Many users may need help making deposits at Ally Bank. The basic reason for this doubt is simple: the financial institution has no branches.
We will explain how you can make deposits in this bank and learn more about its structure and operating model.
What is Ally Bank?
Ally Bank is a financial institution that has grown significantly in recent years. It currently has close to 7 million customers. On the other hand, it also has just under 10,000 employees.
It may seem surprising, with these figures, to think of a bank with no branches. However, this is exactly what happens with Ally Bank. But, having no physical facilities does not mean that it does not have a well-structured financial business model that can be called upon for different services and products.
On the other hand, the bank has stood out in recent years because of its high-interest deposits. These deposits were combined with accounts with 0% commissions, which made (and still makes) it a very interesting product for many Americans.
A relevant aspect of the entity is that it has managed to obtain very good ratings in terms of customer service. That is very important for an Internet bank. The bank has 24/7 support every day of the year. Therefore, regardless of whether or not there are branches, customers always have human resources to contact and resolve their doubts.
Security at Ally Bank
Those users who still have doubts about the security of Internet banks should note that, in this case, it meets all the requirements of the FDIC (Federal Deposit Insurance Corporation).
To meet the FDIC requirements, the funds deposited by a client will be insured for a sum of $250,000 per person. That guarantees that, even in case of bankruptcy of the entity, these funds are protected. However, it should be noted that protection above that amount is no longer considered or insured.
Cash Deposits at Ally Bank
If you’re considering becoming a customer of Ally Bank, you’re probably wondering how to make a cash deposit.
First of all, you have to consider that since they don’t have physical entities, you can’t go to a branch and deposit your money. Therefore, you should look for a possible alternative that will allow you to make the deposit. The most common options are the following:
Make an online transfer to Ally Bank
This is actually the most used alternative. You will move money from an online account to your account at this bank. The interesting thing is that the money in question can come from different places rather than exclusively from an Internet bank. You need to have access to the electronic banking of the entity from which you are going to send the money.
A way to do this is to deposit cash at a bank with branches and where you have an open account with electronic banking. Once the money is deposited in that first account, you can make a wire transfer to deposit at Ally Bank. The money you deposit over the counter is credited immediately. The transfer will be delayed depending on the usual between financial institutions, generally when they are compatible in 24 hours and if not in a maximum of 72 hours.
Depositing a check into your Ally Bank account
It is also possible to make a deposit with a check at Ally Bank. But, logically, this cannot be a physical check since there are no branches.
You have to resort to online checks; it is a simple process that can be even faster and simplified through the bank’s mobile application. Of course, the beneficiary must endorse the statement correctly. You can do this with the signature on the back and below the sign indicating that it is an exclusive check for mobile deposit.
These checks are usually credited within 24 hours to 72 hours.
Other alternatives for depositing cash at Ally Bank
The two options we have previously reviewed are the most common. Another option could be to send a check to the bank by mail. It is important to remember that it must always be a check; sending money through the U.S. Postal Service is not allowed.
Also, it would be possible to make an offline transfer from an in-person branch. That is, go to the bank where you have a bank account, deposit the money, and immediately request a transfer to your Ally Bank account. The process is very similar to doing it online, but an agent will do it for you in this case. It will take about the same time as an online transfer.
In short, although it is a bank that only operates on the network, this does not prevent you from making deposits and financial transactions. Also, remember that it is one of the banks with the best APY yield offer, which has led it to be one of the most valued among the neobanks in the country.