With online banking, mobile banking apps, and more, transferring money between your bank accounts at different financial institutions is now easier than ever. Whether you prefer the quickness and reliability of an online transfer, or the traditional nature of a paper check, there are a number of options to make transferring money a breeze in any situation.
Wondering how exactly to transfer money from one bank, like Ally Bank, to another? Read on.
How banks typically transfer money
Banks can transfer money for you directly by way of a wire transfer which normally is completed same day and typically has a fee. Banks may also use what is called the Automated Clearing House (ACH) network to process transfers at no cost or for a small fee. The ACH Network is a secure electronic system that processes deposits and payments for consumers, businesses, and government entities. When you pay bills online or receive direct deposits from your employers, there’s a good chance that it’s processed through the ACH Network. Ally offers customers ACH external transfers at no cost.
What information do you need to transfer money between bank accounts?
While online banking makes it easier than ever before to transfer funds between accounts you own at different financial institutions (aka, making external transfers), you’ll need a few key pieces of information to do so. Make sure you are prepared to provide:
The bank name you’re transferring to or from
The routing number
The account number
The type of account (checking vs. savings)
If you aren’t sure of the routing number or account number, you can locate this information in a few places. Look for these on a paper check or bank statement, by logging into your bank account online or speaking to a representative at your financial institution.
How to transfer money between Ally and another bank
Need to make a transfer between your Ally Bank account and an account you own at another financial institution? No problem. External transfers are secure and simple to execute. Plus, you can even set up recurring transfers. Just follow these steps on ally.com via your computer or mobile web browser to get started:
Head to “Transfers” and then “Bank Transfers”.
Click the option to “Link Other Accounts”.
Fill out your account type, routing number, and account number.
Allow Ally to verify your account ownership (this may be instant but can take up to three business days if micro deposits are needed to verify account ownership).
Once your external account is verified, choose which account you want to withdraw from and which you want to deposit the funds in.
Enter the amount.
Choose either a one-time transfer or recurring.
Pick the date for your transfer to be delivered.
For recurring transfers, pick an end date.
Review your transfer and submit.
When you make external transfers, you’ll want to keep a few things in mind, including fees, timing, and transfer limits. Ally Bank does not charge any fees to send or receive transfers from other financial institutions. However, you should check with your other financial institution to see if they charge any fees.
Regarding transfer times, a standard transfer from an Ally Bank account to a non-Ally Bank account takes three business days. So, a transfer requested on Monday will be delivered on Thursday. Transfers are not processed on the weekends or federal holidays, though, so a transfer requested on a Friday will be delivered on the following Wednesday. (Holidays may also extend the transfer period.) Note that the account you’re transferring money from may be debited prior to the delivery date,
Certain accounts are eligible for next-day transfers, meaning funds are delivered on the next business day. In this case, a transfer requested on Monday before 7:30 p.m. EST will be delivered Tuesday. One requested Friday before 7:30 p.m. EST will be delivered Monday. Ally determines next-day transfer eligibility based on account tenure, account activity, and transfer activity (such as overdrafts and returns).
How to move money between Ally bank accounts
Surprised by how simple it is to make an external transfer? Internal transfers at Ally — or moving money from one Ally account to another — are even simpler. You can transfer funds to and from our:
All you have to do is visit the “Transfers” page and select the account you want to withdraw from and the account you want to deposit into. Then, just follow the same steps, 6-10, above.
You can make an instant transfer from one Ally Bank account to another, any day at any time, online or through our mobile banking app. Transfers between an Ally Bank account and an Ally Invest account can be made Monday through Friday from 8:00 a.m. to 3:55 p.m. EST and can take anywhere from a few minutes up to five business days, depending on the type of Ally Invest account.