Have you ever found yourself with funds in your Ally Bank account and wondered, "How exactly do I get that money out when I need it?" If so, you're not alone! As a leading online-only bank, Ally offers fantastic interest rates and convenience, but the lack of physical branches can sometimes make cash access seem a bit mysterious.
Fear not! This comprehensive guide will walk you through every method of withdrawing your money from Ally Bank, ensuring you're empowered to access your funds whenever and wherever you need them. Let's dive in!
Step 1: Understand Your Ally Bank Account Types and Access Tools
Before we get into the nitty-gritty of withdrawals, it's crucial to understand the tools Ally Bank provides and how they relate to your account type. Different accounts may have slightly different access methods and limits.
Ally Bank Spending Account (Checking): This is your primary transaction account. It comes with a debit card and check-writing privileges, making it the most versatile for withdrawals.
Ally Bank Online Savings Account: While excellent for growing your savings, this account is designed for less frequent transactions. Withdrawals are typically done by transferring funds to your Spending Account or an external linked account.
Money Market Accounts: These offer a hybrid of savings and checking features, often with a limit on certain types of withdrawals or transfers per statement cycle (typically 10).
Ally Invest Accounts: If you have investment accounts with Ally Invest, withdrawing funds will involve selling investments and then transferring the cash to your linked Ally Bank Spending Account or an external bank.
Your primary tool for direct cash access will be your Ally Bank Debit Card. Ensure you have it handy and activated!
Step 2: Accessing Cash with Your Ally Bank Debit Card
This is often the most straightforward and fastest way to get cash from your Ally Bank account.
Sub-heading 2.1: ATM Withdrawals
Ally Bank is part of extensive ATM networks, making cash withdrawals surprisingly easy.
Finding a Fee-Free ATM: Ally Bank offers access to 75,000+ Allpoint® and MoneyPass® ATMs nationwide without any fees. This is your best bet for avoiding extra charges. You can easily locate these ATMs using the Ally Bank mobile app or their website's ATM locator.
Using Other ATMs: If you can't find an Allpoint or MoneyPass ATM, you can still use other ATMs. Ally Bank will reimburse you up to $10 per statement cycle for fees charged by other ATMs. This is a fantastic perk that often covers several out-of-network transactions.
Daily ATM Withdrawal Limits: For security reasons, Ally Bank has daily ATM withdrawal limits. Typically, after 30 days of opening your account, the daily ATM withdrawal limit is $1,010. For new accounts, there might be a lower initial limit, so it's always good to check your specific account details if you plan a large withdrawal soon after opening.
Step-by-Step ATM Withdrawal:
Locate an ATM: Use the Ally app or website to find a nearby Allpoint® or MoneyPass® ATM for fee-free withdrawals.
Insert Your Debit Card: Follow the on-screen prompts.
Enter Your PIN: Ensure you remember your Personal Identification Number.
Select "Withdrawal": Choose the checking account (your Spending Account) from which you wish to withdraw.
Enter Amount: Input the amount of cash you want. Be mindful of your daily limit.
Confirm and Collect: Confirm the transaction and collect your cash and receipt.
Sub-heading 2.2: Cash Back at Point-of-Sale (POS)
Many retailers offer a "cash back" option when you make a purchase using your debit card. This is a convenient way to get a small amount of cash without needing a separate ATM trip.
How it Works: When paying for your groceries, gas, or other purchases with your Ally Bank debit card, the cashier may ask if you want cash back.
Process:
Swipe or Insert Card: Use your debit card as usual for your purchase.
Select "Debit" or Enter PIN: You might need to select "Debit" and/or enter your PIN.
Choose Cash Back Option: When prompted, select the cash back option and specify the amount you want to receive.
Confirm: The cash will be added to your transaction total, and the cashier will hand it to you with your change.
Limitations: This method is typically limited to smaller amounts (e.g., $20, $40, $60, or up to $100 depending on the retailer and your daily spending limit). There are generally no fees for cash back at POS.
Step 3: Transferring Funds to an External Bank Account (ACH Transfer)
This is the most common way to move larger sums out of Ally Bank if you need to access them at a different financial institution. ACH (Automated Clearing House) transfers are electronic funds transfers between banks.
Linking External Accounts: Before you can transfer, you'll need to link your external bank account to your Ally Bank account.
