As an online-only bank, Ally Bank operates a bit differently from traditional brick-and-mortar institutions. While you won't find physical Ally Bank branches to walk into for cash withdrawals, they've established a robust system to ensure you can always access your money when you need it. This guide will walk you through every step of withdrawing cash from your Ally Bank account, covering various methods, fees, limits, and important considerations.
Let's dive in and get you that cash!
How to Withdraw Cash from Ally Bank: A Comprehensive Step-by-Step Guide
Step 1: Understanding Your Ally Bank Account and Withdrawal Options
Before you even think about getting cash, it's important to understand the different ways you can withdraw money from your Ally Bank account and which account type you're withdrawing from. Ally offers different account types, primarily the Spending Account (checking) and the Savings Account/Money Market Account. The rules and methods for withdrawal can vary slightly.
For Spending Accounts (Checking): This is your primary account for everyday transactions and cash access. You'll typically use your Ally Bank debit card for ATM withdrawals and cash back at merchants.
For Savings Accounts/Money Market Accounts: While you can transfer funds from these accounts, direct ATM withdrawals might be subject to federal regulations (Regulation D, though it's been suspended, banks often still adhere to similar limits) or Ally's own policies regarding limited transactions per statement cycle. Generally, you'd transfer funds to your Spending Account first, then withdraw.
Are you ready to access your funds? Let's explore your options!
Step 2: Utilizing Your Ally Bank Debit Card for Cash Withdrawals
Your Ally Bank debit card is your primary tool for getting cash. There are two main ways to use it:
Sub-heading 2.1: ATM Withdrawals
This is the most common method for cash withdrawals.
Finding an ATM:
Ally Bank's ATM Network: Ally Bank is part of the Allpoint® and MoneyPass® ATM networks. This means you have access to over 75,000 surcharge-free ATMs nationwide in the United States. These ATMs are typically found in popular retail stores, pharmacies, and convenience stores like CVS, Walgreens, Target, and more.
Using the ATM Locator: The easiest way to find a surcharge-free ATM near you is by using the Ally Bank ATM & Cash Back Locator on their website or within the Ally Mobile App. Simply open the app or visit ally.com, navigate to the locator, and enter your location.
Other ATMs: You can use your Ally Bank debit card at any ATM worldwide that displays the Visa or Mastercard logo (depending on your card).
Inserting Your Debit Card: Insert your Ally Bank debit card into the ATM as directed.
Entering Your PIN: You will be prompted to enter your four-digit Personal Identification Number (PIN). Ensure you keep your PIN confidential and never share it.
Selecting "Withdrawal": From the main menu on the ATM screen, select the "Withdrawal" option.
Choosing Your Account: Select the Ally Bank account you wish to withdraw from (typically your "Checking" account if you're withdrawing from your Spending Account).
Entering the Amount: Input the desired cash amount you wish to withdraw.
Important Note on Limits: Ally Bank typically has a daily ATM withdrawal limit. As of current information, after 30 days of opening your account, your daily ATM withdrawal limit is usually $1,010. For new accounts, the limit might be lower for the first 30 days. Individual ATMs may also have their own per-transaction limits, which can range from $500 to $2,500. If your desired amount exceeds the ATM's per-transaction limit, you may need to perform multiple withdrawals.
Reviewing Fees (for Out-of-Network ATMs):
Surcharge-Free Networks: If you are using an Allpoint® or MoneyPass® ATM, you will not be charged a fee by the ATM operator.
Out-of-Network ATMs: If you use an ATM outside of these networks, the ATM operator may charge a fee (a "surcharge"). This fee will usually be displayed on the screen before you confirm the transaction. Good news! Ally Bank will reimburse you for up to $10 in ATM fees charged by other ATM operators each statement cycle. This means you can still use many non-network ATMs without incurring out-of-pocket fees up to that limit.
Confirming the Transaction: Review the details, including the amount and any potential fees, and confirm the withdrawal.
Collecting Your Cash and Card: The ATM will dispense your cash. Don't forget to retrieve your debit card and transaction receipt!
Sub-heading 2.2: Cash Back at Merchants
Many grocery stores, pharmacies, and retail stores offer a "cash back" option when you make a debit card purchase. This is a convenient way to get cash without needing an ATM.
Making a Purchase: When you're checking out at a participating merchant, use your Ally Bank debit card to make a purchase.
Selecting "Debit" and Entering PIN: When prompted, select "Debit" and enter your PIN.
Requesting Cash Back: The cashier or point-of-sale terminal will likely ask if you want cash back. Select "Yes" or the equivalent option.
Entering the Cash Back Amount: Enter the amount of cash you wish to receive.
Limits: The amount you can get back is often limited by the merchant (e.g., $20, $40, or $100).
Completing the Transaction: The cash will be added to your total purchase, and the cashier will give you the requested cash along with your purchased items. This method typically has no additional fees.
Step 3: Other Methods for Accessing Your Cash
While ATM withdrawals and cash back are the most common, Ally Bank offers other ways to access your funds, particularly for larger amounts or specific situations.
Sub-heading 3.1: Online Funds Transfer to an External Bank Account
If you need to access a significant amount of cash or prefer to withdraw from another bank you have an account with, you can transfer funds from Ally Bank to that external account.
