Depositing Cash to Ally Bank: Your Comprehensive Guide
Have you ever found yourself with a stack of cash and wondered, "How on Earth do I get this into my Ally Bank account?" You're not alone! As an online-only bank, Ally Bank operates a bit differently from traditional brick-and-mortar institutions. They don't have physical branches where you can walk in and hand over cash. But fear not, there are definitely ways to get your hard-earned cash into your Ally account! This lengthy guide will walk you through the various methods, step-by-step, to ensure your money finds its way home.
Understanding the Landscape: Why Cash is Tricky with Online Banks
Before we dive into the "how," let's quickly understand the "why." Ally Bank, like many online banks, keeps its overhead low by not maintaining a vast network of physical branches. This allows them to offer highly competitive interest rates and low fees. However, this also means they don't have tellers or ATMs designed to accept direct cash deposits. This is why you won't be able to just slip cash into an Ally ATM.
Navigating Your Options: Step-by-Step Guide to Depositing Cash
While Ally Bank doesn't accept direct cash deposits, you can effectively deposit cash by converting it into a form that Ally does accept. Here are the most common and effective methods:
Step 1: Choosing Your Conversion Method - What's Your Best Bet?
This is where you, the user, come in! Think about what's most convenient for you. Do you have another bank account? Are you near a retailer that offers specific services? Your answer will guide you to the most suitable method.
Sub-heading: Method A: Leveraging a Traditional Bank Account
If you have an account with a traditional bank (one with physical branches and ATMs that accept cash deposits), this is often the easiest and most straightforward approach.
Step 2: Deposit Cash into Your Traditional Bank Account
Go to your local branch or an ATM of your traditional bank.
Deposit the cash as you normally would. This will instantly or near-instantly reflect in your traditional bank account balance.
Step 3: Transfer Funds from Traditional Bank to Ally Bank
Once the cash is safely in your traditional bank account, you have a few ways to move it to Ally:
Online Transfer (ACH Transfer): This is the most common and usually free method.
Log in to your traditional bank's online banking portal.
Look for options like "Transfer," "External Transfer," or "Link External Accounts."
You'll need to add Ally Bank as an external account. This typically requires Ally Bank's routing number (which you can find on the Ally Bank website or your account statements) and your Ally Bank account number.
Verification: Your traditional bank might send small "micro-deposits" (usually a few cents) to your Ally account to verify ownership. You'll need to confirm these amounts back on your traditional bank's website. This usually takes 1-3 business days.
Once verified, initiate the transfer from your traditional bank account to your Ally Bank account. Standard ACH transfers typically take 1-3 business days to complete.
Wire Transfer: This is a faster option but usually comes with a fee from your traditional bank.
Contact your traditional bank or visit a branch to initiate a wire transfer.
You'll need Ally Bank's wire transfer instructions, which include their routing number, account number, and often an intermediary bank's details. You can find this information on Ally's website or by contacting their customer service.
Be prepared for fees, which can range from $15 to $30 or more. Wire transfers are generally completed within the same business day if initiated before their cut-off time.
Sub-heading: Method B: Utilizing Reloadable Debit Cards or Money Services
If you don't have another traditional bank account, you can use services that allow you to load cash onto a card and then transfer those funds.
Step 2: Purchase a Reloadable Card or Money Order
Green Dot MoneyPak:
Find a participating retailer: Many pharmacies, convenience stores, and major retailers (like Walmart, CVS, Walgreens) sell Green Dot MoneyPaks. Use their store locator online.
Purchase a MoneyPak: These usually come with a flat fee (e.g., $5.95) and have limits on how much cash you can load (e.g., $20-$500 per MoneyPak).
Important: Treat the MoneyPak like cash! Keep the receipt and the card secure.
Go to MoneyPak.com: You'll need to create a secure login if it's your first time.
Enter the MoneyPak number and your Ally Bank debit card number (if eligible). The funds will then be deposited.
Money Order:
Go to a post office, grocery store, or check cashing service.
Purchase a money order with your cash. There's usually a small fee for this.
Make the money order payable to yourself.
Follow the instructions in Method C (Depositing a Check) below to deposit the money order into your Ally Bank account using Ally eCheck Deposit or mail.
Step 3: Transfer Funds to Ally Bank
For Green Dot MoneyPak: Once loaded, the funds are typically available on the associated debit card, which you can link to Ally for transfer or use for online bill payments. Confirm if your Ally debit card is eligible for MoneyPak deposits directly.
For Money Order: Proceed to Method C.
Sub-heading: Method C: Converting Cash to a Check (Indirectly)
While you can't deposit cash directly, you can convert your cash into a check, which Ally does accept via mobile deposit or mail.
Step 2: Obtain a Check Made Out to You
Purchase a Money Order: (as described in Method B)
Ask a trusted friend or family member: You can give them the cash, and they can write you a personal check for that amount. This relies on trust and convenience.
