Ally Bank Deposit Account Agreement: What You Need to Know

If you’re considering opening a deposit account with Ally Bank or you’re already an Ally Bank customer, it’s important to understand the terms and conditions of the Ally Bank Deposit Account Agreement. This agreement outlines the details of your account, including the fees, interest rates, and account ownership rules. Here’s a breakdown of what you need to know about the Ally Bank Deposit Account Agreement.

Account Types

Ally Bank offers a variety of deposit accounts, including savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). Each account type has its own set of terms and conditions, so it’s important to review the agreement specific to your account type.

Fees

Ally Bank is known for its low fees, but there are still a few you should be aware of. Some of the common fees associated with Ally Bank deposit accounts include:

– Returned deposit item fee: $7.50 per item

– Stop payment fee: $15 per item

– Excess transaction fee (savings and money market accounts): $10 per transaction

– Insufficient funds (NSF) fee: $25 per item

– Domestic wire transfer fee: $20 per transfer

– International wire transfer fee: $50 per transfer

Interest Rates

Ally Bank’s deposit accounts typically offer competitive interest rates, but the rates can vary depending on the account type and balance. To see the current interest rates for Ally Bank deposit accounts, visit the Ally Bank website.

Account Ownership

The Ally Bank Deposit Account Agreement also outlines the rules for account ownership. You can open an account as an individual, joint account holder, or as a custodian for a minor. If you’re opening a joint account, you’ll need to decide whether the account will be held as “joint tenants with right of survivorship” or “tenants in common.” The agreement also explains how to add or remove account owners, and how to change account ownership in the event of death or incapacity.

FDIC Insurance

All Ally Bank deposit accounts are FDIC insured up to $250,000 per depositor, per account ownership category. This means that if Ally Bank were to fail, your money would be protected by the FDIC, up to the maximum insurance amount.

In Conclusion

The Ally Bank Deposit Account Agreement is an important document that outlines the terms and conditions of your deposit account. By understanding the fees, interest rates, account ownership rules, and FDIC insurance, you can make informed decisions about your account and ensure that you’re getting the most out of your banking experience with Ally Bank.