Ally Bank Fees and Charges: A Comprehensive Guide

Ally Bank charges a monthly maintenance fee of $9 for checking accounts that don't meet certain conditions.

To avoid this fee, you'll need to have direct deposits of at least $1,000 in a single month or have a minimum balance of $1,000.

Ally Bank's monthly maintenance fee for savings accounts is $4.99.

This fee can be waived if you have a minimum balance of $25 in your savings account.

You can also avoid the fee by setting up automatic transfers from your checking account to your savings account.

Ally Bank offers a range of low-cost banking options that can help you save money on fees.

Their High Yield Savings Account has no opening deposit or minimum balance requirements, and no monthly maintenance fees. You can earn 3.85% interest, although this figure may fluctuate.

With Ally's savings account, you're also free to make as many withdrawals as you need without incurring an excess transaction fee. This is a big plus if you like to keep a stash of cash on hand.

Another great option is Ally's Money Market Account, which also has no monthly balance requirements, fees, or minimum deposits. You'll get a Visa debit card and can make unlimited ATM withdrawals.

The interest rate on Ally's Money Market Account is currently 3.85%, which is a great deal compared to brick-and-mortar banks like Wells Fargo and U.S. Bank.

If you're looking for a checking account with no overdraft fees, Ally's Spending Account is a great choice. It's also one of the best free checking accounts out there, with no monthly maintenance fees and no minimum balance requirements.

Here's a comparison of Ally's Spending Account with some of its key benefits:

Understanding fees can be confusing, but it's essential to know what you're getting into. Overdraft and non-sufficient fund fees are two types of charges you might encounter, but they serve different purposes.

Overdraft fees allow you to continue paying bills and making purchases even after your account balance reaches $0. Non-sufficient funds fees, on the other hand, occur when your bank declines to pay for a transaction, leaving your account negative due to fees.

If you're not careful, NSF fees can add up quickly, and the recipient of the NSF check might even charge you a fee. This can be a real headache, especially if you're not expecting it.

Fortunately, Ally Bank's Spending Account doesn't charge either of these fees, so you don't have to worry about them. This can be a huge relief for account holders who want to avoid unexpected charges.

Overdraft fees can be a real money-suck, but understanding how they work can help you avoid them. An overdraft fee is charged when a transaction drops your checking account balance below zero, and some providers charge multiple fees per day if you make many transactions with a negative balance.

You can be charged a nonsufficient funds fee or an overdraft fee, but they're slightly different. Overdraft fees enable you to continue paying bills and making purchases, even after your account balance reaches $0, while nonsufficient funds fees occur when your bank declines to pay for the transaction.

Some banks charge around $35 per transaction, which can add up quickly if you overdraw your account frequently. Repeated overdrafts may lead to repeated fees, up to your bank's limit, and some banks might also add a negative balance fee every day your account stays below $0.

If you're charged an overdraft fee, don't panic – you can try to get it waived. If you don't have a history of negative transactions, contact your financial institution's customer service department and ask if they'll waive it. Some institutions have once-a-year fee forgiveness programs for customers in good standing.

Here are some ways to avoid overdraft fees altogether:

By understanding how overdraft fees work and taking steps to avoid them, you can save yourself a lot of money in the long run.

To determine the best checking accounts with no monthly fees, we analyzed dozens of U.S. checking accounts offered by online and brick-and-mortar banks, including major credit unions.

We narrowed down our rankings by considering only accounts that charge no monthly maintenance fees and have no catches to benefit from zero monthly fees.

Our research included evaluating a range of features, such as no minimum balance requirement, low initial deposit, and available nationwide access.

We also compared the accounts on their physical branch locations and/or online accessibility, large ATM network, ease of use and account accessibility, and customer reviews.

All of the accounts included in our analysis are insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) up to $250,000, providing protection and reimbursement in the event of bank failure.

Here's a breakdown of the key features we considered:

Some banks may require a deposit of new money to open an account, but the accounts listed above don't require any deposit during account opening.

Ally Bank offers a range of banking services that cater to different needs.

The Ally Bank Spending Account has a $0 minimum balance requirement, and there's no monthly maintenance fee. This is great for those who want to keep their account balance low.

You can access your money at over 43,000 Allpoint ATMs nationwide, making it convenient to withdraw cash when you need it.

Here's a breakdown of the account's benefits:

The High Yield Savings Account from Ally Bank is a great option for those looking to grow their savings. It yields a competitive interest rate of 3.85%.

One of the best things about this account is that it has no minimum balance requirements. This means you can start saving with any amount you like, without worrying about meeting a minimum threshold.

You can also make withdrawals without incurring a fee, as long as you don't exceed the six-per-month limit.

Money Market Accounts are a great option for those who want flexibility without the hassle of minimum balance requirements or fees. They often come with a Visa debit card for easy purchases.

One of the best things about Money Market Accounts is that they have no limit on ATM withdrawals. This is a big plus for those who need to access their cash frequently.

The interest rate on these accounts can be quite competitive, with some yielding as high as 3.85%. This is significantly higher than what you'd find at brick-and-mortar competitors like Wells Fargo and U.S. Bank.

Outbound transfers, including point-of-sale purchases with the debit card, are typically limited to six per statement period.

You can tie your checking account to an Ally savings or money market account and opt into the bank's free Overdraft Checking Service. This service allows Ally to automatically transfer funds to your checking account in increments of $100 in the event of an overdraft.

Ally doesn't charge for overdrafts, which is a key advantage over many competing traditional and online-only banks. This means you won't have to worry about being hit with a hefty fee for accidentally overdrawing your account.

Ally's Overdraft Transfer Service allows for six withdrawals from savings and money market accounts per statement period. However, this limit is largely a formality, thanks to Ally's fee waiver.

If you need to send money to another bank in the US, you can do so with Ally's domestic wire service. The fee for this service is $20 USD.

Here's a breakdown of Ally's standard transfer fees:

The Ally Bank Spending Account is a great option for those who want a hassle-free banking experience. Ally Bank doesn't require a minimum balance to open the account, and you won't be charged a monthly or annual maintenance fee.

You'll get a MasterCard debit card with this account, and you can use it to make purchases or withdrawals at over 43,000 Allpoint ATMs. Ally Bank also offers a competitive interest rate of 0.10% for balances under $15,000, and 0.25% for balances above $15,000.

One of the best things about the Ally Bank Spending Account is that it has no overdraft fees. This means you can use the account without worrying about being charged extra fees if you accidentally overdraw.

Here are some key features of the Ally Bank Spending Account:

Overall, the Ally Bank Spending Account is a great option for those who want a simple and fee-free banking experience.

Receiving international payments can be a bit of a minefield, especially when it comes to exchange rates. Bank exchange rate markups are commonly about 3%, which may not seem like a lot, but can add up quickly.

This fee alone would add 150 USD in fees onto a payment of 5,000 USD, which is a significant chunk of change. If you're expecting an incoming international payment, suggest that the person sending your payment checks out a few alternative payment providers to see which offers the best rate.