Thinking about moving money to your Ally Bank account? You've come to the right place! Transferring funds between banks is a common financial activity, and with online-only banks like Ally, it's typically a straightforward digital process. This comprehensive guide will walk you through everything you need to know, from linking your accounts to understanding transfer times and limits.
How to Transfer Money to Ally Bank from Another Bank: Your Complete Guide
So, you've decided to move some funds into your Ally Bank account. Excellent choice! Ally is known for its competitive interest rates and user-friendly online platform. Whether you're consolidating your finances, building up your savings, or just need to shift some cash, this guide will make the process simple and clear.
There are primarily two main methods for transferring money to Ally Bank from an external institution: ACH transfers (Automated Clearing House) and wire transfers. We'll cover both, along with other popular options like Zelle, to ensure you can choose the best method for your needs.
Step 1: Engage with Your Accounts – Decide Your Starting Point!
Before you do anything else, the first crucial step is to decide whether you want to initiate the transfer from your Ally Bank account or from your external bank account. Both methods are generally effective, but one might be more convenient or offer better features for your specific situation.
Option A: Initiating from Ally Bank (Recommended for most ACH transfers)
This is often the most common and convenient way to set up transfers between linked accounts. Ally's platform is designed to make it easy to pull funds from external banks.
Option B: Initiating from Your Other Bank (Useful for certain scenarios or if you prefer their interface)
Some people prefer to push money from their external bank to Ally. This is also a viable option, especially if your other bank's online banking system is more familiar to you or if you need to use a specific transfer type they offer.
Once you've decided where you'll start, you can proceed with the detailed steps for your chosen method.
Step 2: Gather Necessary Information – Don't Miss a Detail!
Regardless of whether you're initiating from Ally or your external bank, you'll need specific information for both accounts involved in the transfer. Having this ready beforehand will save you time and prevent errors.
Sub-heading 2.1: For Your Ally Bank Account (The Receiving Account)
You'll need:
Your Ally Bank Account Number: This unique number identifies your specific account. You can usually find this on your Ally Bank statements, within your online banking portal, or by contacting Ally customer service.
Ally Bank's Routing Number: This nine-digit number identifies Ally Bank as a financial institution. Ally Bank's routing number for transfers is 124000058. It's crucial to get this correct!
Sub-heading 2.2: For Your Other Bank Account (The Sending Account)
You'll need:
Your Account Number at the Other Bank: Similar to your Ally account number, locate this on your statements or within your online banking.
Your Other Bank's Routing Number: This nine-digit number identifies your other financial institution.
Step 3: Linking Your External Account to Ally Bank (For ACH Transfers Initiated from Ally)
This is the most common and often recommended method for transferring funds. It involves setting up a secure link between your Ally account and your external bank account.
Sub-heading 3.1: Log In and Navigate to Transfers
Log in to your Ally Bank online banking account. Note: While the Ally mobile app is great for many things, linking external accounts and setting up certain transfers is often best done through the full website.
Once logged in, look for a "Transfers" or "Transfer & Pay" section. This is typically found in the main navigation menu.
Within the "Transfers" section, you'll usually see an option like "Link other accounts" or "External Transfers." Select this option.
Sub-heading 3.2: Provide External Account Details
Ally will prompt you to enter the details of your external bank account. This will include:
The routing number of your other bank.
The account number of your other bank.
The type of account (e.g., checking, savings).
Double-check these numbers carefully! A single digit error can cause significant delays or even failed transfers.
Sub-heading 3.3: Verify Account Ownership (Micro-Deposits)
For security purposes, Ally Bank often uses a "micro-deposit" verification process to confirm you own the external account.
Ally will send two small deposits (typically less than $1.00 each) to your external bank account. This usually takes 1-3 business days to appear in your external account.
Monitor your external bank account for these small deposits.
Once you see them, log back into your Ally Bank account, go to the "Transfers" section, and you'll be prompted to verify the amounts of these micro-deposits. Enter the exact amounts you received.
Congratulations! Once verified, your external account is now linked and ready for transfers.
Step 4: Initiating Your Transfer (ACH Method)
Now that your accounts are linked, you can easily move money.
Sub-heading 4.1: Set Up a New Transfer
From your Ally Bank online banking, go back to the "Transfers" or "Transfer & Pay" section.
Select the option to "Make a Transfer" or "Bank Transfers."
Choose the account you want to transfer from (your linked external account) and the account you want to transfer to (your Ally Bank account).
Enter the amount you wish to transfer.
Choose the frequency (one-time or recurring) and the date of the transfer.
Sub-heading 4.2: Review and Confirm
Carefully review all the transfer details – the amount, the sending and receiving accounts, and the date.
Confirm the transfer. You may receive a confirmation email or message from Ally.
Sub-heading 4.3: Understanding ACH Transfer Times
ACH transfers are generally free when initiated from Ally Bank.
Standard ACH transfers typically take 2-3 business days to process. Some banks might offer expedited options for a fee.
Keep in mind: Weekends and holidays do not count as business days, so plan accordingly. If you initiate a transfer on a Friday, it might not fully clear until the following Tuesday or Wednesday.
Step 5: Alternative Transfer Methods
While ACH is the most common, here are other ways to transfer money:
Sub-heading 5.1: Initiating an ACH Transfer from Your External Bank
Log in to your other bank's online banking account.
Look for a "Transfers," "External Transfers," or "Add External Account" option.
You will likely need to link your Ally Bank account to your external bank's platform using Ally's routing number (124000058) and your Ally account number. This may also involve a micro-deposit verification process.
Once linked, you can initiate a transfer to "push" funds from your external bank to Ally.
