Sending money efficiently and securely is a core part of managing your finances, and for many, that means utilizing ACH payments. If you're an Ally Bank customer, you're in luck, as Ally makes it quite straightforward to send these electronic transfers. This comprehensive guide will walk you through every step of the process, ensuring your money gets where it needs to go.
What Exactly is an ACH Payment?
Before we dive into the "how-to," let's quickly clarify what an ACH payment is. ACH stands for Automated Clearing House. It's an electronic network that facilitates transactions between banks and credit unions across the United States. Think of it as a digital highway for moving money, often used for things like:
Direct Deposit: Your paycheck landing in your account.
Bill Payments: When you set up automatic payments for your utilities, rent, or loans.
Bank-to-Bank Transfers: Moving money between your own accounts at different financial institutions or sending money to someone else's account at a different bank.
ACH payments are generally free or low-cost, making them a popular choice for routine transfers, though they typically take a few business days to process.
Are you ready to send an ACH payment from your Ally Bank account? Let's get started!
Your Step-by-Step Guide to Sending ACH Payments with Ally Bank
Ally Bank offers a user-friendly online banking platform that makes initiating ACH transfers a breeze. Follow these steps to ensure a smooth transaction.
Step 1: Engage and Log In to Your Ally Online Account
Are you ready to make a secure transfer? The first and most crucial step is to access your Ally Bank online banking portal.
Open your web browser and navigate to the official Ally Bank website (ally.com).
Locate the "Log In" button, usually found in the top right corner of the page.
Enter your Username and Password.
Click "Log In" to access your account dashboard.
Pro Tip: Always ensure you are on the legitimate Ally Bank website to avoid phishing scams. Look for "https://" in the URL and a padlock icon in your browser's address bar.
Step 2: Navigate to the Transfers Section
Once you're logged in, you'll be on your Ally Bank dashboard. This is where you manage all your accounts.
Look for a menu option typically labeled "Transfers" or "Move Money." This is your gateway to initiating all kinds of fund movements.
Click on "Transfers."
From the subsequent options, select "Bank Transfers." This specifically deals with transfers between your Ally account and accounts at other banks.
Step 3: Link an External Account (If Not Already Linked)
If this is your first time sending money to a particular external account, you'll need to link it. Ally Bank has a secure process for this.
Sub-heading: Initiating the External Account Link
Within the "Bank Transfers" section, look for an option like "Link other accounts" or "Add External Account." Click on it.
Ally will then prompt you to provide information about the external account you wish to link. This will include:
Account Type: Is it a checking or savings account?
Account Nickname: A personal name to easily identify the account (e.g., "Mom's Checking," "My Chase Savings").
Routing Number: The nine-digit number that identifies the external bank.
Account Number: The specific account number at the external bank.
Sub-heading: Verifying the External Account
Ally Bank uses a verification process to ensure you own the external account and to prevent fraud. There are typically two methods:
Instant Verification (Login Credentials): In some cases, Ally may offer an instant verification option where you can securely log in to the external bank's online portal directly through Ally's interface. This is often the quickest method.
Trial Deposits (Micro-Deposits): If instant verification isn't available or preferred, Ally will send two small trial deposits (usually less than $1.00 each) to the external account within 1-3 business days.
Once these deposits appear in the external account, you'll need to return to your Ally Bank online banking and enter the exact amounts of these deposits to confirm the link.
Do not attempt to make a transfer until these micro-deposits are verified.
Step 4: Set Up Your ACH Payment
Once your external account is linked and verified, you're ready to initiate the ACH payment.
Go back to the "Transfers" section and select "Bank Transfers."
You will now see your linked external accounts listed.
Choose the Ally Bank account you want to send money from.
Choose the linked external account you want to send money to.
Enter the Amount you wish to transfer.
Select the Frequency:
One-Time Transfer: For a single payment.
Recurring Transfer: If you want to set up regular, automatic payments (e.g., monthly rent, savings contributions). If choosing recurring, you'll also set the start date and frequency (weekly, bi-weekly, monthly, etc.).
Choose the Date: Select when you want the transfer to be initiated. Keep in mind that ACH transfers are processed on business days.
Step 5: Review and Confirm Your Transfer
This is a critical step to prevent errors.
