Adding Money to Your Ally Bank Account: A Comprehensive Guide
Welcome to the world of online banking convenience with Ally Bank! As a leading online-only bank, Ally offers a fantastic array of features, competitive interest rates, and, most importantly, easy ways to manage your money. But if you're new to the digital banking scene, you might be wondering: "How do I actually get my money into my Ally Bank account?"
Well, wonder no more! This lengthy and detailed guide will walk you through every common method for funding your Ally Bank account, step by step, with plenty of tips and tricks along the way. So, let's get started and make sure your money is where it belongs – working hard for you at Ally!
Step 1: Choosing Your Deposit Method – What's Best for YOU?
Before we dive into the nitty-gritty, let's consider your personal preferences and the type of money you're looking to deposit. Are you receiving a regular paycheck? Do you have a physical check you need to deposit? Or are you simply moving funds from another bank? Ally offers a variety of options, and understanding them upfront will help you choose the most efficient path.
Direct Deposit: Ideal for recurring income like paychecks, government benefits, or pensions. It's automatic, reliable, and often the fastest way to get your funds.
Ally eCheck Deposit℠ (Mobile or Online): Perfect for depositing paper checks without ever leaving your home. Super convenient and widely used.
External Transfers (ACH Transfers): Great for moving money between your Ally account and accounts you hold at other banks. This is a common and free method for inter-bank transfers.
Wire Transfers: A good option for larger, time-sensitive transfers, though fees may apply.
Mail a Check: A traditional method for those who prefer to send checks via postal service.
Ready to choose your adventure? Let's break down each method!
Step 2: Setting Up Direct Deposit for Seamless Funding
For most people, direct deposit is the cornerstone of their banking experience. It's truly a "set it and forget it" solution!
Sub-heading: Gathering Your Ally Bank Information
Before you approach your employer or payment provider, you'll need two key pieces of information from your Ally Bank account:
Ally Bank Routing Number: This is a 9-digit number that identifies Ally Bank. For Ally Bank, the routing number is 124003116.
Your Ally Bank Account Number: This is the specific account number for the Ally Spending Account, Savings Account, or Money Market Account where you want your funds deposited. You can find this by logging into your Ally online banking or mobile app.
Sub-heading: Methods to Set Up Direct Deposit
Option A: Automated Setup (Online/Mobile)
Many employers and payment providers now offer digital direct deposit setup. This is often the quickest and easiest way.
Action: Log in to your Ally Bank account, go to the direct deposit page (you might find this under "Add Money" or "Transfers"). Ally often provides an option to digitally connect with your employer or payment provider to set up direct deposit. Follow the on-screen prompts.
Benefit: This can often lead to early direct deposit, where you receive your funds up to two days sooner!
Option B: Manual Setup (Direct Deposit Form)
If your employer or payment provider doesn't offer automated setup, you'll typically need to provide them with a direct deposit form.
Action:
Download the Ally Bank Direct Deposit Form: Log in to your Ally Bank account and navigate to their direct deposit section. You should find a pre-filled form available for download.
Fill Out the Form: If a pre-filled form isn't available, you can use a generic direct deposit form provided by your employer. Carefully fill in your name, address, Ally Bank's routing number (124003116), your specific Ally account number, and indicate whether you want the entire amount or a percentage/fixed amount deposited.
Submit to Your Employer/Provider: Provide the completed and signed form to your employer's HR or payroll department, or your payment provider.
Tip: It can take 1-2 pay cycles for direct deposit to take effect, so plan accordingly!
Step 3: Depositing Checks with Ally eCheck Deposit℠
This is truly a game-changer for online banking! Ally eCheck Deposit℠ allows you to deposit checks using your smartphone or a scanner from your computer.
Sub-heading: Using the Ally Mobile App (Most Popular)
Prerequisite: Ensure you have the latest Ally Mobile App downloaded on your smartphone (available for iOS and Android).
Log In: Open the Ally Mobile App and securely log in to your account.
Navigate to Deposits: Select the account you wish to deposit the check into (e.g., Ally Online Savings Account, Interest Checking Account, Money Market Account). Then, look for an option like "Deposit Checks" or "Make a Deposit."
