Hello there! Looking to boost your savings or fund your Ally Bank account? You've come to the right place. Depositing money into an online bank like Ally might seem a little different than your traditional brick-and-mortar bank, but it's often more convenient and just as secure. Let's walk through all the ways you can get your money into your Ally Bank account, step by step!
A Comprehensive Guide: How to Deposit Money into Ally Bank
Ally Bank, being an online-only institution, offers a variety of digital and traditional methods to deposit funds. The key is understanding which method best suits your needs, whether you're looking for speed, convenience, or to deposit a specific type of fund.
Step 1: Understand Your Ally Bank Account
Before you deposit anything, it's crucial to know what kind of Ally Bank account you have. Are you depositing into a: * Online Savings Account? * Interest Checking Account (Spending Account)? * Money Market Account? * Certificate of Deposit (CD)? * IRA?
The process is largely similar across these, but understanding your account type helps you tailor your approach and ensures smooth processing. You can always log into your Ally Bank online banking portal or mobile app to view your account details.
Step 2: Choose Your Deposit Method
Ally Bank offers several convenient ways to deposit money. Let's break them down:
Method 1: Ally eCheck Deposit℠ (Mobile Check Deposit)
This is by far one of the most popular and convenient ways to deposit checks. It's like having a bank branch in your pocket!
Sub-Step 2.1.1: Prepare Your Check
Endorse it properly: On the back of the check, you must sign your name. Below your signature, write "For Mobile Deposit Only" and your Ally Bank account number. Missing these details can delay or reject your deposit!
Ensure it's well-lit: Find a brightly lit area to take the photos.
Use a dark, non-reflective background: This helps the app accurately capture the check details.
Sub-Step 2.1.2: Use the Ally Mobile App
Log in: Open the Ally Mobile App on your smartphone or tablet and log in to your account.
Select your account: Choose the specific Ally Bank account where you want to deposit the check.
Tap "Deposit Checks": This option is usually clearly visible on the account screen.
Capture Images: The app will prompt you to take a photo of the front and then the back of your endorsed check. Make sure all four corners are visible and the information is clear and readable.
Enter Amount: Carefully enter the exact amount of the check. Double-check for accuracy!
Review and Submit: Before finalizing, review all the details. Once you're confident, submit your deposit.
Important Notes for eCheck Deposit:
Limits: You can typically deposit up to $50,000 in a single business day and up to $250,000 every 30 calendar days using Ally eCheck Deposit.
Hold onto the check: It's a good practice to keep the physical check for a short period (e.g., 5-7 days) after the deposit has cleared, just in case there are any issues. You can write "Electronically Deposited" and the date on it.
Availability: Funds availability can vary. Generally, the first $300 of your deposit will appear the next business day for deposits made before 7 p.m. ET. The remainder (up to $25,000) is usually available on the second business day, and amounts over $25,000 on the fifth business day.
Method 2: Electronic Transfers (ACH Transfers)
This is a fantastic way to move money between your Ally Bank account and an account at another financial institution. ACH transfers are usually free and can be set up as one-time or recurring transfers.
Sub-Step 2.2.1: Link External Accounts
Log in: Access your Ally Bank online banking portal or mobile app.
Navigate to Transfers: Look for a section like "Transfers" or "Move Money."
Link External Account: You'll typically need to provide the routing and account number of your external bank account. Ally will usually initiate small "test" deposits (e.g., a few cents) into the external account, which you'll need to verify within Ally's system to confirm ownership.
Sub-Step 2.2.2: Initiate the Transfer
Select Accounts: Choose your external account as the "from" account and your Ally Bank account as the "to" account.
Enter Amount: Specify the amount you wish to transfer.
Choose Frequency: Decide if it's a one-time transfer or a recurring one (e.g., weekly, bi-weekly, monthly).
Confirm and Submit: Review the details and confirm the transfer.
Important Notes for ACH Transfers:
Timing: Standard ACH transfers typically take 1 to 3 business days to process. Next-day transfers may also be available. Weekends and federal holidays can affect processing times.
No Fees: Ally Bank does not charge fees for standard or expedited ACH transfers.
Method 3: Direct Deposit
For regular income like your paycheck, direct deposit is the most efficient and hands-off method.
Sub-Step 2.3.1: Obtain Direct Deposit Information
Log in to Ally: Access your Ally Bank online banking.
Find Routing and Account Numbers: Your Ally Bank routing number and specific account number for direct deposit will be readily available. You can often find a pre-filled direct deposit form as well.
Ally Bank's routing number is typically 124000058. However, always verify this within your online banking or on a statement.
Sub-Step 2.3.2: Provide Information to Your Employer/Payer
Fill out the form: Your employer's HR or payroll department will provide a direct deposit authorization form. Fill it out with your Ally Bank routing and account numbers, and specify the amount or percentage you want deposited.
Submit: Return the completed form to your employer. It might take one or two pay cycles for the direct deposit to take effect.
Important Notes for Direct Deposit:
Convenience: Once set up, your funds will automatically be deposited into your Ally account, saving you time and effort.
