Frequently asked questions
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What is the difference between an Online Savings Account and Money Market Account?
The main difference is in how you access your money. A money market account gives you more access because you can be issued a Visa® Debit Card and checks for these accounts. An online savings account does not support the use of checks and does not come with a debit card.
It's important to note that there are Federal limits on transactions from U.S. savings and money market accounts.
You can always call us and request a check made out to you. You can also make unlimited deposits and ATM withdrawals. But, Federal law limits other electronic, telephone and check transactions to a total of 6 per statement cycle. These limited transactions can be to other accounts or to a third party. If you go over the limit we charge $10 per transaction.
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When will I receive my new debit card or checks?
Your free debit card and initial check order will arrive in the mail within 10 business days after we receive your opening deposit. If you re-order free Ally standard checks we'll send you a secure email asking you to confirm your address. Once your address is confirmed, your checks should arrive in 10 business days.
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How do I make withdrawals from my Money Market Account?
You can withdraw money by online electronic funds transfer, telephone transfer, check, check card point-of-sale transactions, and ATM machine.
Please remember that federal law limits the number of most electronic, telephone and check transactions from all U.S. money market accounts to six per statement cycle. We charge $10 for each transaction over 6 per statement cycle. If you exceed this limit on more than an occasional basis, we may be required to close your Money Market Account.
Fortunately, ATM withdrawals are unlimited. To find a nearby ATM, use the Ally ATM & Cash Locator.
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What's the difference between an Interest Checking Account and a Money Market Account?
Both accounts give you easy access to your money and a competitive interest rate on your balance.
Federal regulations limit the number of transactions (transfers or withdrawals) you can make from a Money Market Account to just six per monthly statement period. While you will receive checks and a debit card for those transactions, you won't have access to the free online bill pay service that comes with an Interest Checking Account. Remember, deposits are always unlimited and don't count towards your six transaction limit.
With our Interest Checking Account, there's no limit on the number of transactions you can make. You'll also get the convenience of our online bill pay service for free. And as your checking balance grows, you could earn a higher interest rate.
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How many withdrawals can I make from my Money Market Account each month?
Federal law limits the number of withdrawals and transfers you may make from your Money Market Account during each statement cycle. You can make up to six withdrawal transactions — including electronic fund transfers and telephone transfers, checks, and debit card purchases — per statement cycle. Each transfer or payment from your Money Market Account is counted as one of the six limited transfers. You will be charged a $10 fee for each transaction that exceeds this limit. Fortunately, ATM withdrawals are unlimited.
