Heads Up for Ally Bank Transfers Out

[MJ]

I recently made a transfer out of one of my Ally Online Savings account via ACH and was surprised to see that the very large amount was scheduled to be delivered the next business day and when I checked my account at the other institution the next day, sure enough, it had arrived. That's almost wire transfer speed. However I noticed my Online Savings Joint account still shows an external transfer deliver in 3 business days.

 

[Dtail]

I recently made a transfer out of one of my Ally Online Savings account via ACH and was surprised to see that the very large amount was scheduled to be delivered the next business day and when I checked my account at the other institution the next day, sure enough, it had arrived. That's almost wire transfer speed. However I noticed my Online Savings Joint account still shows an external transfer deliver in 3 business days.

Interesting.
In general, when one opens up an account at Ally, the transfers start at 3 business days, then after there is a short history of transfers, it changes to 1 business day.

 

[JoeWras]

I vaguely remember them mentioning something about this in a note about a year ago. The process has changed somewhat recently.

 

[MJ]

Interesting.
In general, when one opens up an account at Ally, the transfers start at 3 business days, then after there is a short history of transfers, it changes to 1 business day.

Actual, I did not mention that a few days later I did another transfer to the same institution using a different online savings account and it took 3 business days as did a number of other ones. When I call Ally, the CS rep gave me inaccurate reasons why this happened, but as of today, when I initiated test transfers from all my accounts which I then cancelled, I found that except for several join accounts, all my Ally accounts including checking and money market had a 1 business day delivery time.

 

[ExFlyBoy5]

All my recent transfer outs from Ally to USAA have been very quick...one business day.

 

[Lawrencewendall]

I had Fidelity do a pull to fund my ROTH and it happened the same day.

 

[audreyh1]

Pretty much funds show up next day for me with ACH, either direction. Usually initiated by Fidelity.

One time when I had Ally pull funds for a CD, it took a couple of days maybe.

 

[toddm]

I just recently opened an Ally Online Savings account, and my transfers have been 3 business days. I did some research online and found a post by someone who said they had talked with an Ally CSR. He was told that their policy is that once there has been at least $250.00 transferred both ways to an associated account (at another institution), they start a clock, and 2 months later all transfers to that institution are next-day transfers.

I guess I'll find out in a couple of months.

 

[markelp]

Some information is on this Ally page (there is a table behind the "Fund Availability Information" link on this page):
https://www.ally.com/bank/achtransfer.html

And the 'industry' is working to improve it more by expanding the time window for eligible transactions, increasing the amount that qualifies, etc:
https://web.nacha.org/resource/fast...me-day-ach-will-be-enhanced-meet-ach-end-user

 

[calmloki]

Regarding Ally: 12/11/2018 I pushed substantial funds to East Boston Savings Bank from Ally and Discover to scoop up a very high 2.5% savings rate. Ended up getting too enthusiastic and had over the FDIC insured $250 there and calling them made me real nervous - like they were staffed by gangster molls. Their web site was also pretty opaque and I started wondering how it would be to try and get our money back. Yesterday the Navy Fed 3.25% CD got too tempting so I did a push of $60k from EBSB to Ally, as Ally was set up as a linked external account. That $60k is shown in our Ally account this morning.

At the same time yesterday morning I did a pull of $35k from our local brick and mortar bank of accumulated rental funds by the linked Ally account. It is shown by Ally as "in process" with an expected date of 2/11. Haven't had any recent transfers from that B&M and Ally for a while. Makes me think frequency may drive speed.

 

[sengsational]

As a contrast to all of these "quicker than expected", I've got a story of how horrific AON/Hewitt (401k custodian) has been in the area of transferring money. They're under hewitt.com, but the footer says "UPoint Alight Solutions". It must mean, "You'll get the point that we have lame solutions"


The brokerage side is called "Alight Financial Solutions" (was Hewitt Financial Solutions, but I think, like TimeWarner, their reputation was so bad, they changed their name).

Anyway, I sold an equity position, which cleared on 1/31, and I still don't have all the money. They said for me to get all the money out of the brokerage account, I'd have to close the brokerage account. So I clicked "transfer all funds and close", and guess what...they left the accrued interest. So a week later, and after calling, they said it might take 6 more days! How lame is that? Not that it's a huge deal, but it's strange that they can't handle a simple thing with reasonable efficiency.

 

[Sunset]

^^^^^ I think I have a worse one.

Did brokerage transfer of all assets from TD Ameritrade, as least that was the plan, but 1 stock didn't move as it was not supported by the new Brokerage. That happens.

Cannot login to the old TD Ameritrade, so phone them. They tell me they closed the account.
I told them I didn't ask for it to be closed, as maybe I want to access the tax documents and statements.
I point out $8,000 worth of stock didn't transfer.
They unlock the account, and there it is....
Then the woman tells me, she will try to make sure it stays open past the 2 days of her temporary open.

 

[24601NoMore]

Just did a couple of transfers this week from Ally, and all of them took 3 days to post at the outside account.

 

[Dtail]

Just did a couple of transfers this week from Ally, and all of them took 3 days to post at the outside account.

See post #8. Should eventually get down to 1 day.