Ally Bank And Zelle 2023: What to Expect & Limits
Ally Bank is now offering Zelle, a new peer-to-peer money transfer service that allows you to send money directly between almost any bank account in the nation.
Ally Bank customers can link their checking account with an eligible Ally Bank Money Manager for free and manage their transactions on the go through one of the most user-friendly apps available.
What is Ally Bank?
Ally Bank is an FDIC-insured bank with its corporate headquarters in New York. It provides financial products and services, including savings accounts, CDs, money market accounts, checking accounts, IRA plans, and certificates of deposit (CDs).
Ally offers auto financing as well as home loans across the nation. With almost 80 years of experience serving its customers, Ally has been an industry leader in saving and budgeting advice as well as customer service.
How Does Ally Bank Work?
Ally offers a suite of high-quality financial products and services, including savings accounts, CDs, money market accounts, checking accounts, and certificates of deposit (CDs). Ally Bank has an extensive history of helping customers make wise financial decisions.
Additionally, its mobile apps are available for both Apple iOS and Android devices. Customers can also manage their Ally Bank accounts on their computers.
What Are The Advantages Of Ally Bank?
- Ally has a great interest rate on its savings account as well as competitive CD rates.
- Ally offers ATM fee reimbursements at Ally ATMs as well as worldwide customer service by Ally professionals, which makes Ally one of the best online banks in America.
- Ally's high-interest checking is also a major advantage for Ally customers because it allows you to have unlimited check writing abilities with Ally's high-interest checking account.
- Ally has its own app that allows Ally customers to use Ally features on the go, which is convenient when you are in a hurry.
- Ally also offers overdraft protection reimbursement at Ally ATMs, which is great for people who are not able to handle Ally's overdraft fees. Ally No Penalty CD offers great interest rates plus the convenience of being able to withdraw your funds without penalty fees.
What Are The Disadvantages Of Ally Bank?
- Ally customers can't use Ally ATMs to deposit funds into Ally accounts.
- There is also Ally's monthly fee that is charged when you don't meet the Ally monthly deposit requirement, which makes Ally one of the best online banks in America.
- Ally doesn't have a branch or any Ally employees that you can walk into from Ally. Ally customers can contact Ally via phone, text, and email for any questions.
What is Zelle?
Zelle is a payment app that allows you to transfer money between almost any checking account or bank within the nation. It scans your checking and savings accounts and finds eligible transfers to help you make them through the app. There is no fee to use Zelle, and anyone with a bank account can be paid through it.
How does Zelle work?
Zelle works by using your basic information like your name and phone number or email address to connect you with another person who has a bank account in the U.S. All transactions are sent directly to your bank account within minutes, and there is no fee.
Zelle was developed as a service that is integrated into many of the major financial institutions' apps and websites. To send or receive money, one must be a customer of one of these banks.
There is no need to enter bank information into the Zelle app itself. When sending or receiving money, you will only need the email address or phone number of the person you are sending it to.
For example, in order to send $100 to your friend using Zelle, all you would need is their name and phone number. Once sent, it takes minutes for the transaction to complete, whereas most other payment services can take several days to complete.
What Are The Advantages Of Using Zelle?
- It does not require sensitive account information to send money.
- Do not apply a transaction fee for one's own bank.
- It does not have limits on the amount that can be sent or received per day, but some banks may have limits on usage.
- The main benefit is its ease of use and security of money transfers.
- It does not require a credit card or debit card to send or receive money.
What Are The Disadvantages Of Using Zelle?
Zelle is very limited on what it can do as a service at this time. Currently, you cannot send money internationally with Zelle, meaning no foreign bank wire transfers; you cannot send money to friends or family that are not customers of the same bank, and you cannot use Zelle for businesses to send money at this time.
How Do You Link Ally Bank With Zelle?
Link your accounts by following these simple steps:
- Open the Zelle app on your phone
- Select "Settings" (the gear icon) at the bottom of the screen
- Go to "Add New Bank Account" and enter the following:
- Ally Bank
- Account Number (can be found on your check or by logging into online banking)
- Routing number (can be found at the bottom of a check)
- Account Type (Checking)
Then press "Done." If, for any reason, an error pops up, try again.
Once your accounts are linked, you can now use Zelle to transfer money from your Ally checking account to anyone who has a bank account in the nation.
In order for transfers from Ally Bank to be available through Zelle, a customer must link their external banking information with a mobile phone number or email address to their Ally Bank Money Manager.
What are the benefits of linking accounts?
There are many benefits to linking your Zelle account to an external checking account at Ally Bank. The app is free and easy to use, so you can transfer money between any bank account for free with Zelle. Plus, you'll have access to funds from your Ally account through Zelle in minutes, along with alerts when a transfer occurs. You can also check your balance by using the app and see all of your recent transactions.
How do I set up my new bank information?
Zelle can be used with checking and savings accounts at almost any bank within the nation. Once you're ready to link your new account, simply open Zelle on your mobile phone or tablet and go to "Add New Bank Account" in Settings. Then, choose Ally Bank from the list of available options. You will need to enter your Ally credit/debit card information and the routing and account numbers on your check.
What do I enter for my credit/debit card information?
When you're setting up a new account, you'll need to enter your Ally credit/debit card info, as all payments made with Zelle come from our customers' checking or savings accounts. You can also enter an Ally ATM or Ally branch location for this information to make it easier to log in.
Can I use a mobile number and/or email address?
Yes, you can set up your Zelle account by entering a mobile number or email address. You can also add both mobile and email if you'd like, whatever is more convenient. If you have a mobile number on file with us, that will be the default method of delivery for your alerts and notifications from Ally Bank.
What happens after I submit my information?
Once you submit your Zelle customer information, our team will review it within two business days. During this time, we'll attempt to match your information with your Ally account. If there are any problems, we will contact you directly.
Can I send money to an email address instead of a phone number? What if I don't have an Ally bank account?
Yes! You can use Zelle to send money to another person by entering their email address or mobile phone number. The person receiving funds will need to claim the money, so they have to have an active bank account at another financial institution. You can also send money if you don't have an Ally Bank checking or savings account. All you need is a debit card with online bill pay to get started using Zelle.
Is it safe to use Zelle?
Yes, Zelle allows you to quickly and easily send money directly from your bank account to anyone's bank account within the nation. Plus, Zelle has a number of security features to keep your information safe. We'll never ask for sensitive customer info like PINs or social security numbers through email or text that would put your personal safety at risk. Zelle is monitored 24/7 for fraudulent activity and uses security measures like multi-factor authentication and industry-leading fraud monitoring to help protect you from unauthorized transactions.
How do I cancel my bank account within the nation?
If you no longer wish to use Zelle, simply follow these steps:
Log in to your Ally Bank account to go to the Alerts & Transfers section.
Click on "Manage Zelle" and then click "Remove."
Is it safe to use Ally Bank?
Ally Bank takes security very seriously, and we've earned the highest level of banking security for institutions our size. We protect your information with strong password policies, unique user names; bank-level encryption; and two-factor authentication (like a physical key fob or phone verification) when you sign in or access your account from a new browser, location, or device. We also regularly monitor your accounts for any suspicious activity and alert you through text messages and emails if we spot anything out of the ordinary. You can't do this with PayPal or Venmo, which is why we think Zelle belongs at Ally Bank.
Now talking about the limits, Ally Bank has a Zelle limit.
The daily limit is only $500 per day, while the monthly limit is $10,000.
At this point, it talks about how Zelle was made by a group of banks, and more features are expected to be added.
In a nutshell, Ally Bank is the safer payment provider, and Zelle has limits. Also, Zelle is monitored for fraudulent activity.