Link Your External Account: If you haven't already, link your external bank account to your Ally Bank account. You can do this through online banking or the mobile app by providing the external bank's routing number and your account number. Ally Bank will typically send small trial deposits to verify ownership.
Initiate a Transfer: Log in to your Ally Bank online banking or mobile app.
Select "Transfers": Navigate to the transfers section.
Choose Accounts: Select your Ally Bank account as the "From" account and your linked external bank account as the "To" account.
Enter Amount and Date: Input the amount you wish to transfer and choose the transfer date.
Confirm: Review the details and confirm the transfer.
Processing Time: Transfers to external accounts can take 1-3 business days to process and for funds to become available in the receiving account. Once the funds are in your external bank account, you can withdraw them via that bank's ATMs, tellers, or other methods.
Sub-heading 3.2: Outgoing Wire Transfer
For very large sums of money that need to be transferred quickly, a wire transfer is an option.
Initiate Online or via Phone: You can submit a wire transfer request through Ally Bank's online form, the mobile app (Menu > Wire Money), or by calling customer service.
Provide Recipient Details: You'll need the recipient's name, routing number, and account number.
Confirm Fees: Ally Bank charges a $20 fee for each outgoing domestic wire transfer. International wire transfers are not supported.
Note: Wire transfers from a Savings Account will count towards your 10 allowed withdrawals per statement cycle.
Processing Time: Wire transfers are generally processed on the same business day if submitted before their cut-off time. Funds are usually available to the recipient within hours, or the next business day.
Sub-heading 3.3: Requesting a Check
While not a direct "cash withdrawal," you can request a check from Ally Bank if you need to pay someone or yourself with a physical check.
Call Customer Service: You can call Ally Bank's customer service at 1-877-247-2559 to request an official or cashier's check.
Provide Details: You'll need to provide the payee's information and the amount.
Delivery: The check will be mailed to you or the designated recipient. There is no charge for requesting a cashier's check from Ally Bank.
Step 4: Important Considerations and Tips
Daily Limits: Always be aware of your daily ATM withdrawal limits and plan accordingly. If you need a large amount of cash, you might need to spread your withdrawals over several days or utilize a wire transfer.
Transaction Limits (Savings/Money Market): Remember that withdrawals and transfers from Ally Savings Accounts and Money Market Accounts are typically limited to 10 per statement cycle. Exceeding this limit on a regular basis could lead to account closure, although Ally states they don't charge excessive transaction fees.
Security: Always be vigilant when using ATMs. Cover the keypad when entering your PIN and be aware of your surroundings. If your debit card is lost or stolen, report it to Ally Bank immediately.
Overdraft Protection: Ally Bank offers fee-free overdraft protection services like Overdraft Transfer Service (linking to a savings account) and CoverDraft℠ (up to $100 in temporary relief). While these help prevent overdrafts, CoverDraft does not cover ATM withdrawals.
Keep Your Information Updated: Ensure your contact information with Ally Bank is always current in case they need to contact you regarding a transaction.
10 Related FAQ Questions
How to Find a Surcharge-Free ATM for Ally Bank?
You can find surcharge-free ATMs by using the Ally Bank ATM & Cash Back Locator tool on their website or within the Ally Mobile App. Look for ATMs within the Allpoint® or MoneyPass® networks.
How to Know My Daily ATM Withdrawal Limit with Ally Bank?
After 30 days of account opening, the typical daily ATM withdrawal limit for an Ally Bank Spending Account is $1,010. You can also confirm your specific limits by logging into your online banking or contacting Ally customer service.
How to Avoid ATM Fees When Withdrawing from Ally Bank?
To avoid ATM fees, use ATMs within the Allpoint® or MoneyPass® networks. If you use an out-of-network ATM, Ally Bank will reimburse you up to $10 in ATM fees per statement cycle.
How to Get Cash Back at a Store with My Ally Bank Debit Card?
When making a purchase at a participating merchant, select "Debit" and enter your PIN, then choose the "Cash Back" option at the point-of-sale terminal. The amount you request will be added to your purchase total.
How to Transfer Money from Ally Bank to Another Bank for Cash Withdrawal?
Log in to your Ally Bank online banking or mobile app, go to the "Transfers" section, and initiate a transfer to your linked external bank account. Once funds are in the external account, you can withdraw them there.
How to Request a Cashier's Check from Ally Bank?
You can request a cashier's check by calling Ally Bank's customer service at 1-877-247-2559. There is no fee for this service.
How to Contact Ally Bank Customer Service for Withdrawal Issues?
You can contact Ally Bank customer service 24/7 by calling 1-877-247-2559 for any assistance with withdrawals or other account-related inquiries.
How to Handle a Declined ATM Withdrawal with Ally Bank?
If your ATM withdrawal is declined, first check your account balance to ensure sufficient funds. Then, verify your daily withdrawal limit. If issues persist, contact Ally Bank customer service immediately.
How to Deposit Cash into Ally Bank?
Ally Bank does not accept direct cash deposits. To deposit cash, you would typically need to deposit it into another bank account you hold and then transfer the funds to your Ally Bank account, or convert it to a check and use Ally eCheck Deposit.
How to Find Out If an ATM is Part of the Allpoint or MoneyPass Network?
The easiest way is to use Ally Bank's ATM & Cash Back Locator tool. Alternatively, look for the Allpoint or MoneyPass logos on the ATM itself or check the ATM operator's website.
