Hey there! Looking to get your cash into Ally Bank? You've come to the right place! While Ally Bank is a fantastic online-only bank known for its competitive rates and excellent customer service, there's one crucial thing to understand right off the bat: Ally Bank does NOT directly accept cash deposits.
"Wait, what?!" you might be thinking. "How am I supposed to transfer cash then?" Don't worry, it's a common question, and there are several effective, albeit indirect, methods to get your physical cash converted and deposited into your Ally account. This comprehensive guide will walk you through each step, ensuring your money makes its way safely to your Ally Bank account.
Let's dive in!
Understanding the "No Cash" Policy
Before we delve into the solutions, it's important to grasp why Ally Bank has this policy. As an online-only institution, Ally doesn't operate traditional brick-and-mortar branches or ATMs that handle cash deposits. This allows them to significantly reduce overhead costs, which in turn enables them to offer those attractive high-yield savings accounts and low-fee checking accounts that make them so popular.
So, while you can't walk into a physical Ally branch (because they don't exist!) and hand over your cash, there are workarounds that effectively achieve the same goal.
Step 1: Acknowledge the Indirect Route – You Can't Directly Deposit Cash
Before you do anything else, fully understand that direct cash deposits to Ally Bank are not possible. This is the foundational knowledge you need. You won't find an Ally ATM or a teller window to simply hand over your physical currency. Don't waste time looking for one! Instead, focus on the strategies outlined below, which involve an intermediary step to convert your cash into a format Ally can accept.
Step 2: Choose Your Cash Conversion Method
Since Ally doesn't take physical cash, your first step is to convert your cash into a digital or paper-based format. Here are the most common and reliable methods:
Sub-heading: Option A: The Local Bank/Credit Union Transfer (Most Common & Recommended)
This is by far the most straightforward and often the fastest way to get cash into Ally. If you have an account at a traditional bank or credit union with physical branches, you can leverage it.
Step-by-Step Guide:
Deposit Cash at Your Local Bank: Go to your local bank or credit union where you have an account. Deposit your cash directly into that account. Ensure the funds are fully available before proceeding.
Link Your Ally Account: If you haven't already, link your Ally Bank account to your local bank account. This is usually done through Ally's online banking platform.
Log in to your Ally Bank account.
Navigate to the "Transfers" or "External Accounts" section.
You'll likely be prompted to add an external account. You'll need your local bank's routing number and your account number.
Ally will typically initiate small "micro-deposits" (e.g., two small deposits like $0.13 and $0.07) into your local bank account within 1-3 business days. You'll then need to verify these amounts back on the Ally platform to confirm ownership.
Initiate an ACH Transfer from Ally: Once your accounts are linked and verified, you can initiate an ACH (Automated Clearing House) transfer from your Ally Bank account.
Still logged into Ally, go to the "Transfers" section.
Select your local bank account as the "From" account and your Ally account as the "To" account.
Enter the amount you wish to transfer.
Confirm the transfer details.
Timelines: Standard ACH transfers can take 3 business days to complete. Some users with established account history and activity might be eligible for next-day transfers, but this isn't guaranteed initially. Keep in mind that weekends and federal holidays will extend the transfer time.
Sub-heading: Option B: Money Order Conversion (Good for Smaller Amounts)
A money order is essentially a pre-paid check that you purchase with cash. It's a secure way to send money.
Step-by-Step Guide:
Purchase a Money Order: You can buy money orders at various locations, including:
Post offices (USPS)
Walmart
Western Union locations
Some grocery stores and convenience stores
Fees: There will be a small fee for purchasing a money order, usually a few dollars.
Limits: Money orders typically have maximum limits (e.g., $1,000 at USPS), so if you have a large amount of cash, you might need to buy multiple money orders.
Make it Payable to Yourself: Ensure the money order is made out to you (the Ally account holder).
Deposit the Money Order via Ally eCheck Deposit: Once you have the money order, treat it like any other check.
Endorse the Money Order: Sign the back of the money order and write "For Mobile Deposit Only" and your Ally account number.
Use the Ally Mobile App: Open the Ally Mobile App on your smartphone or tablet.
Navigate to the "Deposit Checks" or "eCheck Deposit" feature.
Take clear photos of the front and back of the endorsed money order.
Enter the amount and submit the deposit.
Limits: Ally eCheck Deposit has limits: up to $50,000 in a single day and up to $250,000 every 30 calendar days.