Endorse Your Check Properly: This is crucial! On the back of your check, you must do the following:
Sign your name (all payees must sign).
Write "For Mobile Deposit Only" below your signature.
Write your Ally account number below "For Mobile Deposit Only."
Snap Pictures:
Place the endorsed check on a dark, non-reflective background in a well-lit area.
Make sure all four corners of the check are visible and that there are no shadows.
Hold your device steady directly over the check. The app will guide you to take a clear picture of the front of the check.
Then, you'll be prompted to take a clear picture of the back of the endorsed check.
Enter Amount: Carefully enter the exact amount of the check. Double-check this!
Review and Submit: Review all the details, then tap "Submit" to make your deposit. You'll receive a confirmation that your deposit is processing.
Limits: You can deposit up to $50,000 in a single day and up to $250,000 every 30 calendar days using Ally eCheck Deposit.
Sub-heading: Depositing Online with a Scanner
Log In: Access your Ally Bank account via a web browser on your computer at ally.com.
Navigate to Deposits: From your dashboard, select "Deposits" and then "Check Deposits." Choose "Make a Deposit."
Endorse Your Check: Just like with mobile deposits, properly endorse the back of your check with your signature, "For Mobile Deposit Only," and your Ally account number.
Scan Images: Scan both the front and back of your endorsed check.
Requirements: Files must be saved as a JPG (not a PDF) and cannot exceed 1 MB. Minimum resolution is 200 DPI. Ensure files are converted to color or grayscale.
Upload and Enter Details: Upload the scanned images and carefully enter the check amount.
Submit: Review the information and submit your deposit.
Availability of Funds for eCheck Deposits: If you deposit before 7 p.m. ET on a business day, the first $300 of your deposit is typically available the next business day, with the remainder (up to $25,000) available on the second business day. Any amount over $25,000 may be available on the fifth business day.
Step 4: Transferring Money from Another Bank (External Transfers)
This is a common and convenient way to move funds from an existing account you hold at another financial institution into your Ally Bank account.
Log In: Go to ally.com or open your Ally Mobile App and log in securely.
Navigate to Transfers: Look for a "Transfers" or "Move Money" option.
Set Up External Account: If you haven't already, you'll need to link your external bank account to your Ally account. This usually involves:
Providing the external bank's name, routing number, and your account number at that institution.
Verification: Ally will verify that you own the external account. This can be instantaneous or may take a few business days using "micro-deposits" (small deposits that you verify on your Ally account to confirm ownership).
Initiate Transfer: Once the external account is linked and verified, you can initiate a transfer.
Select the external account as the "From" account and your Ally Bank account as the "To" account.
Enter the amount you wish to transfer.
Choose the frequency (one-time or recurring).
Select the date you want the transfer to occur.
Review and Confirm: Carefully review all the transfer details, then confirm the transfer.
Important Notes:
Ally Bank does not charge fees for sending or receiving transfers from other financial institutions.
Standard transfers from an Ally Bank account to a non-Ally Bank account typically take three business days. Transfers are not processed on weekends or federal holidays.
Some accounts may be eligible for next-day transfers based on account tenure and activity.
Step 5: Receiving a Wire Transfer
Wire transfers are generally used for larger sums of money or when speed is paramount. While Ally Bank does not offer outgoing international wire transfers, you can certainly receive domestic and international wire transfers.
Sub-heading: Information for Incoming Domestic Wire Transfers
To receive a domestic wire transfer into your Ally Bank account, the sender will need the following information:
Bank Name: Ally Bank
Routing Number (ABA): 124003116
Ally Bank's Physical Address: (This is often required by the sending bank, even though Ally is online-only)
Ally Bank
200 West Civic Center Dr.
Sandy, UT 84070
Beneficiary Name: Your full legal name as it appears on your Ally Bank account.
Beneficiary Account Number: Your specific Ally Bank account number (Spending, Savings, Money Market).
Sub-heading: Information for Incoming International Wire Transfers
While Ally doesn't send international wires, you can receive them. The sender will need similar information, and potentially a SWIFT/BIC code for Ally Bank. It's best to contact Ally Bank customer service directly for precise instructions for international incoming wires, as requirements can vary.
