Ally Bank Logo
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4 User Reviews
LAST UPDATED: April 6th, 2021

Ally is a company that offers financial services and has been named “Best Online Bank” by MONEY Magazine four years in a row. One of Ally Banks's main focuses is to provide a comprehensive and unmatched product suite to automotive dealers. It has received multiple awards and recognitions since 2006 for its effort to be the best. Ally began in 1919 as a captive finance subsidiary. Since then, they have evolved into an independent, market-driven company that is philosophically and operationally centered on delivering the best value to customers. Today, Ally Financial is a leading automotive financial services company powered by a top online banking franchise. Their emphasis is the same today as it was nearly 100 years ago to provide best-in-class service and comprehensive, innovative and unmatched product offerings to customers.

 

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The Good

  • Online banking
  • Features
  • Awards and recognitions

Online Banking

Ally is available online only and through mobile devices. Consumers can use any other bank ATM and then will be reimbursed for the ATM fee at the end of the month. If there are other questions one can contact customer service anytime, 7 days a week and talk to an employee. Their total assets are 149,195 million. Founded in 1919 they have provided these services to customers for 100 + years:
  • banking with checking, saving, CDs, IRA
  • Auto Financing
  • Investing
  • Insurance with FDIC deposits are insured by the FDIC up to $250,000 per depositor, for each account ownership category.
  • consumer and commercial finance services

Features

Their focus is with automobile dealers and have a good relationship with them. Ally also benefits with being an online bank such as:
  • A higher Annual Percentage Yield (APY) with a total of 0.60% for checking.
  • No monthly maintenance fees
  • no minimum balance to open
  • 24/7 live customer care - talk to real person
  • Deposit checks remotely with Ally eCheck Deposit
  • Send someone money with Popmoney
  • If you use any ATM in the U.S., Ally automatically reimburse ATM fees charged by other banks at the end of your monthly statement period

Awards and Recognitions

Ally has been the recipient of multiple awards and recognitions over the last several years.  Ally has received recognition from organizations such as:
  • Ponemon Institute
  • Fortune 500
  • The Pew Charitable Trusts
  • TNS Choice Award
  • GOBankingRates
  • Corporate Insight
Part of the reason Ally has received the recognition it has is the volunteer work it does. One ongoing project Ally has been participating in is a partnership with Big Brothers Big Sisters of Greater Charlotte and the Walter G. Byers School. It's a mentoring program that pairs Ally employees with elementary students. Here are some of the goals set by Ally in this partnership:
  • Help children do better in school and avoid getting into trouble.
  • Help children realize their potential and build their futures.
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The Bad

  • No physical branches
  • Lacking services

No Physical Branches

Ally has no physical branches because it is a online bank. The following services and transaction are available for a fee:
  • Cross border/currency conversion transaction. Up to 1% of transaction
  • Returned deposit item $7.50
  • Overdraft and returned items fee (maximum 1 free per day) $9
  • Stop payment item $15
  • Expedited delivery $15
  • outgoing wires (domestic only) $20
  • Account research fee $25 per hour

Lacking Services

Services that Ally does not provide are:
  • Mortgages
  • credit cards
  • certified checks or money orders
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The Bottom Line

Ally Bank has one of the highest APY because they are an online bank and provide other great services regarding automobiles. If you are looking to save more and eliminate most bank fees then this bank provides those services. Skills needed are the ability to learn new apps and technology to access online bank information. Consumers can contact Ally 24/7. There is no denying that Ally is focused on the financial needs that go hand in hand with automotive care. Ally has a variety of products and services designed to help customers such as online savings, auto financing and auto protection. Ally also provides opportunities for customers to connect through social media and finds ways to give back to the community. Our advice: Consider Ally bank as an option if you are looking for the best online bank. If you are looking for a company with physical locations and face-to-face customer service, it would be best to look into another bank.
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Star Rating

4.0

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4 Reviews

Review Breakdown

5 grade

75%

4 grade

0%

3 grade

0%

2 grade

0%

1 grade

25%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Lori Schwab Sandy, UT

This was my first online banking experience. They offered the best CD rates at that time. Customer service was great but I still did miss the brick and mortar. Low minimum deposits to get started too.

4 years ago

star star star star star

Nicholas Brighton, MI

Top notch customer support, checking services, savings, and now investment options! Great savings rates, no-fees for my accounts, and simple to use interface.

2 years ago

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Michael Joplin, MO

I started my lease at the beginning of 2017, made every payment on time and with extra. In August I lost my job and ally refused to work with me they told me to pay or lose the car. I had already paid off my other bills except one..... food. Then when I said that I’d have no money for food for 2.5 weeks they representative rudely said to pay anyway that I didn’t need food. Now I’m not a heavy person I’m average and that pissed me off. The representatives are crass, rude, cocky and arrogant, they jerk your around. This company bends you over and breaks it off in you. Every month I was paying at least $50 to $75 extra and told them I want the extra to go to principle. Come to find out this had t been happening. Then when I lose my job I tell multiple people and their reply was always “I understand and I’m sorry”, yet for their apologies and understanding they don’t do a single thing. I hate this company and hope it collapses in on itself. Their tv ads are crap. They aren’t the allies but the bane to all

3 years ago

star star star star star

Dominique Caballero

The services it offers and no fees to use or hold my money

3 years ago

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