Ally Business Checking Review: Features, Fees, & FAQs

Ally Business Checking Review: Features, Fees, & FAQs

Ally Business Checking is popular for small and medium-sized enterprises seeking a reliable and cost-effective banking solution. It’s known for its user-friendly online platform and minimal fees. 

Hence, Ally Bank provides business owners with essential features like unlimited transactions, no monthly maintenance fees, and easy integration with accounting software. Ally’s robust customer service and seamless digital banking experience make it an attractive option for businesses looking to manage their finances efficiently. 

This review will delve into the key aspects of Ally Business Checking, exploring its pros, cons, and overall suitability for various business needs.

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Launched in 2009, Ally Bank is a full-service online business bank known for its popular personal bank accounts and services. While it effectively caters to individual banking needs, it also offers various financing options for business owners, including loans and vehicle financing.

Current Status on Business Checking Accounts

Ally Bank doesn’t offer a business checking account or any business-specific bank accounts. Therefore, business owners seeking a dedicated business checking account must look elsewhere. However, Ally’s personal banking products might serve some business needs, providing potential benefits for small business management.

Pros of Ally Bank:

  • Variety of Deposit Accounts: Ally Bank offers a broad selection of deposit accounts without requiring minimum deposits or maintaining minimum balances.
  • 24/7 Customer Service: Customers can access continuous banking and investment support via phone or online chat.
  • Extensive, Fee-Free ATM Network: Customers can use over 43,000 Allpoint ATMs nationwide without incurring fees.
  • Competitive Yields: Ally provides Annual Percentage Yields (APYs) on savings, money market, checking, and Certificate of Deposit (CD) accounts higher than the national averages.
  • Suitable Personal Checking Accounts for Business Owners: Ally’s personal checking accounts may be adequate for some business needs.
  • Access to Corporate Financing: Ally offers financing options tailored to business requirements.

Cons of Ally Bank:

  • Lack of Physical Branches: Ally Bank does not operate physical branches, which means there are no in-person services available.
  • No Cash Deposits: Ally accounts do not support cash deposits.
  • Restrictions on Wire Transfers: The bank does not allow outgoing international wire transfers.
  • No Dedicated Business Checking Account: There’s no specific checking account option tailored for businesses.

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Ally Personal Checking Accounts for Business Use

For business owners, Ally’s personal checking or savings accounts might offer sufficient features for managing business finances. 

The Ally Bank Spending Account has no monthly fees or minimum balance requirements and offers an Annual Percentage Yield (APY) of 0.10% for balances under $15,000 and 0.25% for balances of $15,000 or more. Account holders receive a free debit card and access to over 43,000 fee-free Allpoint ATMs across the U.S.

Combining the Spending Account with an Ally Bank Savings Account or Money Market Account can provide a more comprehensive banking solution. Savings and Money Market Accounts offer a 4.20% APY on all balance tiers and no monthly maintenance fees. The Money Market Account also includes a debit card and fee-free ATM access.

Limitations of Ally Bank’s Business Banking Options

Ally Bank needs a business checking account, complicating direct comparisons with other business banking services. While small business owners might initially use Ally’s personal accounts, obtaining a dedicated business checking account from a different bank is generally recommended for access to essential business banking features.

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Other Business Banking Products and Services

Despite the absence of a business checking account, Ally Bank offers several business-related financing options:

Business Vehicle Financing

  • Specialty vehicle financing
  • Commercial line of credit
  • Municipal lease-purchase plans

Ally Corporate Finance 

Available for select private equity-owned U.S.-based businesses, offering:

  • Asset-based loans
  • Cash flow financing
  • Real estate loans
  • Unitranche financing

Ally also provides specialized financing for sectors like healthcare and technology, with dedicated staff to help businesses find suitable lending solutions.

Customer Service Details for Ally

Ally offers extensive customer service support across its various services. For general banking inquiries, customers can call 1-877-247-2559, available 24/7. Auto-related questions can be directed to 1-888-925-2559, with specific hours. Home loan inquiries are handled at 1-855-256-2559 for new applications and 1-866-401-4742 for existing loans. 

Credit card support is available 24/7 at 1-888-366-2559. Fraud can be reported at 1-833-226-1520. Secure messaging, mail addresses for specific departments, and chat options (via account login) are also available. For detailed contact options, visit Ally’s Contact Us page.

Reputation and Customer Satisfaction of Ally Bank

Ally Bank is generally regarded positively in the financial sector, with an A rating from the Better Business Bureau and a perfect 5-star rating from Bauer Financial, an independent bank evaluation and credit rating agency. However, its customer service ratings could be better.

On Google Play, Ally’s Android app is rated at 3.2 out of 5 stars, while it garners a higher rating of 4.7 out of 5 stars on the Apple App Store.

In 2013, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice mandated that Ally Financial Inc. and Ally Bank pay $80 million in reparations due to discriminatory lending practices that involved charging higher interest rates on auto loans based on the borrower’s race or national origin. Although Ally was asked to comment on this issue, a response still needs to be received.

Following these events, Ally launched a diversity, equity, and inclusion initiative and appointed a Chief Diversity Officer. The bank has initiated various programs, including an entrepreneurial program for students from historically Black colleges and universities, and has donated millions to support social equity, economic mobility, and COVID-19 relief in local communities.

Who Should Consider Ally Bank?

Ally Bank is a strong choice for those who prefer online banking. It offers a comprehensive range of deposit accounts, each featuring competitive interest rates. The absence of fees and minimum balance requirements makes Ally’s accounts highly accessible. The benefit of round-the-clock customer service support enhances its appeal.

Frequently Asked Questions (FAQs)

Frequently asked questions

Ally Corporate Financing provides lending solutions tailored to mid-sized businesses in the U.S., particularly in sectors like health care and technology.

No, Ally Bank does not provide business banking services, including business checking accounts. However, you can open a personal checking account online via Ally’s website.

Yes, Ally Bank is covered by FDIC insurance (Certificate No. 57803), ensuring that banking products are federally insured up to $250,000 per depositor, per account ownership category. This insurance safeguards your funds in case the bank fails.

No, Ally currently doesn’t provide business checking accounts. They offer a personal interest checking account only.


Ally Bank offers a range of personal and business financing products, although it needs a business checking account. Business owners may find Ally’s personal accounts helpful in managing finances, but exploring other banks for comprehensive business banking solutions is advisable.

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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.