Fees and transfer times will depend on your external bank's policies.
Sub-heading 5.2: Wire Transfers (For Large or Urgent Transfers)
Wire transfers are faster than ACH but typically incur fees.
Gather information for Ally Bank (the receiving bank):
Receiving Bank: JP Morgan Chase Bank, N.A. (Ally uses JP Morgan Chase as their intermediary bank for wires)
ABA/Routing Number: 021000021 (This is JP Morgan Chase's routing number for Ally's wires)
Address: 1 Chase Manhattan PLZ, New York, NY 10005
SWIFT Code or Bank Identification Code (BIC): CHASUS33 (For international wires, though Ally doesn't send international wires)
Beneficiary Account Number: 802904391 (This is JP Morgan Chase's account number for Ally Bank)
Beneficiary Name: List "Ally Bank"
Further Credit: Your Ally Bank Account Number and your name as it appears on your Ally Bank account. This last detail is critical to ensure the funds reach your specific Ally account.
Initiate the wire transfer from your external bank. You'll typically need to do this through your other bank's online portal (if available for wires), by calling them, or by visiting a branch.
Be aware of fees: Ally Bank charges no fee for incoming domestic wire transfers. However, your sending bank will almost certainly charge a fee (often $20-$30 or more) for outgoing domestic wire transfers.
Wire Transfer Limits: Ally Bank has a wire transfer limit of $25,000 for 90 days after you open your first account. After that, limits can be higher, with some sources indicating up to $500,000 for inbound transfers.
Wire Transfer Times: Domestic wire transfers are generally processed on the same business day if initiated before the sending bank's cutoff time (often 3 PM ET). Funds usually become available within a few hours of receipt by Ally.
Sub-heading 5.3: Zelle (For Smaller, Quick Transfers)
Zelle is a peer-to-peer payment service integrated into many banking apps, including Ally's. It's great for sending money quickly to friends, family, or even yourself between your own accounts at different Zelle-enabled banks.
Enroll in Zelle through your Ally Bank online banking or mobile app. You'll link your Ally account to your email address or U.S. mobile number.
Enroll in Zelle with your other bank using a different email or mobile number, or transfer your existing Zelle registration to Ally if you want to receive money there.
Once enrolled at both institutions, you can send money to yourself using your linked email or phone number.
Zelle Limits: Ally Bank has Zelle limits:
Instant transfers: $2,000 daily
Scheduled transfers (up to 3 business days): $5,000 daily
Check your other bank's Zelle limits as well, as they may differ.
Zelle Transfer Times: Money typically arrives in minutes if both banks are part of the Zelle network and the recipient is already enrolled. If the recipient isn't enrolled, it may take 1-3 business days once they enroll.
Zelle Fees: Zelle transfers are generally free.
Step 6: Monitor Your Transfer – Stay Informed!
After initiating your transfer, it's a good practice to:
Check your Ally Bank account (and your sending account) periodically to confirm the funds have arrived.
Review your transaction history for both accounts to ensure the transfer was completed correctly.
If there are any delays or issues, refer to your transfer confirmation details or contact customer support for assistance.
10 Related FAQ Questions
Here are some frequently asked questions about transferring money to Ally Bank:
How to check the status of my transfer to Ally Bank?
You can usually check the status of your transfer by logging into your Ally Bank online banking or mobile app and navigating to the "Transfers" or "Activity" section. It will show pending and completed transfers.
How to cancel a pending transfer to Ally Bank?
If an ACH transfer is still pending, you might be able to cancel it from within your Ally Bank online banking portal under the "Scheduled Transfers" or "Activity" section. Once a transfer has started processing, it generally cannot be canceled. Wire transfers are typically irreversible once sent.
How to find Ally Bank's routing number for transfers?
Ally Bank's primary routing number for most transfers is 124000058. For incoming wire transfers, Ally uses JP Morgan Chase Bank, N.A. with routing number 021000021.
How to handle a failed transfer to Ally Bank?
If a transfer fails, you'll usually receive a notification from Ally Bank or your sending bank. Common reasons include incorrect account/routing numbers, insufficient funds, or exceeding transfer limits. Double-check all details and try again. A returned ACH fee of $30 may apply for failed transactions.
How to transfer a large amount to Ally Bank?
For larger amounts, especially those exceeding typical ACH daily limits, a wire transfer is the most reliable and fastest method. Be aware of your sending bank's wire transfer limits and fees, as well as Ally's initial $25,000 limit for new accounts.
How to set up recurring transfers to Ally Bank?
Yes, once you've linked your external account, you can set up recurring transfers within your Ally Bank online banking. Navigate to the "Transfers" section, choose "Make a Transfer," and select the desired frequency (e.g., weekly, bi-weekly, monthly).
How to transfer money instantly to Ally Bank?
For instant transfers, Zelle is the best option for smaller amounts, provided both your sending bank and Ally Bank support Zelle and you are both enrolled. Wire transfers are also very fast, often same-day, but come with fees.
How to avoid fees when transferring money to Ally Bank?
The best way to avoid fees is to use an ACH transfer initiated from your Ally Bank account. Ally generally does not charge fees for these incoming transfers. Zelle transfers are also typically free.
How to transfer money to Ally Bank without linking accounts?
You can initiate a wire transfer from your external bank to Ally without linking the accounts within Ally's system. However, you'll still need Ally's routing and account information (including the JP Morgan Chase intermediary details for wires). You could also use Zelle if you enroll with different contact information at each bank.
How to contact Ally Bank support for transfer issues?
You can contact Ally Bank customer support by calling 1-877-247-2559. They are available 24/7. You can also send them a secure message through your online banking portal.
