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Old 01-11-2018, 06:24 AM   #161
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^ Ally transfers are overnight for most banks.
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Old 01-11-2018, 07:30 AM   #162
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^ Ally transfers are overnight for most banks.

Certainly not mine and my bank is Bank of America. In fact when I have set up the transfers (on the Ally website), I am informed the day that the money will be removed from BOA, say the next day, a Thursday, and the day it will appear in the Ally account, eg the following Monday. This is one of the reasons that my CD's, savings and checking took so long to fund.


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Old 01-11-2018, 07:53 AM   #163
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That's what I did Audrey. I am keeping .01 in it until I need to use it as a transfer vehicle. If you have frozen your credit, you will have to do a global lift with Transunion. I was able to do this on line-painless- and no cost. The only thing that I find irritating about Ally is the time it takes to transfer from my local bank to Ally. Other on line banks that I have used generally transfer faster. I dislike the fact that large chunks of money don't show up in either account for up to three days.


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I usually initiate the transfer from my brokerage and it’s pretty fast although sometimes Ally seems to be a day slower than American Express Bank which is always very fast.

But in the case of buying CDs I would be transferring from Ally savings to the checking and they treat that as instantaneous.
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Old 01-11-2018, 09:59 AM   #164
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I usually initiate the transfer from my brokerage and it’s pretty fast although sometimes Ally seems to be a day slower than American Express Bank which is always very fast.

But in the case of buying CDs I would be transferring from Ally savings to the checking and they treat that as instantaneous.
Well this is a bit of a mystery I'm trying to solve. I said above that it can take 3 days. Actually after thinking about this I went onto the Ally page and attempted a transfer again from my checking. It actually told me that it would take 6 days. A transfer made today, the 11th would hit my account at Ally on the 17th, next Wednesday. As I said this is the only thing that I find annoying about Ally. So I've just set up the ability to transfer FROM my bricks and mortar bank rather than from Ally. My bank requires a trial deposit prior to officially setting up transfer ability. Once I've done that, I will find out how long the transfer takes if done from my end. A helpful discussion. I always learn something from this forum!
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Old 01-11-2018, 01:11 PM   #165
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I went onto the Ally page and attempted a transfer again from my checking. It actually told me that it would take 6 days.
I typically find ALLY transfers quite fast. However, today I asked to grab money from a CD that matured today at a credit union. I got the same 6 day delay. This is in part because of the 3 day banking weekend coming up. Instead, I scheduled it to grab on the 16th and it'll arrive on the 18th.

In response to your post, I tested how long a transfer would take from my normal online bank. It would be available tomorrow. I suspect ALLY is not the slow link here.
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Old 01-11-2018, 02:30 PM   #166
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I typically find ALLY transfers quite fast. However, today I asked to grab money from a CD that matured today at a credit union. I got the same 6 day delay. This is in part because of the 3 day banking weekend coming up. Instead, I scheduled it to grab on the 16th and it'll arrive on the 18th.

In response to your post, I tested how long a transfer would take from my normal online bank. It would be available tomorrow. I suspect ALLY is not the slow link here.
Thanks for that info. We'll see if it is Ally or not. Once my trial deposits establish the link from my bricks and mortar bank, I'll try a deposit and see how long it takes. Even though we are coming up on a 3 day weekend, I would think that the funds should be available by next Tuesday, rather than Wednesday.
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Old 01-11-2018, 03:28 PM   #167
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^ Ally transfers are overnight for most banks.
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Originally Posted by Golden sunsets View Post
Certainly not mine and my bank is Bank of America. In fact when I have set up the transfers (on the Ally website), I am informed the day that the money will be removed from BOA, say the next day, a Thursday, and the day it will appear in the Ally account, eg the following Monday. This is one of the reasons that my CD's, savings and checking took so long to fund.


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For me transfers between Ally and BoA are overnight (in both directions). I initiate from Ally and its always free.
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Old 01-11-2018, 03:45 PM   #168
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Ally has a 30 month IRA CD at 2.15 available through 3.31.18.
I just transferred funds from Ally to buy the NFCU 32 mo IRA CD@ 2.75 apy
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Old 01-11-2018, 05:02 PM   #169
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According to the following, Ally Bank recurring transfers take 3 business days and one-time transfers from "qualifying non-Ally Bank accounts" can generally be completed in one business day.

https://www.depositaccounts.com/blog...transfers.html

The actual Ally Bank Deposit Agreement mentions that new accounts may not immediately qualify for one day transfers (page 10): https://www.ally.com/docs/bank/deposit-agreement

This blog post provides more specific details on "qualifying".

