How to Transfer Money From Chase To Ally Bank | Shifting Fund
How to transfer money from chase to ally bank? Transferring money from Chase to Ally Bank is something that many people have been doing more recently due to the fact that both of these banks are some of the few that actually offer free checking accounts.
Even so, the process of transferring money between them isn't extremely straightforward, so I thought it might be helpful for me to write an article about it and try to make it as easy as possible for you.
I'm going to show you exactly what I did so that I could transfer money from my Chase account to my Ally Bank account. The good news is that I can do it from either of their websites, so if you have a Chase login or an Ally login, then you should be able to follow along with this article and get the process done yourself pretty quickly.
How To Transfer Money From Chase To Ally Bank?
In this article, I am going to tell you how to transfer funds from chase to Ally Bank account using various methods. The methods to transfer money are being mentioned below:
How To Transfer Money From Chase To Ally Bank Using Their Mobile Apps?
If you have an iPhone or some other type of smartphone, then the process is even easier because all you have to do is download one of their mobile apps on your phone.
If you are using the Chase mobile app on an Apple phone, then just click the "Send Money" button that you see in the top-right corner of your screen.
You should be prompted to enter the email address or phone number of the recipient, so paste either your Ally Bank account number or your whole routing number (which would look like this: 124003104, which is what you can find on your checking or savings deposit slip) into that field.
Then click the "Next" button, and you should be prompted to let Chase know whether this is a one-time transfer or a recurring transfer, so choose whichever option you want and then confirm that you want to complete the transaction.
How To Transfer Money From Chase To Ally Bank Through Their Website?
If you don't have a smartphone, then just open either your Chase login or your Ally login on the computer that you do use to access online banking.
Then click the "Transfer Money" button at the top of the screen and fill out all of the information as best as you can before clicking "Next."
I selected "Ally Bank" as the option for where I want my money to go. You can choose either an external account, or you can choose your internal Ally checking or savings account number.
How To Transfer Money From Chase To Ally Bank Through Their Bill Pay Option?
If it's easier, then you don't even have to click anything at all because you can actually transfer funds directly through their bill pay system.
If you scroll down the page, then you will see an option for "Step 2" where it says "Pay Bills." Once you get to this screen, just enter the recipient's name and account number exactly as you would when paying any other bill.
To find the recipient's account number, just look at their check, or also you can call them, and they will give it to you. Once it is entered correctly, click the "Review Payment" button at the bottom of the screen before confirming your payment.
Why Do we need to shift funds from Chase to Ally Bank?
Shifting funds from Chase to Ally Bank is necessary if, for example, you want to move money from a standard savings account into an interest-earning savings account.
Although transferring out of your main Chase account might be recommended due to their recent security issues, it's not required as long as you're just shifting the funds within the same bank.
What Is Chase?
Chase is the second-largest bank in the United States. It has a regional banking presence all across America and offers a number of different services, including checking accounts, savings accounts, credit cards, loans, mortgages, and investments.
Is It Safe To Use Chase?
Chase hasn't had a very good reputation recently as their website was hacked, and nearly 80 million people's information was compromised.
Because of this, it might be a good idea to shift those funds from your Chase account into an Ally account or another bank entirely if you want your money to be safe.
Chase has pretty standard security measures, like requiring your PIN to make transfers and setting up daily transfer limits.
Although their website was hacked recently, there is no reason to believe that you will be subject to the same scam if you keep calm and use the right precautions.
How Is The Customer Support Service Of Chase?
In general, Chase is considered to have great customer support when compared with other banks. The wait times are really short, and they usually just need the account number in order to help you out with any problems that you might have.
In fact, Chase representatives are even allowed to access your accounts without having you on the phone if ever it's necessary for them to do so.
What Is Ally Bank?
Ally Bank is a direct online savings bank that was opened in 1999. They offer a variety of different interest rates on savings accounts, certificates of deposit, and money market accounts. They are FDIC insured for up to $250,000 per depositor.
Is It Safe To Use Ally Bank?
Ally Bank has pretty high-security measures. Like Chase, you have to enter your PIN in order to make transfers, but Ally also requires that you use your password or other security questions before making changes.
Ally has really high-security measures, like setting daily transfer limits for anyone's account, and they even limit the number of transfers that you can make per day within your checking account.
They also require email verification whenever you make changes to your accounts. Because of this, it is highly unlikely that your information will be compromised.
How Is The Customer Support Service Of Ally Bank?
Ally currently has above-average customer support as they offer live chats and phone calls 24/7. The wait times are also short, and they will guide you through whatever problems that you might have during your time on hold. You can also contact them via email for more complicated questions or account changes.
How Do I Withdraw Money From Ally Bank?
Unfortunately, withdrawing funds from an Ally savings or money market account is not possible through an ATM. This is something that you would have to do through the app or website of the bank itself.
What Is The Difference Between Chase And Ally Bank?
There are a few different differences between these two banks. Chase's savings accounts have a higher interest rate than Ally's, but Ally offers a number of other services that you might find beneficial in the long run, such as CDs and money market accounts. However, Ally limits the number of transfers that you can make within your checking account.
Is It Possible To Move Money From Chase's Savings Account Into A CD?
Yes, you can move money from your regular savings accounts and deposit them right into a Certificate of Deposit if you have enough saved up.
This will give you a better return on your money as long as you don't need to actually withdraw those funds for a specific reason.
How Do I transfer money from my savings account into a CD?
Once you have enough saved up, just call Chase and ask them to open a CD with the cash that's in your regular savings account.
They will do an internal transfer and deposit the funds right into your CD so that you don't have to worry about anything else.
Is It Safe To Transact Online?
Although hackings are more common now than ever before, you can still safely transact online as long as you take the right precautions.
Always use your PIN when logging into your account, and make sure that there's a secure connection before providing any private information. This way, you'll reduce the risk of being hacked to practically zero.
How To Stay Safe While Transacting Online?
Avoid Public WiFi:
Hackers can easily access your private information if they're able to get a hold of the connection that you're using.
Don't Use Public Computers:
Many internet browsers save login information, so it's really easy for someone else to know what sites you visit and what your logins are.
Keep Your Passwords Secure:
Store passwords in an encrypted password manager to avoid having your information stolen.
Keep Your Email Secure:
Use two-factor authentication whenever possible and don't open unexpected messages or click on suspicious links.
Is It Safe To Withdraw Money From An ATM?
Ally is an online bank, so you shouldn't encounter any problems when trying to withdraw cash at the ATM. However, if you use Chase's services, then withdrawing money at an ATM might be more difficult as there are fewer physical locations available compared to Ally's network of surcharge-free ATMs.
How To Withdraw Money From An ATM?
If you're using Chase, then withdrawing cash at an ATM should be fairly simple. Just make sure that there are Chase ATMs nearby and use the right number to log into your account. Otherwise, Ally-branded ATMs are also included in their network of fee-free locations.
Is It Safe To Deposit A Check Online?
Yes, as long as you follow a few simple steps. First, make sure that the check hasn't been endorsed yet and that it doesn't actually belong to someone else.
When you're ready to deposit your check, just submit a new payment for the amount of your check plus any additional fees. Please note that checks might take up to 6 business days to process, so do this well ahead of time.
In conclusion, transferring money from Chase to Ally is a fairly simple process, but you need to follow the right steps. Most of all, make sure that you keep your account secure at all times and don't take unnecessary risks during transactions. Thank you for reading this article.