Early Access: Ally Bank often offers early access to direct deposit funds, sometimes up to two days before your scheduled payday!
Method 4: Wire Transfers
Wire transfers are best for large, urgent transfers as they are generally processed on the same business day. However, they usually come with fees.
Sub-Step 2.4.1: Gather Sender's Information
You'll need to provide the sender (the person or institution wiring you the money) with specific Ally Bank details.
Bank Name: Ally Bank
Ally Bank's Routing Number: 124000058 (Confirm this within your Ally account)
Your Ally Bank Account Number: Your specific account number
Your Name and Address: As it appears on your Ally Bank account
Sub-Step 2.4.2: Sender Initiates Wire
The sender will need to go through their own bank or financial institution to initiate the wire transfer.
Important Notes for Wire Transfers:
Fees: While Ally Bank does not charge for incoming domestic or international wire transfers, the sending bank will typically charge a fee (often $15-$30 for domestic, more for international).
Speed: Funds are usually available on the same business day if initiated within the sending bank's cut-off times.
No Cash Wires: Ally Bank does not accept cash deposits, including cash wired directly.
Method 5: Mail a Check
For those who prefer traditional mail or have checks that exceed mobile deposit limits, mailing a check is an option.
Sub-Step 2.5.1: Endorse and Prepare Check
Endorse Properly: Sign the back of the check and write "For Deposit Only" along with your Ally Bank account number.
No Cash: Do not send cash through the mail. Ally Bank explicitly states they do not accept cash.
Sub-Step 2.5.2: Mail to Ally Bank
Send your endorsed check to: Ally Bank P.O. Box 13625 Philadelphia, PA 19101-3625
Important Notes for Mailing Checks:
Processing Time: This is the slowest method, as it depends on mail delivery and processing time once Ally receives it.
Security: Always use a secure and traceable mailing method, especially for large amounts.
Step 3: Confirm Your Deposit
No matter which method you choose, it's always a good idea to confirm that your deposit has been successfully processed and the funds are available in your account.
Sub-Step 3.1.1: Check Your Ally Bank Account Online or via App
Log in: Regularly check your Ally Bank account online or through the mobile app.
Transaction History: Look for the deposit in your transaction history. It will typically show as "pending" initially and then "posted" once available.
Notifications: You can also set up alerts within your Ally Bank account to receive notifications when deposits are made.
Step 4: Managing Your Funds (Optional but Recommended)
Once your funds are in your Ally Bank account, take advantage of Ally's features:
Savings Buckets: For savings accounts, utilize "Buckets" to organize your money for different financial goals (e.g., "Emergency Fund," "Vacation," "New Car"). This helps you visualize and track your progress.
Surprise Savings: Ally can analyze your linked checking accounts for "safe-to-save" money and automatically transfer it to your savings, helping you grow your balance without even thinking about it.
Transfers: Easily transfer money between your Ally accounts as needed.
Frequently Asked Questions (FAQs)
Here are 10 common questions about depositing money into Ally Bank:
How to deposit cash into Ally Bank?
Ally Bank is an online-only bank and does not accept direct cash deposits. You'll need to deposit cash into an account at another bank and then transfer the funds to Ally via ACH transfer or by writing a check to yourself and depositing it via eCheck Deposit or mail.
How to find my Ally Bank routing number?
You can find your Ally Bank routing number (typically 124000058) by logging into your online banking account, checking your account statements, or looking for a direct deposit form provided by Ally Bank.
How to make a mobile check deposit with Ally Bank?
Log into the Ally Mobile App, select your account, tap "Deposit Checks," take clear photos of the front and back of your endorsed check (with "For Mobile Deposit Only" and your account number), enter the amount, and submit.
How to endorse a check for Ally mobile deposit?
Sign your name on the back of the check, and below your signature, write "For Mobile Deposit Only" and your Ally Bank account number.
How to set up direct deposit to Ally Bank?
Obtain your Ally Bank routing and account numbers (available in online banking), then provide this information to your employer or payer by filling out their direct deposit authorization form.
How to transfer money from another bank to Ally Bank?
You can link your external bank account to your Ally Bank account through Ally's online banking, then initiate an ACH transfer from the external account to your Ally account.
How to check the status of a check deposit with Ally Bank?
Log in to your Ally Bank online banking or mobile app, go to your account activity or deposit history, and you'll see the status (e.g., pending, posted) of your eCheck deposits.
How to deposit a large check into Ally Bank?
For checks exceeding the mobile deposit limit ($50,000 per day or $250,000 per 30 days), you can mail the endorsed check to Ally Bank's processing center. There is no dollar limit on mailed checks.
How to send a wire transfer to Ally Bank?
Provide the sender with Ally Bank's name (Ally Bank), routing number (124000058), your Ally Bank account number, and your name and address as it appears on your account. The sender will then initiate the wire through their bank.
How to deposit into an Ally Bank CD or IRA?
You can fund a new Ally CD or IRA using Ally eCheck Deposit, an online transfer from another linked bank account, or by mailing a check. Note that once a CD is funded, you cannot add additional funds until it matures.
