Understanding Hidden Fees in Your Ally Statement

What should you do if you have questions or concerns about your monthly statement or see things like fraudulent accounts opened in your name? We explain. 

Firstly, Ally Bank is an online-only bank with competitive interest rates and easy access to cheap online banking services. However, they do not deal in cash, nor do they have physical branches you can visit if things go wrong. That is why it is important to know how to contact Ally when there are problems with your account statements. 

Checking Accounts

Ally Bank checking accounts have no monthly maintenance fees. They are surprisingly clear about what fees they do and do not charge. 

Overdraft Fees

Ally Bank does not charge overdraft fees for their checking accounts either. They have what is called a CoverDraft Service. You qualify for this temporary cushion when you open a checking account and fund it with at least $100. In the event that you have an overdraft event, you do not get charged an overdraft fee. Instead, they cover up to $100 in temporary funds, let you know about the overdraft, and then let you deposit money against any negative balance. 

However, this is meant as a safety net, not a line of credit. If, for example, you try to make a purchase of $250, but you only have $72 in your account, the purchase will be declined because it is beyond the $100 CoverDraft amount. 

Other Fees

You should not be charged for incoming wires, online statements, ACH transfers, or low daily balance fees. 

There might, however, be fees for things like outgoing domestic transfers, which cost $20. If you see a $15 charge on your Ally statement, it could be an expedited delivery fee on things like checks or debit cards. If you have a returned deposit item, it incurs a charge of $7.50. If you request what is called “extensive account research,” they charge you $25 per hour of account research on your account. However, they let you know ahead of time, so you should not be surprised by the fee. 

Ally does not have minimum balance requirements, nor do they have minimum balance requirements in lieu of monthly maintenance fees like other banks. If you need to stop payment, it is a $15 fee per item. If you need to make a same-day bill payment electronically, it is $9.95 per item. If you need to make an overnight bill payment via the mail, it is $14.95 per item. 

If you are overseas and make any transaction, you will see up to 1% of the total amount in international transactions fees. Pay attention here because this might incur ATM fees if you take cash out in a foreign country and transaction processing fees. 

ATM Fees

If you use your debit card, you shouldn not have ATM fees for any AllPoint ATMs. If you use other ATMS, Ally Bank reimburses you up to $10 per statement cycle for ATM fees from other banks. 

So, if you look at your checking account bank statement from Ally, you might see unexpected ATM fees (the amount of which is based on who owns the ATM). That money is taken from your account at the time of the transaction, but Ally Bank reimburses you up to $10 on the next monthly statement. Therefore, you might see a fee that doesn’t seem like it belongs, but it gets reimbursed the following month. 

For example: Your statement or billing cycle is from the 17th through the 17th each month. If you use a Chase ATM on the 22nd and again on the 15th, you might see two charges for $3 each. However, if the 15th was a weekend and the ATM charge wasn’t processed until the 18th, then you might only see one charge for the first month. During the second month, you will see the second ATM charge, but you will also see the reimbursement from the first. During the third month, you will see the reimbursement for the second ATM charge. 

What can I do if Ally incorrectly charges me a fee?

So, while there may be few hidden fees with Ally, it can also be hard to connect with someone to fix problems when they do arise because the company has no physical branches. Thankfully, you have options:

• If Ally’s customer service isn’t helping, you can file a complaint against Ally. This might not get a resolution, but it gets your issue heard. 
• You can try to sue Ally in small claims court. This has different limits depending on where you live, but it can be a good way to get Ally to listen if you have the time and money. 
• Alternatively, you can file an official dispute against Ally with arbitration. You don’t have as many restrictions, and the process tends to get a resolution much faster. 

Share your complaint about Ally with FairShake today.