"To qualify for the 1 day transfer At Ally Bank, you have to do at least one $250 transfer in and out of the external account and then it goes into effect 2 months after that is done…so ALL your transfer accounts can qualify for 1 day transfers if you follow that rule..."
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Old 01-11-2018, 05:13 PM   #170
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Well this is a bit of a mystery I'm trying to solve. I said above that it can take 3 days. Actually after thinking about this I went onto the Ally page and attempted a transfer again from my checking. It actually told me that it would take 6 days. A transfer made today, the 11th would hit my account at Ally on the 17th, next Wednesday. As I said this is the only thing that I find annoying about Ally. So I've just set up the ability to transfer FROM my bricks and mortar bank rather than from Ally. My bank requires a trial deposit prior to officially setting up transfer ability. Once I've done that, I will find out how long the transfer takes if done from my end. A helpful discussion. I always learn something from this forum!
My brokerage can do the transfer the same day I initiate it as long as itís before 4pm Eastern, and I usually get an acknowledgement email early the next morning from American Express Bank that the funds have been deposited. So I usually expect a one day turn or maybe two. It helps if the source of the funds is the one that initiates the transaction for ACH transfers.
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Old 01-11-2018, 11:52 PM   #171
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...

But in the case of buying CDs I would be transferring from Ally savings to the checking and they treat that as instantaneous.
I bought my Ally CD's directly from my Ally savings account. I don't have an Ally checking account.
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Old 01-12-2018, 03:23 AM   #172
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I bought my Ally CD's directly from my Ally savings account. I don't have an Ally checking account.
Yes, I did that too, but then I was limited to buying 6 CDs in a month and couldn’t complete my purchases. I had upgraded several no penalty CDs trading through the savings account and ran into the 6 withdrawals per statement cycle limit. That’s why having a checking account would be useful because it doesn’t have that withdrawal limit. Each CD purchase is considered a withdrawal.

Penalties can be severe for exceeding this 6 withdrawal limit on savings accounts imposed by Regulation D. Fortunately Ally notified me as soon as I reached the limit, but then I had to figure out how to fund the remaining purchases from a different source. https://en.m.wikipedia.org/wiki/Regulation_D_(FRB)
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Old 01-12-2018, 08:10 AM   #173
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I dislike the fact that large chunks of money don't show up in either account for up to three days.
These days all my transfers are completed overnight. They always warn "May take three days", but the money is always there the next day. 5 digits transfers.

No more free-riding on the float.
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Old 01-12-2018, 08:21 AM   #174
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"To qualify for the 1 day transfer At Ally Bank, you have to do at least one $250 transfer in and out of the external account and then it goes into effect 2 months after that is doneÖso ALL your transfer accounts can qualify for 1 day transfers if you follow that rule..."

Thanks MBSC. I received the welcome package that undoubtedly contained this info and have yet to read the fine print😁. Just to make sure I am interpreting this last bit correctly, I've already transferred more than $250 into an Ally savings account from my BOA checking account. If I now transfer at least $250 back to the same BOA checking account, I will have met the rule and in 60 days I will no longer experience the extended delay?


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Old 01-19-2018, 07:25 AM   #175
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Thanks MBSC. I received the welcome package that undoubtedly contained this info and have yet to read the fine print😁. Just to make sure I am interpreting this last bit correctly, I've already transferred more than $250 into an Ally savings account from my BOA checking account. If I now transfer at least $250 back to the same BOA checking account, I will have met the rule and in 60 days I will no longer experience the extended delay?
You are correct if you use Ally to push $250 back to the same BOA account.

FYI...

Ally Bank Savings Account up to 1.35%
Ally Bank 12 month CD - 1.85%
Ally Bank 18 month CD - 1.95%
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Old 01-19-2018, 07:36 AM   #176
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You are correct if you use Ally to push $250 back to the same BOA account.

FYI...

Ally Bank Savings Account up to 1.35%
Ally Bank 12 month CD - 1.85%
Ally Bank 18 month CD - 1.95%
Thatís interesting. Their 11 month no penalty CD dropped to 1.5% from 1.6%. End of year special had been 1.75%.
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Old 01-19-2018, 08:47 AM   #177
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US Treasury 2 year notes are at 2.06%, finally very competitive with CDs.
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