Log In: Access your Ally Bank online banking or mobile app.
Navigate to Transfers: Look for a "Transfers" or "Move Money" section.
Link External Account: Select the option to link an external account. You'll typically need the routing number and account number of your other bank.
Verification: Ally will usually send two small "micro-deposits" (a few cents) to your external account within 1-3 business days. You'll then need to verify these amounts back in your Ally Bank account to confirm ownership. This is a one-time setup per external account.
Initiating an ACH Transfer:
Log In: Go to your Ally Bank online banking or mobile app.
Select "Transfers": Choose the transfer option.
Select Source and Destination: Choose your Ally Bank account as the "From" account and your linked external bank account as the "To" account.
Enter Amount: Specify the amount you wish to transfer.
Set Frequency: You can choose a one-time transfer or set up recurring transfers.
Review and Confirm: Double-check all details before confirming the transfer.
Transfer Timeframes:
Standard Transfers: A standard ACH transfer from an Ally Bank account to a non-Ally Bank account typically takes 3 business days. For example, a transfer initiated on a Monday would generally be delivered on Thursday.
Expedited Transfers: While Ally Bank doesn't explicitly advertise expedited ACH transfers as a separate option for outgoing funds to external banks, incoming transfers from other institutions can sometimes clear faster. For standard outbound transfers, plan for 3 business days.
Fees: Ally Bank generally does not charge fees for standard ACH transfers to or from other financial institutions.
Limits: While Ally Bank generally has high daily limits for ACH transfers, specific limits might apply, especially for new accounts. For Ally Bank to external accounts, daily limits can be around $150,000. If you need to transfer a very large sum, consider a wire transfer or contact Ally directly.
Step 4: Requesting an Official Check (Cashier's Check)
For large, specific payments where a personal check isn't sufficient, an official or cashier's check is a secure option.
Purpose: Cashier's checks are guaranteed funds, often required for significant purchases like a car, house down payment, or certain legal transactions.
How to Request: Since Ally Bank doesn't have physical branches, you'll need to request a cashier's check by calling Ally Bank customer service.
Call Ally Bank: Dial their customer service line (1-877-247-2559).
Provide Details: You'll need to provide the payee's name, the exact amount, and the mailing address where you want the check sent.
Verification: Be prepared to verify your identity and account details.
Fees: Ally Bank generally offers official/cashier's checks at no charge.
Delivery Time: The check will be mailed to you, so factor in standard mail delivery times (typically 5-7 business days). You may be able to request expedited shipping for a fee.
Step 5: Sending a Wire Transfer
Wire transfers are the fastest way to send funds, especially for large amounts, but they typically come with fees.
Purpose: Ideal for time-sensitive, high-value transactions, such as closing on a home or making a significant investment.
Domestic Wire Transfers (Outgoing):
Fee: Ally Bank charges a $20 fee for each outgoing domestic wire transfer.
Initiation: You can typically initiate a domestic wire transfer online through your Ally Bank account.
Information Needed: You'll need the recipient's name, address, bank name, bank address, routing number, and account number.
Cut-off Time: To ensure same-day processing, domestic wire transfers must be initiated before 7 PM Eastern Time on a business day. Transfers initiated after this time will be sent the next business day.
Limits: For security, Ally Bank limits wire transfers to $25,000 for the first 90 days after opening your account. You can request an exception if you need to wire more.
International Wire Transfers (Outgoing):
Ally Bank discontinued its Outgoing International Wire Transfer service in February 2013. If you need to send money internationally, you'll need to first transfer the funds to an external bank that offers international wire services or use a third-party international money transfer service.
Step-by-Step Online Wire Transfer (Domestic):
Log In: Access your Ally Bank online banking.
Navigate to Transfers: Find the "Transfers" or "Send Money" section.
Select "Wire Transfer": Choose the option for wire transfers.
Enter Recipient Details: Carefully input all required recipient and bank information. Accuracy is critical, as wire transfers are difficult to reverse.
Enter Amount: Specify the amount to be wired.
Review Fees: Acknowledge the $20 fee.
Confirm: Review all details one last time and confirm the transfer.
Step 6: Writing and Cashing a Check
If you have an Ally Bank Spending Account, you have check-writing privileges. This can be a way to get cash indirectly.
Writing a Check to Yourself: You can write a check from your Ally Spending Account payable to yourself.
