Hailey Johnson
Ally Bank is an online bank that does not charge monthly maintenance fees on its checking or savings accounts. This means that customers do not need to meet any minimum balance requirements or have a certain direct deposit amount to waive fees. Ally Bank also does not charge overdraft fees, although the bank may decline a transaction based on the available funds in the customer's account. Additionally, the bank reimburses customers for fees charged at out-of-network ATMs, up to $10 per statement cycle.
| Characteristics | Values |
|---|---|
| Monthly maintenance fee | $0 |
| Minimum balance to earn interest | $0 |
| Overdraft fee | $0 |
| Out-of-network ATM fee | $0 |
| Wire transfer fee (incoming) | $0 |
| Wire transfer fee (outgoing) | $20 |
| Closing account fee | $0 |
| Foreign transaction fee | $0 |
| Reimbursement for out-of-network ATM fees | Up to $10 per statement cycle |
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What You'll Learn
Ally Bank does not charge monthly maintenance fees
Unlike many other banks, Ally Bank does not charge monthly maintenance fees on its checking or savings accounts. This means that you don't need to meet any minimum balance requirements or have a certain direct deposit amount to waive fees.
Ally Bank is unique in that it operates entirely online and doesn't require customers to go to great lengths to get fees waived. All of Ally's checking and savings accounts are free of monthly fees. For example, the Ally Bank Spending Account has no minimum deposit or balance requirement, no maintenance fees and earns up to annual percentage yield (APY).
Ally Bank also offers a range of other benefits, such as no overdraft fees, no fees for using out-of-network ATMs, and reimbursements of up to $10 per statement cycle for fees charged at other ATMs nationwide.
Ally Bank's online savings account also has no monthly maintenance fees and comes with tools to help grow your money faster. With this account, you can make as many deposits as you like, and there is no limit on the number of transactions you can make.
Overall, Ally Bank's lack of monthly maintenance fees and other charges makes it a cost-effective option for those looking for a convenient and accessible online banking service.
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There are no overdraft fees
Ally Bank is an online bank that does not charge overdraft fees. While many banks charge monthly maintenance fees, Ally Bank does not. This means that you do not need to meet any minimum balance requirements or have a certain direct deposit amount to waive fees.
Ally Bank's Spending Account has no minimum balance requirements or maintenance fees. The bank's Overdraft Transfer Service will automatically transfer funds from either your Ally Online Savings or Money Market account to cover an overdraft. If Ally charges you an overdraft fee, the bank reimburses you. This overdraft protection transfer service is free.
Ally Bank also offers a high-yield savings account with no monthly maintenance fees. This account comes with tools to help grow your money faster, such as savings buckets that help you organize your savings without needing multiple accounts.
In addition to its savings and spending accounts, Ally Bank also offers a Money Market account. This account does not have buckets and boosters, but it does offer a debit card and checks. It is important to note that this account has a limited number of certain types of withdrawals and transfers, including overdraft transfers.
Overall, Ally Bank stands out for its lack of overdraft fees and monthly maintenance fees, making it a cost-effective option for those looking to avoid extra charges.
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No fees for closing an account
Ally Bank does not charge any fees for closing an account. This is in line with the bank's general fee structure, which includes no monthly maintenance fees, no overdraft fees, and no fees for using out-of-network ATMs.
While closing an account with Ally Bank is free, there are a few steps you should take to ensure a smooth transition. First, make sure all checks have cleared and verify that your account is in good standing with no negative balances. Withdraw the majority of your remaining balance and deposit it into your new account, and be sure to cancel any automatic deposits tied to your old account. You can then contact Ally Bank to close your account. This can be done online, in person at a local branch, over the phone, or via a written request.
It's important to note that closing an account may not always be the best option. Before making a decision, consider if there are alternative solutions that can address your concerns. Additionally, be sure to review any potential fees or penalties associated with closing an account, as these can vary depending on the bank and your specific account details.
Overall, while Ally Bank does not charge any fees for closing an account, it is important to follow the proper steps to ensure a smooth transition and avoid any potential issues or complications.
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No charges for using out-of-network ATMs
Ally Bank does not charge any monthly maintenance fees on its checking or savings accounts. This means that you do not need to meet any minimum balance requirements or have a certain direct deposit amount to waive fees.
Ally Bank also does not charge a fee for using out-of-network ATMs. You will be reimbursed up to $10 per statement cycle for third-party ATM surcharges. However, it is important to note that if you use a non-Allpoint or non-MoneyPass ATM overseas, the ATM owner may charge an additional fee, which Ally Bank will not reimburse.
There are more than 75,000 Allpoint and MoneyPass ATMs conveniently located in places like CVS, Walgreens, Target, convenience stores, and other regional retailers. You can use the Ally Bank ATM & Cash Back Locator to find ATMs across the U.S. online or on your mobile device.
While Ally Bank does not charge a fee for using out-of-network ATMs, it is always a good idea to be mindful of any potential fees that may be incurred when using these ATMs. It is also worth noting that Ally Bank does not charge overdraft fees, but they may choose to decline your transaction based on the available funds in your account.
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No fees for receiving wire transfers
Ally Bank is an online bank that does not charge monthly maintenance fees on its checking or savings accounts. This means that customers do not need to meet any minimum balance requirements to waive fees.
Ally Bank does not charge a fee for receiving domestic wire transfers. However, sending a wire transfer from an Ally Bank account to another bank in the US costs $20. This fee is reimbursed if the transfer is made to an Ally Invest account.
Ally Bank does not offer outgoing international wire transfers. However, it may be possible to receive incoming international wire transfers. Intermediary bank fees may apply to these transactions.
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Frequently asked questions
No, Ally Bank does not charge monthly maintenance fees on its checking or savings accounts.
No, Ally Bank does not charge a fee for using out-of-network ATMs. However, you will be reimbursed up to $10 per statement cycle for third-party ATM surcharges.
Yes, while Ally Bank does not charge monthly maintenance fees, there are other fees associated with certain transactions. For example, there is a $20 fee for sending a wire transfer, and there may be charges for exceeding the transaction limit on your account.
To avoid checking account fees, consider choosing a bank that does not have a minimum balance requirement, such as Ally Bank. Maintaining the minimum monthly balance requirements at other banks can also help you avoid maintenance fees.
