Do you want to move your money to an online powerhouse that offers competitive rates and a user-friendly experience? Look no further than Ally Bank! Transferring funds to Ally Bank is a straightforward process, whether you're looking to set up direct deposit, move money from another bank, or deposit a check. This comprehensive guide will walk you through each method, ensuring a smooth and successful transfer.
Let's get started, shall we? Imagine the possibilities of higher interest earnings and convenient online banking!
How to Transfer Funds to Ally Bank: A Step-by-Step Guide
Ally Bank offers several convenient ways to deposit funds into your accounts. Choose the method that best suits your needs!
Step 1: Gather Your Essential Information
Before you begin any transfer, make sure you have the following information handy. This will streamline the entire process.
Sub-heading: What You'll Need
Your Ally Bank Account Number: This unique number identifies your specific account at Ally. You can find it by logging into your Ally Bank online account or mobile app.
Ally Bank's Routing Number: Ally Bank's routing number is 124003116. This is a standard 9-digit number that identifies Ally Bank as a financial institution in the U.S. banking system.
Information for Your External Account (if applicable):
Account number of the external bank account you're transferring from.
Routing number of the external bank you're transferring from.
Login credentials (username and password) for your external bank's online banking portal if you're linking accounts.
Your Personal Information: Full name, address, and sometimes your Social Security Number (for certain types of transfers or setting up direct deposit).
Step 2: Choose Your Transfer Method
Ally Bank provides various options for transferring funds. Let's explore each one in detail.
Method 1: Linking External Accounts (ACH Transfer)
This is one of the most common and convenient ways to transfer money between banks electronically. ACH transfers are generally free and are great for regular transfers.
Sub-heading: How to Link Accounts from Ally Bank's Side
Log in to your Ally Bank account: Go to Ally Bank's website or open the Ally Mobile App.
Navigate to Transfers: Once logged in, look for a section or tab labeled "Transfers," "Move Money," or similar.
Add External Account: You'll typically see an option to "Add External Account" or "Link External Account."
Provide External Bank Details:
You'll be prompted to enter the routing number and account number of your external bank account.
Some banks may allow you to link instantly by providing your login credentials for the external bank's online banking. This uses a secure third-party service to verify your account.
Verification Deposits: If you don't link instantly, Ally Bank will usually send two small "micro-deposits" (e.g., $0.10 and $0.25) to your external account within 1-3 business days.
Verify Deposits: Once you see these small deposits in your external account, log back into Ally Bank and enter the exact amounts to verify the link. This confirms you own both accounts.
Initiate Transfer: Once verified, you can now easily transfer funds between your linked accounts. Select the Ally account you want to transfer to and the external account you want to transfer from, enter the amount, and confirm.
Sub-heading: How to Link Accounts from Your External Bank's Side
You can also initiate the link from your other bank's online platform.
Log in to your external bank account: Access your online banking for the bank you want to transfer money from.
Look for External Transfers/Add Account: Find a section related to "Transfers," "External Accounts," or "Add Account."
Enter Ally Bank Details: You'll need to provide Ally Bank's routing number (124003116) and your Ally Bank account number.
Verification: Similar to linking from Ally's side, your external bank might send micro-deposits to your Ally account for verification. You'll then need to confirm these amounts with your external bank.
Initiate Transfer: Once linked, you can initiate transfers directly from your external bank's platform to your Ally Bank account.
Keep in mind that while ACH transfers are free, the processing time can vary. Initial transfers to new accounts or linked external accounts might take longer, sometimes 3-5 business days. Once established, transfers are often next-day.
Method 2: Direct Deposit (for Income/Payments)
Direct deposit is the ideal way to have your salary, government benefits, or other recurring payments sent directly to your Ally Bank account.
Sub-heading: Steps for Setting up Direct Deposit
Obtain a Direct Deposit Form:
Your employer or payer will usually provide a direct deposit form.
Alternatively, you can download a pre-filled Ally Bank Direct Deposit Form from the Ally Bank website or mobile app. This form will already include Ally's routing number.
Fill out the Form:
Your Name and Address: Provide your personal details as they appear on your Ally Bank account.
Ally Bank's Routing Number: This is 124003116.
Your Ally Bank Account Number: Specify the exact account you want the funds deposited into (e.g., Checking, Savings).
Deposit Amount/Percentage: Indicate if you want the entire amount deposited or a specific percentage or dollar amount.
Authorization and Signature: Read the authorization statement carefully and sign and date the form.
Submit the Form:
To Your Employer: Provide the completed form to your employer's payroll department.
To Your Payment Provider: If it's for government benefits or other payments, submit it to the relevant agency.
Some employers/payers may allow you to set up direct deposit directly through their online portal. In this case, you'll simply enter Ally's routing number and your account number.
Confirmation: It typically takes 1-2 pay cycles for direct deposit to take effect. Monitor your Ally Bank account to confirm the first deposit.
Method 3: Mobile Check Deposit (Ally eCheck Deposit℠)
If you receive physical checks, Ally's mobile check deposit feature is incredibly convenient.
Sub-heading: How to Deposit a Check Using the Ally Mobile App
Endorse Your Check: On the back of the check, sign your name and write "For Mobile Deposit Only" below your signature. Also, write your Ally Bank account number.
Open the Ally Mobile App: Log in to your Ally Bank mobile app on your smartphone or tablet.
Select "Deposit Checks": Choose the account you want to deposit the check into, then select the "Deposit Checks" option.