Cashing at Another Bank: Take this check to a local bank where you have an account or even a bank where you don't have an account (though they may charge a fee or only cash it up to a certain amount, or even refuse if they can't verify funds easily for a non-customer).
Be aware: Your local bank may only cash checks up to your existing balance at that bank if the check is drawn on an outside bank like Ally.
For example, if you have $1,000 in your local bank account and try to cash a $5,000 Ally check there, they might refuse or only give you $1,000 in cash.
Mobile Deposit to Another Account: A more common and convenient approach is to write yourself a check from your Ally account and then deposit it via mobile deposit into an account at another bank where you have a physical presence or easier cash access. Then, you can withdraw from that bank. This still involves a clearing period.
Step 7: Other Considerations & Tips
Mobile App Convenience: The Ally Bank mobile app is a powerful tool for managing your money. Use it to check balances, initiate transfers, locate ATMs, and even lock/unlock your debit card if you suspect fraud.
Overdraft Protection: Ally Bank has eliminated overdraft fees and offers features like CoverDraft℠ (a fee-free temporary protection) to prevent your debit card transactions from being declined if you slightly overspend. While this isn't a direct withdrawal method, it's a good safety net.
Security: Always be mindful of ATM surroundings, protect your PIN, and monitor your account activity regularly. If you notice any suspicious transactions, contact Ally Bank immediately. You can even lock your debit card instantly through the Ally app or online banking if it's lost or stolen.
Customer Service: Ally Bank offers 24/7 customer service via phone and online chat. Don't hesitate to reach out if you have questions or need assistance with a specific withdrawal method.
By understanding these various methods, you can confidently get your money out of Ally Bank in a way that best suits your needs, whether it's quick cash from an ATM or a large transfer for a major expense.
Frequently Asked Questions (FAQs)
How to withdraw cash from Ally Bank instantly?
The most instant way to get cash is by using your Ally Bank debit card at an Allpoint® or MoneyPass® ATM for fee-free withdrawals, or at other ATMs (with up to $10 reimbursement per cycle). Cash back at point-of-sale also provides immediate, smaller amounts of cash.
How to transfer money from Ally Bank to another bank account?
You can transfer money from Ally Bank to another linked external bank account via an ACH transfer through Ally's online banking or mobile app. First, link the external account by verifying micro-deposits, then initiate the transfer.
How to find a fee-free ATM for Ally Bank?
You can find a fee-free ATM by using the ATM locator tool available on the Ally Bank website or within their mobile banking app. Look for Allpoint® and MoneyPass® ATMs.
How to get a cashier's check from Ally Bank?
To get a cashier's check from Ally Bank, you need to call their customer service line. Provide the payee details and mailing address, and they will mail the check to you. Ally Bank typically does not charge a fee for this service.
How to increase my daily ATM withdrawal limit with Ally Bank?
After 30 days of opening your account, your daily ATM withdrawal limit with Ally Bank is typically $1,010. If you need a higher limit for a specific reason, you might need to contact Ally Bank customer service to inquire about temporary increases or alternative withdrawal methods for larger sums.
How to send a wire transfer from Ally Bank?
You can send a domestic wire transfer from Ally Bank through their online banking platform. You will need the recipient's bank details (routing and account numbers, bank name/address) and will incur a $20 fee. International wire transfers are not supported by Ally Bank.
How to get cash back with my Ally Bank debit card?
When making a purchase with your Ally Bank debit card at a participating retailer (like grocery stores or gas stations), choose the debit option and then select "cash back" when prompted by the card reader or cashier.
How long do ACH transfers take from Ally Bank?
Standard ACH transfers from Ally Bank to another bank typically take 3 business days to complete.
How to deposit a check into Ally Bank if I need cash quickly?
While you can deposit checks into Ally Bank using their eCheck Deposit℠ via the mobile app, this doesn't immediately give you cash. The best way to get cash quickly would be to use your Ally Bank debit card at an ATM or through a cash back transaction after your funds are in your Ally Spending Account.
How to access funds from my Ally Bank savings account?
To access funds from your Ally Bank savings account for cash withdrawal, you'll first need to transfer the money to your Ally Bank Spending Account. Once in your Spending Account, you can then use your debit card at an ATM or for cash back, or initiate an ACH transfer to an external bank.