Ally Bank is a part of Ally Financial, and began as a bank holding company in 2008. Though Ally Financial is based in Detroit, Michigan, the bank’s headquarters is in Midvale, Utah, and it has another office in Pennsylvania. The company currently has more than 700 employees, and as of 2014 most of its shares is available for public trading following its IPO.
Below are the latest Ally Bank fees.
Ally Bank Fees
|Returned Deposit Item||$7.50|
|Outgoing Wires (domestic only)||$20.00|
|Expedited Delivery (debit cards, checks, etc.)||$15.00|
|Account Research Fee||$25.00|
|Cross Border/Currency Conversion Transaction||1%|
The bank runs mainly as a direct bank and caters to customers that are looking for savings products, checking accounts, money market accounts, online savings accounts and CDs (certificates of deposits). Since the company was founded, the emphasis has always been on making things easy for their clients to do business. Apart from offering 24/7 customer service, the bank now offers several products and services to better serve their clients.
The roots of Ally Financial can be traced back to 1919 when it was a captive finance subsidiary. Since that time it has evolved and turned into a market driven bank that is focused on providing quality service to customers. Today the company caters to the needs of more than 18,000 dealers in America and more than 4 million customers. Ally Financial is also one of the biggest automotive financing providers in America, accounting for one out of every 18 vehicles for 2013 alone.
Since the company was established it has embarked and expanded its service and now has a SmartAuction where more than 4.2 million cars have been sold, with more than 13,000 vehicles added to their list every day. Following the establishment of Ally Bank in 2008, it has gained a reputation as a solid and dependable bank, having been named Best Online Bank by Money Magazine for three consecutive years. They currently serve 784,000 customers and has a 90% satisfaction score, a testament to their service.
As a subsidiary of Ally Financial, Ally Bank was established to meet the demands of the company’s clients. Among the products offered by the bank are raise your rate CD, no penalty CD, high yield CD, interest checking, online savings and the money market. In addition, clients can avail of automotive financing as well as individual retirement products. Finally, the bank offers auto leasing and auto financing with very flexible terms.
Since Ally Bank was founded, the company has undergone several changes aimed at improving customer service. Apart from their local branches, the official website has undergone several modifications to make it easier for clients to compare products and services.
Ally Bank also recently established a financial literacy program called Wallet Wise that provides educational curriculum via community events and local seminars. The purpose of the program is to increase financial literacy, and several tutorials are provided on the company website as well.
These free educational programs proved to be a hit when it first came out and plans have been established to expand them. Ally Bank also created the Volunteer Action Network, an employee driven initiative that helps arrange volunteer work across the company’s offices and centers.