step Guides for Each Withdrawal Method
Let's break down each withdrawal method with clear instructions.
QuickTip: Take a pause every few paragraphs.
Method 1: Electronic Transfer (ACH) to an External Bank Account
This is typically the most popular and cost-effective way to move money from your Ally savings.
Sub-heading: Online Banking Method
Log In to Your Ally Bank Account: Open your web browser and go to Ally Bank's official website. Enter your username and password to log in.
Navigate to Transfers: Once logged in, look for a "Transfers" or "Move Money" option in the main menu or dashboard.
Initiate a Transfer: Select the option to "Transfer Money" or "Make a Transfer."
Select Accounts:
For the "From" account, choose your Ally Online Savings Account.
For the "To" account, select your linked external bank account. If you haven't linked an external account yet, you'll need to do so first. This usually involves verifying small deposits sent to your external account.
Enter Amount: Input the specific amount you wish to transfer.
Review and Confirm: Carefully review all the transfer details – the amount, the "from" account, and the "to" account.
Submit Transfer: Confirm the transfer. You may receive a confirmation message or email.
Important Note: ACH transfers typically take 1-3 business days to process and for the funds to become available in your external account. Ally Bank states that transfers initiated before 7:30 PM ET on a business day are generally available the next business day. For standard transfers, funds are generally available on the 3rd business day if initiated before 1 AM ET on a business day.
Sub-heading: Mobile App Method
Open the Ally Mobile App: Launch the Ally Mobile App on your smartphone or tablet.
Log In: Enter your credentials to log in.
Tap "Transfer & Pay": Look for a "Transfer & Pay" or similar option in the app's navigation.
Select "Transfer Money": Choose the option to transfer funds.
Choose Accounts: Select your Ally Savings account as the source and your linked external account as the destination.
Enter Amount: Input the desired withdrawal amount.
Review and Confirm: Double-check all the details.
Confirm Transfer: Submit your transfer.
Method 2: ATM Withdrawal (via Ally Spending Account)
While you can't directly withdraw from your Ally savings account at an ATM, you can easily transfer funds to your Ally Spending (checking) account and then use your debit card.
Sub-heading: Transferring to Ally Spending Account
Log In to Ally Online Banking or Mobile App: Follow the steps in Method 1 to log in.
Initiate Internal Transfer: Select "Transfer Money."
Select Accounts: Choose your Ally Savings account as the "From" account and your Ally Spending account as the "To" account.
Enter Amount: Specify the amount you want to move.
Confirm Transfer: Review and submit. Transfers between Ally accounts are typically immediate.
Sub-heading: Withdrawing at an ATM
Locate an Allpoint® or MoneyPass® ATM: Ally Bank offers access to over 75,000 fee-free ATMs through the Allpoint and MoneyPass networks. You can use their ATM locator tool on their website or mobile app to find a convenient location.
Insert Your Ally Bank Debit Card: Use the debit card linked to your Ally Spending account.
Enter Your PIN: Input your Personal Identification Number.
Select "Withdrawal": Choose the withdrawal option.
Select "Checking": Make sure to select "Checking" as the account from which you are withdrawing, as the funds were transferred there from your savings.
Enter Amount: Input the amount you wish to withdraw.
Confirm and Collect Cash: Confirm the transaction and retrieve your cash and receipt.
Important Note: Ally Bank reimburses up to $10 per statement cycle for fees charged by other ATM networks if you happen to use one outside of the Allpoint or MoneyPass network. Your daily ATM withdrawal limit for an Ally Bank debit card is typically $1,010 after 30 days of account opening (it might be lower for the initial 30 days).
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Method 3: Wire Transfer
Wire transfers are useful for sending large sums of money quickly, but they come with a fee. Ally Bank only offers domestic wire transfers.
QuickTip: Revisit posts more than once.
Sub-heading: Initiating a Wire Transfer
Log In to Ally Online Banking or Mobile App: Access your account.
Navigate to Wire Money: In the "Transfer & Pay" section, you'll find an option for "Wire Money."
Complete the Wire Transfer Request Form: You'll need to provide detailed information for the recipient, including:
Recipient's Name and Address
Recipient's Bank Name and Address
Recipient's Account Number
Recipient's Bank Routing Number (also known as ABA code)
The amount you wish to wire
Purpose of the wire (optional, but good practice)
Review and Confirm: Carefully verify all the information before submitting. Errors in wire transfers can be difficult to rectify.