Timelines: The first $300 of your deposit is generally available the next business day. The remainder may take 2-5 business days to clear, with larger amounts potentially taking longer.
Sub-heading: Option C: Third-Party Services (Less Common for Direct Cash Transfer to Ally)
While not ideal for direct cash deposits to Ally, some third-party services can facilitate cash conversion, though often with fees and additional steps.
Cash App/PayPal/Venmo (Indirect Method): You could potentially deposit cash to these services (e.g., at certain retail locations for a fee), then transfer the funds from the service to your linked Ally Bank account. This adds an extra layer and associated fees.
Caution: Always check the fees and limits of these services carefully. This is generally not recommended as a primary method for larger cash amounts due to potential delays and higher costs.
Step 3: Verify and Track Your Deposit
Once you've initiated the transfer, whether through ACH or eCheck Deposit, it's crucial to monitor its progress.
Check Your Ally Account Activity: Regularly log in to your Ally Bank online banking or mobile app.
Look for Pending Deposits: You should see a "pending" or "processing" transaction for the amount you initiated.
Confirm Funds Availability: Once the funds are fully available, they will be reflected in your account balance and ready for use. Ally will typically send you an email confirmation when your eCheck deposit is accepted.
Important Considerations for All Methods:
Security First: Always ensure you're using secure networks and devices when conducting online banking. Be wary of phishing attempts.
Transaction Limits: Be aware of daily and monthly limits for transfers and deposits.
Fees: While Ally doesn't charge for incoming ACH transfers, the intermediary steps (like buying a money order or using a local bank for a wire, if you choose that route) might incur small fees.
Timelines: Be patient. Transfers, especially ACH, are not instant. Factor in weekends and holidays.
Record Keeping: Keep records of your money order receipts, deposit confirmations, and transfer details.
Frequently Asked Questions (FAQs)
How to deposit cash directly into Ally Bank?
You cannot deposit cash directly into Ally Bank as they are an online-only bank without physical branches or cash-accepting ATMs.
How to transfer cash from a local bank to Ally Bank?
First, deposit your cash into your local bank account. Then, link your local bank account to your Ally Bank account via Ally's online platform and initiate an ACH transfer from Ally.
How to use a money order to put cash into Ally Bank?
Purchase a money order with your cash, make it payable to yourself, endorse it, and then deposit it into your Ally account using the Ally eCheck Deposit feature in the mobile app.
How to find an ATM that accepts cash deposits for Ally Bank?
Ally Bank is part of the Allpoint ATM network for withdrawals, but Allpoint ATMs typically do not accept cash deposits for Ally Bank accounts. Only specific "Allpoint+" ATMs might accept deposits for participating banks, but Ally is generally not one of them for cash.
How to avoid fees when transferring cash to Ally Bank?
The most cost-effective method is usually depositing cash at a local bank you already use and then performing a free ACH transfer to Ally. Money orders incur a small purchase fee.
How to know if my cash deposit to Ally Bank is successful?
Monitor your Ally Bank account activity online or through the mobile app. You'll see a pending deposit, and once cleared, the funds will be reflected in your available balance. Ally also sends email confirmations for eCheck deposits.
How to transfer a large amount of cash to Ally Bank?
For large amounts, it's best to deposit the cash into a local bank account first, and then initiate an ACH transfer to Ally. Be aware of any daily transfer limits set by your local bank or Ally. For very large sums, a wire transfer from your local bank to Ally could be an option, but wire transfers usually involve higher fees.
How to get cash into Ally Bank quickly?
The fastest way (if you have an existing local bank account) is often an ACH transfer once your accounts are linked. Some users may qualify for next-day ACH transfers from Ally. Money order deposits through eCheck can also be relatively quick for initial funds ($300 available next business day), but the full amount takes longer.
How to deposit foreign currency cash into Ally Bank?
Ally Bank does not directly accept foreign currency cash deposits. You would need to exchange the foreign currency for USD at a local bank or currency exchange service, and then follow one of the methods outlined above (e.g., depositing into a local bank and then transferring via ACH).
How to deposit cash if I don't have another bank account?
If you don't have another bank account, your best bet is to purchase a money order with your cash and deposit it using Ally's eCheck Deposit via their mobile app. Alternatively, you could open a basic checking account at a local bank or credit union solely for the purpose of cash deposits and then transfer to Ally.
