Getting your money out of Ally Bank, an online-only institution, is a common question, especially for those new to digital banking. While you won't find a physical branch to walk into, Ally provides a variety of convenient and secure methods to access your funds. This comprehensive guide will walk you through each option, step by step, so you can choose the best way to get your money when you need it.
Are you ready to explore all the ways you can access your funds from Ally Bank? Let's dive in!
Step 1: Understand Your Ally Bank Account Options
Before you can withdraw money, it's helpful to understand the different types of accounts Ally Bank offers, as this might influence your withdrawal options and limits.
Checking Accounts (Spending Account)
Ally Bank's Spending Account is designed for your everyday transactions, much like a traditional checking account. It comes with a debit card, checks, and access to online bill pay. This is typically where most of your immediate withdrawal needs will be met.
Savings Accounts and Money Market Accounts
These accounts are geared towards saving and earning interest. While you can withdraw from them, there might be transaction limits (often 6 per statement cycle for certain types of transfers/withdrawals) to encourage saving. Money Market Accounts also come with check-writing privileges and a debit card, offering more flexibility than a standard savings account.
CDs (Certificates of Deposit)
CDs are time-deposit accounts with a fixed interest rate for a set period. Withdrawing money from a CD before its maturity date will usually incur a penalty. It's generally not a primary method for regular withdrawals.
Step 2: Utilizing Your Ally Bank Debit Card for Cash Withdrawals
Your Ally Bank Debit Mastercard® is arguably the easiest and quickest way to get cash in hand.
Sub-heading: ATM Withdrawals
Ally Bank offers a vast network of surcharge-free ATMs across the U.S.
Locate a Surcharge-Free ATM: Ally Bank partners with the Allpoint® and MoneyPass® ATM networks. You can find the nearest surcharge-free ATM using Ally's ATM locator tool on their website or mobile app. This is crucial as using out-of-network ATMs might incur a fee from the ATM owner, though Ally Bank often reimburses up to $10 in ATM fees per statement cycle.
Insert Your Debit Card: At the ATM, insert your Ally Bank Debit Mastercard®.
Enter Your PIN: You'll be prompted to enter your Personal Identification Number (PIN).
Select "Withdrawal": Choose the "Withdrawal" option from the menu.
Choose Account and Amount: Select the account you wish to withdraw from (typically your Spending Account) and enter the desired amount.
Daily ATM Withdrawal Limit: Be aware of your daily ATM withdrawal limit. For Ally Bank, this is generally $1,010 after 30 days of opening your account.
Complete Transaction: Confirm the transaction and collect your cash and receipt.
Sub-heading: Cash Back at Point-of-Sale
Many retailers offer a "cash back" option when you make a purchase with your debit card.
Make a Purchase: Use your Ally Bank Debit Mastercard® to pay for a purchase at a store.
Select "Debit" and Enter PIN: When prompted, select "Debit" and enter your PIN.
Request Cash Back: The terminal will often present an option for "Cash Back." Select this and enter the amount you wish to receive.
Receive Cash: The cashier will give you the requested cash, which will be deducted from your Ally Bank account along with your purchase amount.
Step 3: Transferring Money to Another Bank Account (External Transfers)
This is a popular method for moving larger sums or for regular transfers to an external account.
Link External Account:
Log In: Log in to your Ally Bank online banking or mobile app.
Navigate to Transfers: Look for a "Transfers" or "Move Money" section.
Add External Account: You'll need to add your external bank account. This usually involves providing the other bank's routing number and your account number.
Verification Process: Ally Bank will typically initiate small "test" deposits (e.g., two small amounts like $0.15 and $0.23) to the external account. You'll then need to verify these amounts back in your Ally Bank account to confirm ownership. This process ensures the security of your transfers and can take 1-3 business days.
Initiate Transfer:
Select Accounts: Once linked, choose your Ally Bank account as the "From" account and your external linked account as the "To" account.
Enter Amount and Frequency: Specify the amount you want to transfer and whether it's a one-time or recurring transfer.
Confirm: Review the details and confirm the transfer.
Processing Time: External transfers (ACH transfers) typically take 1-3 business days to process and for the funds to become available in the linked account.
Step 4: Using Checks for Payments or Cash
Ally Bank offers complimentary standard checks for its Spending Accounts.
Order Checks: If you don't have checks, you can order them for free through your Ally Bank online account or mobile app.
Write a Check: Fill out a check with the recipient's name, amount, date, and your signature.
To Yourself: You can even write a check to "Cash" or to yourself and cash it at another bank (though the other bank might charge a fee or have policies about cashing checks from external banks).
