Thinking of moving your money from Wells Fargo to Ally Bank? You're not alone! Many people choose to diversify their banking relationships or switch to online-only banks like Ally for their competitive interest rates and user-friendly interfaces. While it might seem a bit daunting at first, transferring funds between two different financial institutions is a fairly straightforward process once you know the steps.
Let's dive in and get you started!
Step 1: Prepare for a Smooth Transfer – Let's Get Organized!
Before you initiate any transfer, it's crucial to have all your ducks in a row. This will save you time and prevent any potential headaches. So, let's gather the necessary information:
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1.1 Access Your Online Banking:
- Make sure you have active online banking access for both your Wells Fargo account and your Ally Bank account. If you haven't set them up yet, now's the time!
- Pro Tip: Have your usernames and passwords handy. It's easy to forget them when you don't log in regularly.
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1.2 Gather Account Details:
- For Wells Fargo (the sending bank): You'll need the account number and routing number of the specific Wells Fargo account you wish to transfer funds from. You can usually find these on your checks, bank statements, or by logging into your Wells Fargo online banking.
- For Ally Bank (the receiving bank): You'll need the account number and routing number of the Ally Bank account you wish to transfer funds to. Similarly, these can be found in your Ally Bank online account, on statements, or by contacting Ally Bank customer service.
- Important Note: Double-check these numbers! A single incorrect digit can cause significant delays or send your money to the wrong place.
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1.3 Understand Transfer Limits and Fees:
- Wells Fargo: Wells Fargo has daily and monthly limits for external transfers, especially for online transfers. These can vary based on your account type and history. For instance, some sources indicate daily limits for Digital Wires can vary, and ExpressSend (a separate service for international transfers to certain countries) has a daily limit of $5,000 and a 30-day limit of $12,500. It's always best to log in to your Wells Fargo online banking or call their customer service to confirm your specific limits. Wire transfers typically have higher limits but also come with fees.
- Ally Bank: Ally Bank also has transfer limits. For ACH (Automated Clearing House) transfers, which are the most common type for bank-to-bank transfers, Ally Bank's outbound transfer limit is reportedly around $150,000, and inbound transfers up to $500,000. Wire transfer limits are generally higher, but for new accounts, there might be a 90-day limit of $25,000 for wire transfers to protect against fraud.
- Fees: Generally, standard ACH transfers between banks are free. However, if you opt for a wire transfer for faster delivery or larger sums, fees will apply. Wells Fargo typically charges around $25 for outgoing domestic wire transfers (and $40 in a branch). Ally Bank charges about $20 for outgoing domestic wire transfers, and incoming domestic wire transfers are generally free. Always verify current fees with both banks.
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| How To Transfer Money From Wells Fargo To Ally Bank |
Step 2: Choose Your Transfer Method – Speed vs. Cost!
There are primarily two ways to transfer money between Wells Fargo and Ally Bank, each with its own benefits and drawbacks:
QuickTip: Absorb ideas one at a time.
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2.1 ACH Transfer (Automated Clearing House):
- This is the most common and usually free method for bank-to-bank transfers.
- Pros: Typically no fees, easy to set up online, can be recurring.
- Cons: Takes longer. ACH transfers generally take 1-3 business days to complete. If you initiate a transfer on a Monday, it might not be available in your Ally account until Thursday. Holidays and weekends can extend this timeframe.
- Where to initiate: You can usually initiate an ACH transfer from either Wells Fargo or Ally Bank's online banking portal. It often makes sense to initiate the transfer from the bank you are pulling the money into, as you have more control over the receiving account.
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2.2 Wire Transfer:
- This method is for faster delivery but comes with a fee.
- Pros: Faster. Domestic wire transfers can often be completed on the same business day, especially if initiated early in the day.
- Cons: Fees apply. As mentioned, both Wells Fargo and Ally Bank charge for outgoing wire transfers.
- Where to initiate: Wire transfers are typically initiated from the sending bank (Wells Fargo in this case). You might need to visit a branch for larger sums or specific security protocols.
