This is a guide on how to close an Ally Bank account.
Your Guide to Seamlessly Closing Your Ally Bank Account
So, you've decided to part ways with Ally Bank. Perhaps your financial needs have shifted, you've found a new banking partner, or you're simply consolidating your accounts. Whatever your reason, closing a bank account can seem like a daunting task, but with a clear, step-by-step approach, it's actually quite straightforward.
Ready to get started? Let's make this process as smooth and stress-free as possible.
Step 1: Gather Your Information and Prepare for Departure
Before you even think about contacting Ally, it’s crucial to have all your ducks in a row. Think of this as your pre-flight checklist.
1A: Identify the Specific Accounts You Want to Close: Do you have a checking account, savings account, money market, or even a CD with Ally? Make a precise list of each account you intend to close. Note down their account numbers. You can usually find these by logging into your Ally online banking portal or on your statements.
1B: Zero Out Your Balances (and Then Some!): This is a critical step. You need to ensure there’s no money left in the accounts you wish to close.
Transfer Funds Out: The easiest way to do this is to transfer the funds to an external bank account. You can initiate an ACH transfer from your Ally account to your linked external account through your Ally online banking portal. Allow a few business days for these transfers to clear.
Consider Residual Interest/Pending Transactions: Even after you've transferred everything, there might be a tiny amount of residual interest that accrues or a pending transaction that hasn't posted yet. It's often a good idea to leave a very small amount, say $0.05 or $0.10, in the account to cover any lingering pennies or to be sure it doesn't accidentally go into a negative balance from a stray charge. You can always transfer this tiny amount out later if it becomes necessary.
ATM Withdrawals (If Applicable): For checking accounts, you could also withdraw funds from an ATM, but be mindful of daily limits and ATM fees if you're not using an Ally-affiliated ATM (though Ally is primarily online, they do offer ATM reimbursement). This is generally less efficient for larger sums.
1C: Update or Cancel Any Automated Payments and Direct Deposits: This is absolutely vital to avoid future headaches.
Automated Payments (Bill Pay, Subscriptions, Loan Payments): Log into your Ally online banking and review your scheduled payments. Cancel all automated bill payments originating from the Ally account. Don't forget any recurring subscriptions (Netflix, gym memberships, software) or loan payments you might have linked directly to your Ally account. You'll need to update these payment methods with your new bank account information.
Direct Deposits (Paychecks, Benefits): If your paycheck, Social Security benefits, or any other recurring direct deposits are going into your Ally account, you must update this information with your employer or the relevant institution. Do this well in advance of closing your account to ensure your next payment goes to your new bank.
1D: Download and Save Your Statements: For your records, it's highly recommended to download and save digital copies of your bank statements for at least the past few years. You never know when you might need them for tax purposes, proof of payment, or just general financial tracking. Ally's online portal allows you to access and download these.
Step 2: Contact Ally Bank – Your Channels of Communication
Once your accounts are financially prepared, it's time to reach out to Ally. Ally Bank, being a primarily online bank, offers a few convenient ways to contact them.
2A: The Preferred Method: Phone Call (For Security and Efficiency):
Call Ally Customer Service: The most direct and generally most efficient way to close your account is to call Ally Bank's customer service line. Have your account numbers readily available.
Phone Number: You can typically find their customer service number on their official website under the "Contact Us" section. As of my last update, a common number is 1-877-247-2559. Always double-check the official Ally Bank website for the most current contact information.
Be Prepared for Verification: The representative will ask you a series of security questions to verify your identity. This is for your protection.
Clearly State Your Intent: Inform the representative that you wish to close your specific Ally Bank accounts. Provide the account numbers.
Confirm Zero Balance: They will likely confirm that your account balances are zero. If there's a small residual amount, they might guide you on how to handle it (e.g., transfer it out or instruct them to waive it if it's very small).
Request Confirmation: Crucially, ask for a confirmation number or a written confirmation that your accounts have been closed. This is your proof.
2B: Alternative Method: Secure Message (For Less Urgent Closures):
While not as immediate as a phone call, you can also send a secure message through your Ally online banking portal.
Navigate to the Messaging Center: Log in to your Ally account and look for a "Messages" or "Secure Mail" section.
Compose Your Message: Clearly state your request to close your accounts, providing the account numbers.
Expect a Response Time: Be aware that it might take 1-2 business days for a response. They may still require a phone call to finalize the closure for security reasons, but initiating the request via secure message can be a good starting point.
2C: Mail (Least Recommended, Slower Process):
While technically an option, mailing a request to close your account is the slowest and least secure method. It's generally not recommended unless you have no other means of communication. If you must use mail, send it via certified mail with a return receipt requested so you have proof of delivery.
Step 3: Verification and Final Confirmation
After you've initiated the closure process, it's important to follow up to ensure everything is finalized.
3A: Monitor Your Accounts (Briefly): Even after receiving confirmation, keep an eye on your Ally online banking portal for a few days to a week. You want to see the account status change to "closed" or disappear from your dashboard entirely.
3B: Check for Written Confirmation: If you requested a written confirmation, ensure you receive it via mail or email. Store this document safely with your other important financial records.
3C: Confirm With Your New Bank/Entities: Double-check that all your direct deposits and automated payments are now successfully routing to your new bank account. This is the ultimate test that your old Ally account is truly out of the loop.
Step 4: Securely Dispose of Any Related Materials
Once you're absolutely certain your Ally account is closed, it's time for some shredding!
4A: Shred Debit Cards and Checks: Physically destroy any Ally debit cards and unused checks by shredding them. Do not simply throw them in the trash.
4B: Delete Digital Records (If Desired): Once you've downloaded all necessary statements and confirmations, you can delete any locally stored digital copies if you no longer need them on your device (assuming you've backed them up elsewhere).
By following these steps, you can confidently and efficiently close your Ally Bank account, allowing you to move forward with your financial journey with ease.
Frequently Asked Questions
Here are 10 common "How to" questions related to closing an Ally Bank account, along with their quick answers:
How to transfer money out of my Ally Bank account before closing? You can transfer funds via ACH transfer from your Ally online banking portal to a linked external bank account. Allow a few business days for the transfer to complete.
How to find my Ally Bank account number? You can find your account number by logging into your Ally online banking portal, on your monthly statements, or by calling Ally customer service.
How to cancel direct deposits linked to my Ally Bank account? You must contact your employer or the institution sending the direct deposit (e.g., Social Security Administration) and provide them with your new bank account information.
How to stop recurring payments from my Ally Bank account? Log into your Ally online banking and cancel any scheduled bill payments or recurring transfers. For third-party subscriptions, you'll need to update your payment method directly with those service providers.
How to download my Ally Bank statements before closing? Log into your Ally online banking portal, navigate to the statements section, and download the desired statements as PDF files for your records.
How to confirm my Ally Bank account is officially closed? You can confirm by checking your online banking portal to see if the account status has changed or disappeared, or by requesting written confirmation from Ally customer service.
How to dispose of my Ally Bank debit card and checks? Once the account is confirmed closed, shred your Ally debit card and any unused checks to prevent unauthorized use.
How to close an Ally Bank account if I have a small balance left? You can attempt to transfer the small balance out, or if it's a very tiny amount (e.g., a few cents), Ally customer service may be able to waive it during the closure process.
How to close an Ally Bank CD (Certificate of Deposit) before maturity? Closing a CD before maturity may incur an early withdrawal penalty. Contact Ally customer service to discuss your options and the specific penalty for your CD.
How to reopen an Ally Bank account after closing it? Generally, once an account is closed, it cannot be reopened. You would typically need to apply for a new account with Ally if you wish to bank with them again in the future.