Deposit or Cash: The recipient can then deposit the check into their own account, or you can cash it at a bank that accepts checks from external institutions.
Step 5: Wire Transfers for Faster, Larger Transfers
Wire transfers are ideal for expedited transfers of larger sums, both domestically and internationally (though Ally Bank no longer offers outgoing international wire transfers). They come with fees.
Domestic Wire Transfers:
Log In: Log in to your Ally Bank online banking.
Initiate Wire Transfer Request: You'll typically find an option for wire transfers in the "Transfers" or "Move Money" section. You might also need to call customer service or complete a domestic wire transfer request form.
Provide Recipient Details: You'll need comprehensive information about the recipient and their bank, including:
Recipient's Full Name and Address
Recipient's Bank Name and Address
Recipient's Account Number
Recipient's Bank's ABA Routing Number (for domestic wires)
Confirm and Pay Fee: Review the details carefully. There is a fee for outgoing domestic wire transfers (typically $20).
Cut-off Time: Ensure you initiate the wire transfer before Ally Bank's cut-off time (generally before 7 PM Eastern Time on business days) for same-day processing. Otherwise, it will be sent the next business day.
International Wire Transfers:
Important Note: As of February 2013, Ally Bank discontinued its outgoing international wire transfer service. If you need to send money internationally, you'll need to transfer your funds to an institution that offers international wire transfers (see Step 3) or use a third-party money transfer service.
Step 6: Requesting an Official/Cashier's Check
For certain large payments where a personal check isn't accepted, an official or cashier's check can be a good option.
Contact Ally Bank Customer Service: Since Ally is an online bank, you'll need to call Ally Bank's customer service at 1-877-247-2559 to request an official or cashier's check.
Provide Details: Be ready to provide the payee's information, the amount, and your account details.
Delivery: The check will be mailed to you or directly to the payee. This process takes several business days for mail delivery. There is no charge for requesting an official/cashier's check from Ally.
Step 7: Closing Your Account and Receiving Remaining Funds
If you decide to close your Ally Bank account entirely, you'll need to transfer all your funds out.
Transfer All Funds: Before closing, ensure all funds are transferred out of your Ally account using one of the methods above (e.g., external transfer to another bank).
Contact Customer Service: Once your balance is zero or close to zero, contact Ally Bank customer service (1-877-247-2559) to formally request the account closure.
Final Statement: You may receive a final statement confirming the account closure.
Frequently Asked Questions (FAQs)
How to withdraw cash from an Ally Bank ATM?
You can withdraw cash from any of the 75,000+ Allpoint® and MoneyPass® ATMs in the U.S. for free using your Ally Bank Debit Mastercard®. Use Ally's ATM locator to find one near you.
How to transfer money from Ally Bank to another bank?
Log in to your Ally Bank account, navigate to the "Transfers" section, and link your external bank account by providing its routing and account numbers. Once linked and verified (via small test deposits), you can initiate an ACH transfer, which typically takes 1-3 business days.
How to find an Ally Bank branch for withdrawals?
Ally Bank is an online-only bank and does not have physical branches for in-person withdrawals. All transactions are handled digitally or through their ATM network.
How to get a cashier's check from Ally Bank?
You can request an official or cashier's check by calling Ally Bank's customer service at 1-877-247-2559. They will mail the check to you or directly to the payee at no charge.
How to check my daily ATM withdrawal limit with Ally Bank?
The standard daily ATM withdrawal limit for Ally Bank is $1,010 after your account has been open for 30 days. You can also review your debit card limits within your online banking account settings or by contacting customer service.
How to get cash back with my Ally Bank debit card?
When making a purchase with your Ally Bank Debit Mastercard® at a participating retailer, select "Debit" and enter your PIN, then choose the "Cash Back" option and specify the amount you want.
How to send a wire transfer from Ally Bank?
You can initiate a domestic wire transfer through your Ally Bank online account, by calling customer service, or by submitting a domestic wire transfer request form. Be prepared to provide the recipient's bank and account details. Note that Ally Bank does not offer outgoing international wire transfers.
How to order checks from Ally Bank?
You can order complimentary standard checks for your Ally Bank Spending Account directly through your online banking portal or the Ally Mobile app.
How to deposit cash into Ally Bank?
Ally Bank does not accept direct cash deposits. You would need to deposit cash into an account at another bank and then transfer the funds to your Ally Bank account via an external transfer.
How to contact Ally Bank customer service for withdrawal assistance?
You can reach Ally Bank's customer service 24/7 by calling 1-877-247-2559. They can assist with various withdrawal methods, account inquiries, and general support.