save. Online banks know they’re a hacking target and work hard to keep their – and your – assets safe. Want to open multiple accounts at once? For one, being an entirely online bank without branches and the ability for cash deposits may be more of an inconvenience for many customers. I'm setting up my first bank account, and I've searched for reviews on the most well known online banks (USAA, Ally, Schwab). Of course, Ally won’t be the right bank for everyone. Is Ally a safe bank? Is Ally bank reliable? Learn more about Ally Bank at Bankrate.com today! Our experience with Ally Bank could not have been worse had they tried to torture us. That gives Ally Bank checking account customers access to 55,000 in-network ATMs. Oh, and they do check your identity. Whether that means they are any good is up for debate but they aren’t fly by night. Ally’s online chat service is reliable and even lists estimated wait times so folks can get on with their day if the virtual line is too long. If you prefer the phone, check the website for an estimated hold time. Read on to learn how Ally Bank works, what makes it a safe place to store your cash and how to decide if you should make the switch. I just opened up an online bank account on Ally. The website and your information is protected by firewalls, SSL data encryption and multi-factor authentication. Ally Bank is a trusted and safe bank. Peter B. Lv 4. As we mentioned, Ally Bank operates completely online at ally.com. Ally Bank's mobile banking app is available for Apple and Android phones. For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. Or there might be a high net worth individual who needs to transfer $1,000,0000 at a time. We may ask to see your driver's license or other identifying documents. Ally Bank is a part of the Allpoint Network. Right on their website. I just saw a commercial for a 1-yr 2.00% fixed CD with Ally Bank. Photo credit: ©iStock.com/cnythzl, ©iStock.com/Eva-Katalin, ©iStock.com/Wavebreakmedia, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, The Federal Deposit Insurance Corporation, 7 Mistakes Everyone Makes When Hiring a Financial Advisor, 20 Questions to Tell If You're Ready to Retire, The Worst Way to Withdraw From Your Retirement Accounts. Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email. Ally Bank's Interest Checking Account provides greater flexibility than most by providing consumers with a debit card, and free access to a network of ATMs. Years ago, I made Ally Bank my main online bank. If Ally’s assets can’t be sold for any reason, the FDIC will send you a check or deposit directly for your current balances within a few days of a hack or closure. I've been using Ally Bank (GMAC) for over 5 years now. Ally Bank Review Bottom Line. Same. The bank rebranded in 2009 as Ally Bank, a straight-talking online bank. I have an account with them, have had zero issues. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. Is identity theft common since SSNs and names are easy to obtain? This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. What makes a bank "reliable" OP? There is no minimum deposits or service fees for any of their banking products. Ally Bank is an industry leader in online banking and high yield savings accounts. How does a bank having a building make them more or less reliable? 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