Carefully review all the details of your transfer:
From Account (Ally Bank)
To Account (External Bank)
Amount
Date
Frequency (if recurring)
Ensure the routing and account numbers for the external account are absolutely correct. An incorrect number can lead to delays or, in worst-case scenarios, funds being sent to the wrong recipient, which can be difficult to recover.
If everything looks correct, click "Confirm" or "Submit Transfer."
Step 6: Confirmation and Tracking
After you confirm, Ally Bank will provide you with a confirmation message and often a confirmation number. It's a good idea to save this for your records.
You can typically view the status of your pending transfers in the "Transfers" section of your Ally online banking.
Sub-heading: Understanding ACH Transfer Times
Standard ACH transfers generally take 1-3 business days to process. This means if you initiate a transfer on a Monday, the funds might not arrive in the recipient's account until Wednesday or Thursday.
Business days exclude weekends and federal holidays. So, a transfer initiated on Friday might not be completed until the following Tuesday or Wednesday.
Ally Bank does not charge a fee for standard or expedited transfers between your Ally Bank accounts and accounts at other institutions. However, a $30 returned ACH fee may apply for failed transactions.
While Ally Invest has a threshold amount for ACH transactions (currently $250,000.00), for general Ally Bank transfers, there isn't a widely published standard limit for all transfers, but specific daily/weekly limits for transfers to someone else's account (not your own linked external account) can be $3,500 per 24 hours and $10,000 per week. For transfers to your own linked external accounts, limits can be significantly higher, sometimes up to $150,000 per day or more depending on your account history and specific Ally policies.
Cut-off Times: Transfers initiated after a certain cut-off time (often in the late afternoon/early evening ET) will be processed on the next business day. It's always best to initiate transfers earlier in the day if timeliness is critical.
Frequently Asked Questions (FAQs) About Sending ACH Payments with Ally Bank
Here are 10 common questions with quick answers to help you further understand ACH payments with Ally Bank:
How to find my Ally Bank routing number?
Your Ally Bank routing number is 061027174. You can also typically find it on your checks or by logging into your online Ally Bank account.
How to check the status of an outgoing ACH transfer?
You can usually check the status of your pending or completed transfers by logging into your Ally Bank online account and navigating to the "Transfers" or "Activity" section.
How to cancel an ACH payment with Ally Bank?
If the transfer is still pending and hasn't begun processing, you may be able to cancel it from your online banking portal. Once it's "in process," cancellation is generally not possible. Contact Ally Bank customer service immediately if you need assistance.
How to know if an external account is successfully linked?
After setting up trial deposits, you'll need to log back into your Ally Bank account and enter the micro-deposit amounts to complete the verification. Once successfully verified, the account will appear as "linked" in your transfer options.
How to avoid delays with ACH transfers?
Ensure all account information (routing and account numbers) is correct, initiate transfers on a business day before the daily cut-off time, and complete any required external account verification promptly.
How to send an ACH payment to someone else's account at a different bank?
You would follow the same steps to link their account as an external account. You'll need their bank's routing number and their specific account number.
How to receive an ACH payment into my Ally Bank account?
To receive an ACH payment, you'll need to provide the sender with your Ally Bank routing number (061027174) and your Ally Bank account number.
How to tell the difference between an ACH transfer and a wire transfer?
ACH transfers are generally less expensive (often free), take 1-3 business days, and are ideal for routine payments. Wire transfers are typically faster (often same-day), more expensive (Ally charges $20 for outgoing domestic wires), and are used for time-sensitive or larger transactions. Ally Bank has discontinued outgoing international wire transfers.
How to increase my ACH transfer limit with Ally Bank?
While Ally has standard limits, for transfers to your own linked external accounts, the limits can be quite high. For transfers to someone else's account, specific limits like $3,500/24 hours and $10,000/week apply. For specific needs, it's best to contact Ally Bank customer service directly to inquire about increasing limits, though this is not always possible for security reasons.
How to resolve a failed or returned ACH payment?
A failed ACH payment can occur due to insufficient funds, incorrect account information, or other issues. You may incur a returned ACH fee. Ally will usually notify you of a failed transfer. Check your account balance and the provided details, and if necessary, contact Ally Bank customer service to understand the reason for the failure and rectify it.
