Ally Bank And Zelle 2023: What To Expect & Limits (2024)

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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?

1. Ally has a great interest rate on its savings account as well as competitive CD rates.
2. Ally offers ATM fee reimbursem*nts at Ally ATMs as well as worldwide customer service by Ally professionals, which makes Ally one of the best online banks in America.
3. 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.
4. 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.
5. Ally also offers overdraft protection reimbursem*nt 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?

1. Ally customers can't use Ally ATMs to deposit funds into Ally accounts.
2. 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.
3. 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?

1. It does not require sensitive account information to send money.
2. Do not apply a transaction fee for one's own bank.
3. It does not have limits on the amount that can be sent or received per day, but some banks may have limits on usage.
4. The main benefit is its ease of use and security of money transfers.
5. 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:

1. Open the Zelle app on your phone
2. Select "Settings" (the gear icon) at the bottom of the screen
3. 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.

FAQs:

Conclusion

In a nutshell, Ally Bank is the safer payment provider, and Zelle has limits. Also, Zelle is monitored for fraudulent activity.