Snap Photos of the Check:
The app will guide you to take clear pictures of both the front and back of your endorsed check.
Ensure all four corners of the check are visible, and the image is well-lit and in focus.
Enter the Check Amount: Manually enter the exact dollar amount of the check.
Review and Submit: Double-check all the details and then submit your deposit.
Confirmation: You'll receive an email within one business day regarding the status of your deposit.
Ally eCheck Deposit℠ allows you to deposit up to $50,000 in a single business day and up to $250,000 every 30 calendar days.
Method 4: Wire Transfers
Wire transfers are best for sending large sums of money quickly, especially when time is of the essence. Be aware that wire transfers usually incur fees.
Sub-heading: Initiating a Domestic Wire Transfer to Ally Bank
Important Note: Ally Bank does not send international wire transfers. You can only receive domestic wire transfers.
Gather Sending Bank's Information: You will initiate the wire transfer from your sending bank (the bank you are transferring money from).
Provide Ally Bank's Wire Instructions: You'll need to provide your sending bank with the following information for Ally Bank:
Receiving Bank Name: Ally Bank
Receiving Bank Routing Number: 124003116
Beneficiary Name: Your Name (as it appears on your Ally Bank account)
Beneficiary Account Number: Your Ally Bank account number
Confirm Fees and Limits: Your sending bank will likely charge a fee for an outgoing wire transfer. Ally Bank does not charge for receiving domestic wire transfers.
Wire transfers are typically processed on the same business day if initiated before your sending bank's cut-off time.
Method 5: Mail a Check
If you prefer traditional methods or have exceeded mobile deposit limits, you can mail a check to Ally Bank.
Sub-heading: How to Mail a Check
Endorse Your Check: On the back of the check, write "For Deposit Only" along with your signature and your Ally Bank account number.
Prepare for Mailing: You can order free envelopes and deposit slips through the Ally Mobile App or website.
Mail to: Ally Bank P.O. Box 13625 Philadelphia, PA 19101-3625
Ensure the check is made payable to you and is properly endorsed.
Method 6: Zelle®
Zelle is a fast and free way to send and receive money with people you trust, directly between U.S. bank accounts. If your other bank or the person sending you money uses Zelle, you can receive funds into your Ally Bank account.
Sub-heading: Receiving Money via Zelle
Enroll in Zelle with Ally Bank: Log into your Ally Bank account or mobile app and enroll in Zelle using your email address or U.S. mobile phone number.
Provide Your Zelle Contact: Give the sender your enrolled email address or U.S. mobile phone number.
Receive Funds: Once the sender initiates the payment, the money typically arrives in your Ally Bank account within minutes.
Ally Bank's Zelle limits are generally $2,000 for instant transfers and $5,000 for scheduled transfers (up to 3 business days).
Step 3: Confirm Your Transfer
After initiating any transfer, it's always a good idea to confirm that the funds have arrived in your Ally Bank account.
Sub-heading: Checking Your Account
Ally Bank Online Banking: Log in to your Ally Bank account online and view your transaction history.
Ally Mobile App: Open the app and check your account balance and recent transactions.
Email Notifications: Ally Bank often sends email notifications for successful deposits and transfers.
Be patient, as transfer times can vary depending on the method used and the banks involved. If you experience unexpected delays, contact Ally Bank customer service.
Frequently Asked Questions (FAQs)
Here are 10 common questions about transferring funds to Ally Bank, with quick answers:
How to check my Ally Bank routing number?
You can easily find your Ally Bank routing number (which is 124003116) by logging into your Ally Bank online account, checking your statements, or looking on their official website.
How to link an external bank account to Ally Bank?
Log in to your Ally Bank online account, navigate to the "Transfers" section, and select "Add External Account." You'll provide your external bank's routing and account numbers, and may need to verify with micro-deposits.
How to set up direct deposit with Ally Bank?
Obtain a direct deposit form from your employer/payer or download one from Ally Bank's website. Fill it out with Ally's routing number (124003116) and your Ally account number, then submit it to your employer's payroll or the relevant payment provider.
How to deposit a check using the Ally mobile app?
Endorse your check with "For Mobile Deposit Only," your signature, and account number. Open the Ally mobile app, select "Deposit Checks," and follow the prompts to take pictures of the front and back of the check and enter the amount.
How to receive a wire transfer to Ally Bank?
Provide the sender with Ally Bank's name (Ally Bank), routing number (124003116), your full name, and your Ally Bank account number. Ally Bank only accepts domestic wire transfers.
How to find my Ally Bank account number?
Your Ally Bank account number is visible when you log in to your online banking portal or mobile app. It's also typically found on your monthly statements.
How to know if an ACH transfer to Ally Bank is complete?
You can check your Ally Bank account online or via the mobile app for updated balances and transaction history. Ally Bank also often sends email notifications for incoming transfers.
How to avoid fees when transferring money to Ally Bank?
ACH transfers, direct deposits, and mobile check deposits are generally free. Wire transfers, however, usually incur fees from the sending bank. Zelle is also free for sending and receiving.
How to transfer large amounts of money to Ally Bank?
For large amounts, linking external accounts via ACH or initiating a domestic wire transfer are suitable options. Be aware of daily/monthly limits for ACH transfers and potential fees for wires.
How to check the status of a pending deposit to Ally Bank?
Log in to your Ally Bank account online or through the mobile app. You should see pending transactions, and Ally Bank often sends email updates regarding the status of deposits.