Authorize the Transfer: You may need to confirm the transfer via a security code or other verification method.
Important Note: Ally Bank charges a $20 fee for outgoing domestic wire transfers. Wire transfers typically process the same business day if received and verified before 3:00 PM ET, otherwise, they process the next business day.
Method 4: Requesting an Official Check
If you need a physical check, Ally Bank can mail one to you from your savings account.
Sub-heading: Requesting a Check by Phone
Contact Ally Bank Customer Service: Call Ally Bank's 24/7 customer service at 1-877-247-2559.
Speak to a Representative: Inform the representative that you wish to request an official check from your savings account.
Provide Account and Recipient Details: You'll need to provide your account information, the exact amount of the check, and the name and address of the payee.
Confirm Request: The representative will confirm the details and initiate the request.
Important Note: Ally Bank states they do not charge a fee for requesting an official/cashier's check from your Spending Account. While not explicitly stated for savings, it's generally consistent. Allow time for the check to be mailed and delivered.
Step 4: Monitor Your Transaction
After initiating any withdrawal, it's always a good practice to:
Check your Ally Bank account activity to ensure the transaction is pending or completed.
Monitor your external bank account (if applicable) for the incoming funds.
Keep a record of your transaction for your personal finances.
10 Related FAQ Questions
How to check my Ally Bank savings account balance?
You can easily check your Ally Bank savings account balance by logging into your online banking portal or the Ally Mobile App. Your current balance will be displayed prominently on your account dashboard.
QuickTip: Scan the start and end of paragraphs.
How to link an external bank account to Ally Bank for transfers?
To link an external account, log in to Ally Bank online, navigate to the "Transfers" section, and look for an option to "Add External Account." You'll need to provide the external bank's routing number and your account number. Ally will then send small verification deposits to this account which you'll need to confirm back in your Ally online banking.
How to increase my daily ATM withdrawal limit with Ally Bank?
Ally Bank's default ATM withdrawal limit is usually set. For any requests to increase your limit beyond the standard amount (which is typically $1,010 after 30 days), you would need to contact Ally Bank customer service directly.
How to cancel a pending withdrawal from Ally Bank?
If a withdrawal is still "pending," you might be able to cancel it through your online banking or mobile app. However, once a transaction is fully processed, it cannot be canceled and you would need to contact Ally Bank's customer service immediately for assistance.
How to avoid fees when withdrawing from Ally Bank savings?
The best way to avoid fees is to use electronic ACH transfers to a linked external account, as these are typically free. For ATM withdrawals, use Allpoint or MoneyPass network ATMs, or take advantage of Ally's ATM fee reimbursements (up to $10 per statement cycle). Avoid outgoing wire transfers if possible, as they incur a $20 fee.
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How to get a physical debit card for my Ally Bank savings account?
Ally Bank savings accounts do not come with a debit card directly. Debit cards are typically issued with Ally's Spending (checking) accounts. To access funds from your savings via an ATM, you'll first need to transfer them to your linked Ally Spending account and then use your Spending account's debit card.
How to get an emergency withdrawal from Ally Bank?
For urgent needs, an electronic ACH transfer to a linked external account (which can take 1-3 business days) or a domestic wire transfer (which processes faster but costs $20) are your quickest options. Contacting customer service for guidance on the fastest possible method for your specific situation is recommended.
How to find an Allpoint or MoneyPass ATM near me for Ally Bank withdrawals?
You can find an Allpoint or MoneyPass ATM by using the ATM locator tool available on Ally Bank's official website or within the Ally Mobile App. These tools allow you to search for surcharge-free ATMs in your vicinity.
How to contact Ally Bank customer service for withdrawal assistance?
You can contact Ally Bank customer service 24/7 by calling their general banking line at 1-877-247-2559. You can also log in to your account and send a secure message or use their online chat feature.
How to determine my Ally Bank savings account's transaction limit?
Ally Bank generally limits certain types of withdrawals and transfers from savings accounts to 10 per statement cycle. While there's no fee for exceeding this limit, Ally states they may close your account if you consistently exceed it. Unlimited internal transfers between your Ally accounts are allowed and do not count towards this limit.
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