Step 3: Deposit the Check to Ally Bank
Once you have a check made payable to you, you can use Ally's convenient eCheck Deposit:
Ally eCheck Deposit (Mobile App): This is the quickest way.
Download and open the Ally Mobile App on your smartphone or tablet.
Log in to your account.
Navigate to the "Deposits" or "Check Deposit" section.
Endorse the back of the check with "For Mobile Deposit Only" and your signature(s).
Take clear photos of the front and back of the endorsed check using the app's camera feature. Ensure all four corners are visible, the lighting is good, and the image is not blurry.
Enter the check amount when prompted.
Review and confirm the deposit.
Funds Availability: Generally, the first $300 of your mobile check deposit will be available the next business day, with the remainder available on the second business day. Larger amounts or new customer deposits may have longer holds. You'll receive email notifications regarding the status.
Mail the Check: For larger checks or if you prefer a traditional method.
Endorse the back of the check with "For Deposit Only to [Your Ally Bank Account Number]" and your signature(s).
Place the check in an envelope. Ally Bank often provides postage-paid envelopes upon request.
Mail the check to the address provided by Ally Bank for check deposits (typically a P.O. Box in Philadelphia). You can find this address on their website or by calling customer service.
Processing Time: Mail deposits will take longer due to transit time and processing at Ally's end.
Important Considerations and Tips
Fees: Be aware of any fees associated with converting your cash to a check or using services like MoneyPak.
Limits: There might be daily or monthly limits on mobile check deposits with Ally Bank (e.g., up to $50,000 per day and $250,000 every 30 days for Ally eCheck Deposit).
Security: Always keep receipts for any cash conversions. When using mobile deposit, shred the physical check after it has cleared your account.
Timing: Understand the processing times for each method. ACH transfers typically take a few business days, while mobile check deposits may have staggered availability. Wire transfers are the fastest.
Verify Information: Double-check all routing and account numbers before initiating any transfers to avoid delays or misdirected funds.
Customer Service: If you have any doubts or questions, don't hesitate to contact Ally Bank's 24/7 customer service. They are very helpful!
By following these detailed steps, you can confidently and successfully deposit your cash into your Ally Bank account, even without a physical branch!
10 Related FAQ Questions
How to Deposit Cash at an Ally Bank ATM?
You cannot directly deposit cash at an Ally Bank ATM. Ally Bank is an online-only institution and their ATMs are for withdrawals only or check deposits via mobile/mail.
How to Use Green Dot MoneyPak to Deposit Cash to Ally Bank?
How to use Green Dot MoneyPak: Purchase a MoneyPak with cash at a participating retailer, then go to MoneyPak.com, create an account, and enter the MoneyPak number to load funds to an eligible bank debit card, which can then be used or transferred to your Ally account.
How to Deposit Cash to Ally Bank from Another Bank Account?
How to deposit cash from another bank: First, deposit the cash into your traditional bank account. Then, initiate an online ACH transfer from your traditional bank account to your Ally Bank account using Ally's routing and account numbers.
How to Mail a Cash Deposit to Ally Bank?
How to mail a cash deposit: You cannot mail cash directly. You must first convert your cash into a money order or a check made payable to you, then mail that check or money order to Ally Bank's designated P.O. Box address for check deposits.
How to Deposit a Money Order to Ally Bank?
How to deposit a money order: Purchase a money order with cash, making it payable to yourself. Then, use Ally eCheck Deposit via the mobile app to photograph and deposit the money order, or mail the endorsed money order to Ally Bank.
How to Find Ally Bank Cash Deposit Locations?
How to find Ally Bank cash deposit locations: There are no physical Ally Bank locations that accept direct cash deposits. You must use an intermediary method, such as depositing cash at another bank, or converting cash into a money order or Green Dot MoneyPak.
How to Deposit Cash into Ally Bank using Zelle?
How to deposit cash using Zelle: Zelle is for person-to-person transfers and cannot be used to deposit physical cash directly into your Ally Bank account. Someone could send you money via Zelle from their bank account, but it's not a cash deposit method.
How to Deposit Large Amounts of Cash to Ally Bank?
How to deposit large amounts of cash: For larger sums, it's generally best to deposit the cash into a traditional bank account first, then initiate an ACH transfer or wire transfer to Ally Bank. Be aware of any daily or monthly limits on transfers or mobile check deposits.
How to Deposit Cash via Wire Transfer to Ally Bank?
How to deposit cash via wire transfer: You cannot wire cash directly. First, deposit the cash into a traditional bank account. Then, instruct your traditional bank to send a wire transfer from your account there to your Ally Bank account using Ally's specific wire transfer instructions (routing number, account number, beneficiary details).
How to get a Physical Deposit Slip for Ally Bank?
How to get a physical deposit slip: Ally Bank primarily operates digitally, so they don't typically use traditional deposit slips for walk-in cash deposits. For check deposits by mail, you would simply endorse the check with your account number and "For Deposit Only."