How Do I Close My Ally Bank Account?
Ally Bank has been around for a long time and they have expanded their offerings to match their clients' needs. Keeping the same bank during your life is the ideal, but there are times when closing an account the only option. Keep in mind your account's type, along with any fees. Please review Ally's closure policy before you close to avoid surprises. Please call your account's customer service department if you need more information.
Although Ally Bank's origins date as far as 1919, it has remained relevant to today's consumer. Ally began with offering automobile loans and now it includes checking and savings, investing and retirement accounts, and mortgages. But what if a situation arose that meant having to close your account? The answer depends on what kind of account and how much funding is in it at the time you learn you need to close it. Read on to learn more.
Close Checking or Savings
The closing of a checking or savings account will prompt the need to take a few things in consideration. Before a checking or savings account can be closed, chances are it needs to be at a zero balance. You either need to transfer the money ahead of time into a different account, or withdraw it. What you choose depends on how many funds are in the account. They are going to want to help you, so you can call Ally Banking Customer Service to close your account. They are available 24 hours a day, seven days a week. There's even a chat feature on their website in case you need advice. As customer service by chat isn't a 24 hour service, please check Ally.com for chat availability.
Closing Retirement or Investment Accounts
Another consideration to make is will there be fees to closing the account? For savings or checking, probably not, but for the next type of account retirement and investments, there might be. This is going to affect the amount of funds that you can transfer or withdraw. For this, please get in touch with Ally's Retirement and Investment Accounts Customer Service.
Some of the fees are listed below.
- IRA account closure fee is $25, charged when all the funds are removed. This fee can also be called a termination fee.
- Partial account outgoing transfer fee is $50, charged when some funds are transferred.
- Full account outgoing transfer fee is $75, occurs when both the $25 termination fee and the $50 transfer fee are incurred.
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