How To Deposit Cash Into Ally Bank: A Detailed Guide

by Author
How To Deposit Cash Into Ally Bank

Ally Bank is one of the leading financial service providers in the United States of America, headquartered in Sandy, Utah. They are one of the financial institutions of choice of many Americans.

Ally Bank has a massive 6.5 million customers. And there’s a reason for the bank’s speedy growth. Their high-interest rate, zero monthly fees, ease of use, and other benefits, endears them to people.

But shockingly, Ally Bank is branchless. That is, they don’t have physical structures scattered across the country. However, they have over 9500 employees on their payroll.

Depositing cash into an Ally Bank account is a breeze. It also doesn’t matter whether where you live.

This article shall explain how customers can deposit cash into Ally Bank without breaking a sweat.

Are you ready? Let’s get to business.

Meet Ally Bank

The banking industry is never lacking in innovation. It’s one of the world’s most innovative sectors.

When you consider the likes of Ally Bank, you’ll understand how much things have changed in the sector in the last decades.

Ally Bank is branchless, meaning it doesn’t have a physical structure scattered everywhere. It’s an online-only bank, providing competitive deposit accounts and various financial services.

However, being branchless doesn’t make Ally Bank less functional. Customers can deposit cash, withdraw and interact with customer support like every other bank.

The bank’s support agents have earned positive reviews from customers. And you can solve all your bank-related issues without leaving the comfort of your home. Support agents are always available 24/7 to attend to customer’s complaints.

So, being an online-only bank means customers don’t need to live in Sandy, Utah, the U.S.A where Ally Bank has it headquarter to deposit or withdraw cash. The bank has made provision for that.

You can operate an Ally Bank account from various locations in the United States of America.

Ally Bank is the company Ally Financials’ subsidiary. It was founded in 2009 and emerged from General Motors Acceptance Corporation’s banking division.

Is Ally Bank Safe?

Safety is one of the first things people consider before choosing a bank. No one enjoys losing their hard-earned cash.

Keeping your cash in a bank with a questionable reputation is a high risk. What happens if the bank folds up?

However, Ally Bank’s growth potential is visible for all to see. It has also proven itself repeatedly an online-only bank built on innovation.

Ally Bank is not just a full-service online bank. It has satisfied FDIC (Federal Deposit Insurance Corporation) requirements.

The bank is FDIC-insured, meaning funds deposited by customers are insured to the tune of $250,000 for each individual.

So, even if the bank is no longer in business, you can still get your deposits in full.

How You Can Deposit Cash Into Ally Bank

Considering how Ally Bank operates, it’s easier for customers to get confused. Everything is online.

Opening an Ally Bank account is hassle-free. The only confusion most customers may have is how to deposit cash into their bank account.

Now, let’s not forget that Ally Bank doesn’t have a physical structure where customers can go and hand their cash over to the bank’s employees.

So, how can customers put money into their accounts?

You can deposit money into your Ally Bank account in diverse ways. Let’s have a look at the various processes.

Online transfers:

 This involves moving money from an account in another bank into your Ally Bank account. It’s a quick and easy process for those operating other banks. The only setback is that customers must visit the bank to deposit the cash into your account before transferring to your Ally Bank account.

A Handy Tip: Transfers from other financial institutions to Ally Bank may drop the next day if it’s supported. If not, it might take three days.

Ally eCheck Deposit:

 Check deposit is another way you can put money into your Ally Bank account. It involves depositing a check online, but another way is to use Ally Mobile App. The process is super easy, secure, and accessible. However, please ensure the payee endorses each check properly. They have to sign the back. And below the signature, the payee has to write “For Mobile Deposit Only.”

A Handy Tip: Checks usually take 1 to 3 days to show up in an account.

Wire Transfers: 

You can also use this method to deposit cash into your Ally Bank. But be careful when providing the information that’s required for the transfer to happen. You need to provide the routing number, address, and your Ally Bank account and beneficiary name.

Check sent via U.S. mail: 

You can also send a check to Ally Bank via U.S. mail. Please note that you cannot send cash.

Why Ally Bank Is A Top Choice

Ally Bank has been in existence for quite a long time and has proven itself a leader in online banking. Many factors endear Ally Bank to customers. These range from its award-winning customer service to strong interest rates. Let’s look at the numerous advantages that make Ally Bank a wise choice.

Zero monthly Fees: Most banks deduct exorbitant monthly fees from customer’s accounts. They use the term “monthly maintenance fee” to convince customers not to react.

Excitingly, Ally Bank isn’t one of such banks. They offer zero monthly maintenance fees like most banks.

Being an online-only bank allows Ally Bank to reduce its running costs. They don’t have branches scattered across the country.

So, Ally Bank won’t deduct from the interest it gives to you via monthly fees.

Safe online bank: 

Ally Bank’s customers have nothing to fear. It’s a financial institution with a solid reputation. In addition to being in business for decades, Ally Bank is FDIC-insured. So your funds are safe with them.

Strong support services:

Ally Bank’s customer support among the best in the industry. They make things easier for millions of customers.

The bank’s support agents are available 24/7, so they’re always available to attend to any complaint, inquiry, or challenges raised by customers.

Thousands of customers have spoken highly of this financial services provider’s support team and how they make online banking a breeze.

You can also contact Ally Bank customer support agents via various channels.

A Handy Tip: Ally Bank is branchless, which means your dealings with their support agents are online. However, most persons prefer meeting support agents in person. And for such people, an online-only bank won’t be a wise choice.

ATM branches:

Ally Bank’s numerous ATM centers are one of the bank’s stand-out features. The ATM is free for Ally Bank customers.

Ally Bank has 43,000 ATMs, spread across different parts of the United States of America. This makes using the bank a breeze too.

APY is above the national average:

It feels great knowing that the money you have in your account is increasing. It could even give you the motivation to save more.

Ally Bank’s APY (annual percentage yield) is 0.5 percent, above the national average pegged at 0.04 percent.

Conclusion

Ally Bank is one of the top online-only banks in the United States of America. The financial institution’s innovation and customer-first approach have driven them to greater heights. Customer support is top-notch despite being branchless. You can also deposit money to your account via various means.

The only major drawback in the aspect of cash deposit is the unavailability of a branch. Ally Bank doesn’t have physical branches like other banks. All your dealings with the bank are online.

Related Posts

Leave a Comment