Ally Bank has emerged to be one of the best in the past few years now, and it has been considered to be one of the best options to go for when it comes to online banking, and it has a huge impact on their consumers with its high-interest savings accounts which is easy-to-use on the online platform. In our recent review, we got to find out that Ally Bank is a well-founded choice anyone could go for as long as you desire free online banking, but must also know that Ally Bank has advantages and disadvantages too.
From our findings Ally Bank has a mouthwatering offers such as; 24/7 customer service, their interest rate are not on the high side, but they are very much competitive, so you can earn a good return without putting much effort into chasing rates, all these and more are what its been offered to their customers, that’s why it has been considered one of the best but lets not forget that whatever has an advantage also has a disadvantage too and Ally Bank is not exceptional, just as it has advantages, it also has disadvantages too. So we will discuss Ally Bank advantages and disadvantages in this article.
What’s Ally Bank About?
Ally Bank is an Internet-banking system based in Utah. Because Ally is an online bank, they do not have any physical branches of their banks for consumers to visit, and all Ally banking transactions are performed exclusively online. Ally is part of Ally Financial, Inc., it’s headquartered is in Detroit, MI. Ally is FDIC-insured, in other words, your accounts receive up to $250,000 in coverage per person.
Types Of Accounts In Ally Bank
- Money market account
- CD account
- Interest checking account
- Online savings account
- Loan account
- Investment account
- IRA and Trust account
Allys Bank Advantages And Disadvantages
Below here are an outlined list of the advantages and disadvantages of Ally Bank.
- No Fees: Ally Bank charges no fees at all. And when I say no fees, it simply means a zero maintenance fee.
- Interest-Paying Checking: Ally Bank has an interest checking account where you put your money to work for you with an interest-paying checking account.
- No Account Minimums: With Ally Bank, no minimum amounts are been required to open or even maintain an account.
- Easy-to-Use Online Interface: Ally Bank’s online dashboard is a no-brainer.
- 24/7 Customer Service: Ally has provision for their customers to be able to always reach a live human for assistance whenever the need may arise, this is another factor that makes Ally Bank unique.
- eCheck Deposit: Ally Bank happens to be one of the online banks that have the facility to cash checks online. All you need do is just snap a photo of your check front and back and upload it. You’re good to go.
- No Cash Deposits: Ally Bank is exclusively an internet banking system so you can’t deposit cash into your accounts.
- Transaction Limits for Savings: After six transactions in a month, you will have to pay $10 per exchange with the savings accounts.
- No Physical structure Locations: Ally Bank has no physical structure, so if you need a bank where you can meet with their employee one on one then its not Ally Bank.
- Delay with withdrawals: Withdrawals from online banks take 2-3 days.
- Appropriate record keeping: no filling out of physical paperwork and mailing it to customers to be able to open an account in Ally Bank.
In conclusion Ally bank still remains one of the best but whatever has an advantage also has a disadvantage too.
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