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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.

 

Rank Chart
Total Assets
Branches
Our Score
#1
$1.85
6,000+
7.9
#2
$2.185
4,861+
7.1
#3
$30.7
500+
6.9
#22
ally
$158.85
1
5.7

The Good

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

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

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.

The Bad

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

Services that Ally does not provide are:

  • Mortgages
  • credit cards
  • certified checks or money orders

Ally also has a B- with the better business bureau. Though this is not necessarily a bad thing, it is much lower than the A’s that other banks have.

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.

Services Offered

Here are the services offered by Ally at the personal level:

  • Interest checking
  • High yield CD
  • No penalty CD
  • Raise your rate CD
  • Money market
  • Online savings
  • Individuals retirement accounts
  • Auto financing
  • Auto leasing
  • GM vehicle service contracts

Here are the Ally products at the business level:

  • Corporate finance
  • Business auto financing and leasing

Here are the Ally products for dealer services:

  • Retail financing and leasing
  • Dealer insurance
  • Remarketing
  • Auto protection

Time in Business

Ally has been in business since 1919. Assisting customers for 100+ years with banking transactions and auto financing.

Mobile Friendly

Yes. It is an online bank and all of their information is through mobile apps. Ally is also found on facebook, twitter, and instagram where they keep information updated and address customers concerns.

Profitability

Through their annual financial report which can be found online that their return of assets (ROA) is 1.1% and return of equity (ROE) is 11.2%.

Ref. http://www.ally.com/files/sections/investor/pdf/2014-10k.pdf

Liquidity

$8.8 billion in total liquidity for the company

Fees:

Yes. There are different fees than other banks. For checking the fees include:

  • 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

For saving account they include:

  • Returned deposit item $7.50
  • Overdraft item paid or returned (maximum 1 fee per day) $9.00
  • excessive transaction(s) fee $10.00 per transaction
  • expedited delivery $15.00
  • outgoing wires (domestic only) $20.00
  • account research fee $25 per hour

Ref.  http://www.ally.com/bank/interest-checking-account/ ; http://www.ally.com/bank/savings-account-rates/

Availability

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.

Services Available

Ally Bank provide services for checking, savings, and CDs. They also are great with auto financing. Provide bank insurance for accounts up to $25,000. Also offer ways to invest with their company

Contact Information:

Address:

1100 Virginia Drive,

Fort Washington, PA 19034

Phone:

(866) 246-2265

Hours:

24 hours a day, 7 days a week

Customer Service Call

Customers can call, email, and mail information to the company

Are there any inaccuracies in this review? We take our accuracy very seriously and would love your feedback. Give feedback here.

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