It is vital that you know all there is to know about your Ally Bank Routing Number. Knowing so helps you transfer funds to and from your account with ease.
- 1 Ally Bank Routing Number Savings
- 2 Wire transfer using Ally Bank Routing Number
- 3 More Services from Ally Bank
Ally Bank Background
Ally Bank is purely online. You can open a deposit account and avail other financial services. This bank is ideal for those who want a savings account online with no maintaining balance. The savings account comes with a free checking account and a debit card, which you may use for online payments.
The other perks of Ally Bank would be a competitive return on your savings while you also earn more with Certificates of Deposit [CD]. It has access to over 43,000 Allpoint ATMs all over the United States. Nevertheless, there would be no way for you to deposit your cash directly to your Ally Bank account since there is no physical bank. Besides, it takes 2-3 banking days to withdraw money from your online bank.
Ally Bank Routing Number Savings
There would a more than one routing number for Ally Bank. Refer to the following list to avoid missing out any number and having your funds land somewhere else.
- 124003116 Ally Bank, 1100 Virginia Drive, Fort Washington PA 19034
- 031176136 Ally Bank, 1100 Virginia Drive, Fort Washington PA 19034
- 124085011 Ally Bank, 440 South Church St, Charlotte NC 28202
- 072014477 Ally Bank, Charlotte NC
Wire transfer using Ally Bank Routing Number
If you need to wire transfer, file a request through Ally Bank’s online wire transfer form, or you may print the form and fax it to 1-866-608-2635. However, to complete the filing you will need the following:
- account number of the beneficiary
- number of your Ally Bank account
- name of the recipient
- your exact name on Ally Bank
Take note that there is a $20 charge for every outgoing domestic wire transfer. However, if you transfer from your Ally Bank account to your Ally Invest account, there is an automatic reimbursement for the $20 fee 2 business days. Meanwhile, you cannot request for an international wire transfer. For further assistance, call 1-877-247-2559.
Receive Wire Transfer to Ally Bank from another US Bank
You may also receive money into your Ally Bank account from a different US Bank. You only need to give the following information to the one sending you money:
- Bank Name: Ally Bank
- Routing Number: 124003116
- Bank Address: 6985 Union Park Center, Midvale, UT 84047
- Recipient’s Account number: Your Ally Bank Account Number
- Recipient’s Account Name: Your name as it appears on your account
International transfer Using Ally Bank Routing Number NY
JP Morgan Chase Bank processes the international wire transfer for Ally Bank. Hence, you need to give the following information to the one who will send you money.
- Bank Name: JP Morgan Chase Bank, N.A. as receiving bank
- Routing Number: 021000021
- Bank Address: 1 Chase Manhattan PLZ, New York, NY 10005
- SWIFT CODE: CHASUS33
- Recipient’s Account Number: 802904391
- Recipient’s Account Name: Ally Bank
- Further Credit: Your exact Ally Bank account number and account name
Ally Bank will not charge anything to receive a wire transfer to your account. However, the mediating bank may collect an intermediary processing fee.
More Services from Ally Bank
Online Savings Account
This savings account earns 2.2 percent APY on deposit no matter how much your account balance would be. You may put in money into your account by transferring from another account, mailing checks for deposit, wiring funds, or through mobile check deposit. Take note that there are no fees every month, and you may get your money by transferring funds from your online account to a whichever bank account you linked to it. You may also transfer to other Ally Bank accounts.
If you want an ATM card and have access to your cash, it is best to open a Money Market Account or an Interest Checking Account since the savings account does not offer such a feature.
Money Market Account
This type of account makes it easy for you to use your money regularly. It’s a combination of a checking account and a savings account. You can use your money instantly, and you also earn interest. You get a free debit card with this account; this is how you can spend your money. There is, however, a monthly maintenance fee. Nevertheless, ATM access is similar to that of Ally’s checking account. Meanwhile, you receive the following benefits:
- 0.90 percent for balance below $25,000
- 1.00 percent for balance above $25,000
Do take note that withdrawals could be limited to six per month under federal regulations. Using your ATM to withdraw has no limit, but the limit would include payments and transfers from your account.
This account is a free checking account, but you still get some return on your cash. There is no monthly fee for maintenance, and you may withdraw at any Allpoint ATM. Meanwhile, you would receive up to $10 per statement cycle as rebate charges when using other ATMs. With this account, you may also send P2P payments using Zelle and deposit checks with the mobile app. To boot, you may pay bills and even schedule payments. Meanwhile, here would be the interest that your account could earn:
- For balance less than $15,000, get 0.10 percent.
- For balance larger than $15,000, get 0.60 percent.
Certificates of Deposit
You can get a certificate of deposit from Ally Bank as well. They have standard and liquid options. You can choose which one fits your needs best.
Ally’s standard CDs are called High-Yield CDs and would need you to leave funds in the bank. Consequently, you may receive higher rates upon issuance, but this is constant until your account matures. Of course, if you decide to cash out of this kind of CD before maturity, you would pay a withdrawal penalty.
Raise CD Rates
There are CD rates that could increase so that you won’t be stuck with too low returns. If Ally announces a rise in the interest in products that you may have, log in and ask Ally to increase yours. If your CD is running for two years, you may request for an increase once within the term. If you have four-year CDs, then you have two chances. You get 2.50 percent APY for both two- and four-year raise.
No Penalty CDs
Ally also offers liquid CDs, or the No Penalty CDs, which helps you avoid committing your money with the bank for a set period. This feature allows you to cash out early, especially when utterly high-interest rates take place. This type of CD runs for 11 months. Nevertheless, you may cash out 100% of your fund after waiting six days. Here are the interests that you may earn:
- deposit of less than $5,000; 1.80 percent
- deposit between $5,000 and $25,000; 2.15
- deposit of more than $25,000; 2.30 percent
Meanwhile, here are other services that you can avail of from Ally Bank. Visit any of their offices or their site to check out the following:
- Loan Options
- IRA and Trust accounts
- Investment Options
We hope that this article has been helpful to you. If you have any story that you would like to share about Ally Bank or wire transfer, or if you have any questions, please leave a message in the comment section below.