Fees: Ally Bank does not charge a fee for incoming domestic or international wire transfers.
Cut-off Time: For domestic wire transfers, the cut-off time is typically before 7 PM Eastern Time on business days for same-day processing.
Step 6: Mailing a Check to Ally Bank
For those who prefer a more traditional approach, you can always mail a check to Ally Bank for deposit.
Endorse Your Check: On the back of the check, sign your name (all payees must sign). Below your signature, write "For Deposit Only" and your Ally Bank account number.
Prepare for Mailing: Place the properly endorsed check in a secure envelope. You can also order deposit slips and envelopes through your Ally online banking or mobile app.
Mail to:
Ally Bank
P.O. Box 13625
Philadelphia, PA 19101-3625
Important: DO NOT send cash by mail. Ally Bank explicitly states that they do not accept cash deposits. This method is only for checks.
Step 7: Understanding Cash Deposits (and Why Ally is Different)
Here's an important point to clarify:
Ally Bank does NOT accept direct cash deposits at ATMs or branches. As an online-only bank, they do not have physical branches where you can walk in and deposit cash.
So, if you have cash you need to deposit into your Ally account, you'll need to use an indirect method:
Deposit Cash at Another Bank/Credit Union: Deposit the cash into an account you hold at a traditional bank or credit union.
Transfer Funds: Once the cash is deposited and available in that account, you can then perform an external transfer (as described in Step 4) from that bank to your Ally Bank account.
Purchase a Money Order/Cashier's Check: Use your cash to purchase a money order or cashier's check from a post office, grocery store, or another financial institution. Then, deposit that money order/cashier's check into your Ally account using Ally eCheck Deposit℠ or by mailing it.
While it adds an extra step, these methods ensure your cash safely makes its way to your Ally account.
Frequently Asked Questions (FAQs)
Here are 10 common "How to" questions related to adding money to your Ally Bank account, with quick answers:
How to find my Ally Bank routing number? Your Ally Bank routing number is 124003116. You can also find it by logging into your Ally online banking or mobile app, or on a direct deposit form provided by Ally.
How to set up direct deposit with Ally Bank? You can set it up automatically through your Ally online banking/mobile app by digitally connecting with your employer, or by downloading and submitting a direct deposit form with Ally's routing number (124003116) and your account number to your employer or payment provider.
How to deposit a paper check into my Ally Bank account? Use Ally eCheck Deposit℠ via the Ally Mobile App or by scanning the check and uploading images through Ally's online banking. Remember to properly endorse the check with "For Mobile Deposit Only" and your account number.
How to transfer money from another bank to Ally Bank? Log in to your Ally account, go to "Transfers," and set up an external transfer. You'll need the other bank's routing number and your account number there.
How to deposit cash into my Ally Bank account? Ally Bank does not accept direct cash deposits. You'll need to deposit the cash into an account at another bank/credit union and then transfer it to Ally, or use the cash to purchase a money order/cashier's check and deposit that.
How to receive a wire transfer to my Ally Bank account? Provide the sender with Ally Bank's name (Ally Bank), routing number (124003116), Ally's physical address (200 West Civic Center Dr., Sandy, UT 84070), your full legal name, and your specific Ally account number.
How to mail a check for deposit to Ally Bank? Endorse the check with "For Deposit Only" and your Ally account number, then mail it to: Ally Bank, P.O. Box 13625, Philadelphia, PA 19101-3625.
How to know if my eCheck deposit went through? You'll receive a confirmation in the Ally Mobile App or online banking. You can also view your deposit activity under the "Deposits" or "Activity" section in your account. Ally will also send an email with your deposit status within one business day.
How to avoid fees when adding money to Ally Bank? Most common methods like direct deposit, Ally eCheck Deposit℠, and external transfers are free. Wire transfers, while not charged by Ally for incoming wires, may incur fees from the sending institution.
How to check deposit limits for Ally eCheck Deposit? Ally eCheck Deposit allows up to $50,000 in a single day and up to $250,000 every 30 calendar days. There are no dollar amount limits for mailed checks.