Step 3: Initiating the Transfer from Wells Fargo (Common Method)
Many users find it intuitive to initiate the transfer from their originating bank. Here's how you'd typically do it from Wells Fargo:
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3.1 Log In to Wells Fargo Online:
- Go to the Wells Fargo website (
wellsfargo.com
- Go to the Wells Fargo website (
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3.2 Navigate to Transfers:
- Look for a section or tab usually labeled "Transfer & Pay" or simply "Transfers."
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3.3 Add External Account (if not already linked):
- If you haven't transferred to Ally Bank before, you'll need to add Ally Bank as an external account. Look for an option like "Add Non-Wells Fargo Accounts" or "Add External Account."
- You will be prompted to enter Ally Bank's:
- Bank Name: Ally Bank
- Routing Number
- Account Number
- Account Type (Checking or Savings)
- Security Verification: Wells Fargo will likely need to verify ownership of the Ally Bank account. This often involves small "micro-deposits" (usually two small amounts like $0.12 and $0.23) sent to your Ally account. You'll then need to confirm these amounts back in your Wells Fargo online banking. This verification process can take 1-3 business days. You won't be able to make the transfer until this verification is complete.
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3.4 Schedule Your Transfer:
- Once Ally Bank is linked and verified, go back to the "Transfers" section.
- Select the Wells Fargo account you want to transfer money from.
- Select your linked Ally Bank account as the destination.
- Enter the amount you wish to transfer.
- Choose the frequency (one-time or recurring).
- Select the date you want the transfer to occur.
- Optional: Add a memo for your records.
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3.5 Review and Confirm:
- Carefully review all the details of your transfer – the amount, the sending account, the receiving account, and the date.
- If everything looks correct, confirm and submit the transfer. You should receive a confirmation message.
Step 4: Initiating the Transfer from Ally Bank (Alternative Method)
You can also pull money from Wells Fargo into your Ally Bank account. This is often preferred as you're working within the interface of the bank where you want the funds to land.
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4.1 Log In to Ally Bank Online:
- Go to the Ally Bank website (
ally.com
- Go to the Ally Bank website (
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4.2 Find the Transfer Option:
- Look for a section or tab typically labeled "Transfers" or "Move Money."
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4.3 Link External Account (if not already linked):
- Similar to Wells Fargo, if you haven't linked your Wells Fargo account before, you'll need to do so. Look for an option like "Link Other Accounts" or "Add External Account."
- You'll provide Wells Fargo's:
- Bank Name: Wells Fargo Bank, N.A.
- Routing Number
- Account Number
- Account Type (Checking or Savings)
- Verification: Ally Bank will also use micro-deposits to verify your Wells Fargo account. This process can take up to three business days. You'll need to log back into your Ally account and confirm the amounts once they appear in your Wells Fargo statement.
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4.4 Set Up the Transfer:
- Once your Wells Fargo account is linked and verified, go back to the "Transfers" section.
- Select your Wells Fargo account as the account you want to transfer money from.
- Select your Ally Bank account as the account you want to transfer money to.
- Enter the amount you wish to transfer.
- Choose the frequency (one-time or recurring).
- Select the date you want the transfer to occur.
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4.5 Review and Submit:
- Double-check all the transfer details – the amount, the source account, the destination account, and the date.
- Confirm and submit your transfer. You'll receive a confirmation.
Step 5: Monitor Your Transfer – Patience is a Virtue!
After you've initiated the transfer, the waiting game begins.
QuickTip: Pause before scrolling further.
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5.1 Check Transaction History:
- Regularly check the transaction history in both your Wells Fargo and Ally Bank accounts.
- You'll first see the debit from your Wells Fargo account, followed by the credit to your Ally Bank account.
- Remember: ACH transfers are not instantaneous. Allow the full 1-3 business days (or more if a weekend or holiday falls within the period) for the funds to fully settle.
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5.2 Understand Processing Times:
- Wells Fargo to Ally Bank (initiated from Wells Fargo): Wells Fargo states that transfers from your Wells Fargo account to an account at another financial institution initially have a delivery speed of 2 business days.
- Ally Bank to Wells Fargo (initiated from Ally Bank): Ally Bank states a standard transfer from an Ally Bank account to a non-Ally Bank account takes 3 business days. Certain accounts may be eligible for next-day transfers based on account tenure and activity.
- Note on Cut-off Times: Both banks have daily cut-off times for transfers. If you initiate a transfer after the cut-off time, it will be processed on the next business day, which will add another day to the overall transfer time. These cut-off times are usually available in their online banking FAQs or by contacting customer service.
Troubleshooting Tips:
- Incorrect Information: If you made a mistake with account numbers or routing numbers, contact both banks immediately. The sooner you act, the better the chance of resolving the issue.
- Transfer Delays: If your transfer is taking longer than expected, first check the transaction history in both accounts for any messages or processing updates. If there's no clear reason for the delay, contact the customer service of the bank from which you initiated the transfer.
- Limits Exceeded: If your transfer is rejected due to exceeding limits, you'll need to reduce the amount or consider a wire transfer for larger sums, keeping in mind the associated fees.
Frequently Asked Questions (FAQs):
Here are 10 common questions about transferring money between Wells Fargo and Ally Bank:
How to link Wells Fargo to Ally Bank for transfers? You can link Wells Fargo to Ally Bank by logging into your Ally Bank online banking, navigating to the "Transfers" or "Move Money" section, and selecting the option to "Link Other Accounts." You'll then input your Wells Fargo account number and routing number. Ally Bank will typically send small micro-deposits to your Wells Fargo account for verification, which you'll need to confirm in your Ally online banking.
How to initiate a transfer from Wells Fargo to Ally Bank? Log in to your Wells Fargo online banking, go to the "Transfer & Pay" section, and choose to add an external account (if Ally Bank isn't already linked). Once linked and verified, select your Wells Fargo account as the "From" account and your Ally Bank account as the "To" account, enter the amount, and submit.
QuickTip: Skip distractions — focus on the words.
How to initiate a transfer from Ally Bank to Wells Fargo? Log in to your Ally Bank online banking, navigate to the "Transfers" section. If your Wells Fargo account isn't linked, add it as an external account using its routing and account numbers. Once linked, select your Wells Fargo account as the "From" account and your Ally Bank account as the "To" account, enter the amount, and submit.
How to find Wells Fargo routing number for transfers? Your Wells Fargo routing number can be found on your checks (the first nine-digit number at the bottom left), your online banking portal under account details, or by calling Wells Fargo customer service.
How to find Ally Bank routing number for transfers? Your Ally Bank routing number can be found by logging into your Ally Bank online banking, under your account details, or by contacting Ally Bank customer service.
QuickTip: Focus on one line if it feels important.
How to speed up a Wells Fargo to Ally Bank transfer? For faster transfers, you can opt for a wire transfer instead of an ACH transfer. While ACH typically takes 1-3 business days, a domestic wire transfer can often be completed on the same business day if initiated before the bank's cut-off time. Be aware that wire transfers usually incur fees.
How to check the status of a transfer from Wells Fargo to Ally Bank? You can check the status of your transfer by logging into both your Wells Fargo and Ally Bank online banking accounts and reviewing your transaction history. The transfer will typically appear as a pending or completed transaction in both accounts.
How to cancel a transfer from Wells Fargo to Ally Bank? If you need to cancel a transfer, you must act quickly. Log in to the bank from which you initiated the transfer (either Wells Fargo or Ally Bank) and look for an option to view or edit scheduled transfers. If the transfer is still pending and hasn't begun processing, you may be able to cancel it online. If it's already in process, you'll need to contact the bank's customer service immediately to see if a recall is possible.
How to avoid fees when transferring money from Wells Fargo to Ally Bank? To avoid fees, always opt for an ACH (Automated Clearing House) transfer. Both Wells Fargo and Ally Bank typically offer these external bank-to-bank transfers for free. Avoid wire transfers if you want to bypass fees, as they almost always come with a charge.
How to transfer large amounts of money from Wells Fargo to Ally Bank? For very large sums exceeding typical ACH transfer limits, you may need to use a wire transfer. Contact both Wells Fargo and Ally Bank beforehand to understand their specific limits for wire transfers and any associated fees. Wells Fargo might require you to visit a branch for higher limit wire transfers.
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