Ally Bank does not charge a monthly maintenance fee for its checking account

Ally Bank's checking account has no monthly fee, no minimum balance requirement, and no per-transaction charges. You pay nothing to hold the account open or to use it for everyday banking. This is true whether you keep $10 or $10,000 in the account.

The account does charge fees in specific situations: overdrafts, wire transfers, and stop payments. Those are the only places money leaves your account as a fee. Everything else—deposits, withdrawals, transfers between your own accounts, bill pay—costs nothing.

Key Takeaways

  • Ally Bank's checking account has no monthly maintenance fee, no minimum balance, and no per-transaction charges for standard banking.
  • Overdraft fees are $25 per occurrence if you spend more than your balance, and Ally allows up to four overdrafts per day.
  • Wire transfers out cost $15 domestic and $25 international; incoming wires are free.
  • Stop payment requests (asking the bank to block a check you wrote) cost $25 each.
  • ATM withdrawals are free at Ally's network and at most other banks' ATMs, though some out-of-network ATMs may charge you a fee that the ATM operator sets.

When Ally charges overdraft fees

An overdraft happens when you spend money you do not have in your account. Ally charges $25 per overdraft occurrence. The bank allows up to four overdrafts per day, meaning you could face up to $100 in fees in a single day if you make four separate transactions that overdraw your account.

Ally does not charge an overdraft fee if you link a savings account or money market account to your checking account and the bank transfers money to cover the shortfall. This is called overdraft protection, and it is free. You can set it up through your online banking dashboard or by calling Ally customer service.

If you do not have overdraft protection set up and you overdraw, Ally will still process the transaction—it does not decline it. You then owe the $25 fee. The bank does not charge interest on the overdrawn amount itself, only the flat fee.

Wire transfer and stop payment charges

Sending money out of your Ally checking account by wire transfer costs $15 for a domestic wire (within the United States) and $25 for an international wire. Receiving a wire transfer is free. These are one-time fees per wire, not monthly charges.

If you write a check and then want to stop it from being cashed, you can request a stop payment. Ally charges $25 for each stop payment request. This is useful if you lose a check or realize you made a mistake, but it is not free.

ATM access and out-of-network fees

Ally's checking account comes with free ATM access at Ally's own ATM network and at most other banks' ATMs through shared networks. You can withdraw cash without paying Ally a fee at thousands of locations nationwide.

Some ATMs operated by independent companies or small banks charge their own fee to use their machine. That fee comes from the ATM operator, not from Ally, and it appears on your receipt. Ally does not reimburse these out-of-network ATM fees. If you use an ATM that charges $3 and you are not an account holder there, you pay that $3 to the ATM operator.

How Ally's checking account compares to traditional banks

Most large brick-and-mortar banks charge $10 to $15 per month for a checking account, though they often waive the fee if you maintain a minimum balance (usually $500 to $1,500) or set up direct deposit. Ally charges nothing regardless of balance or direct deposit status.

Overdraft fees are similar across banks: $25 to $35 per occurrence is standard. Wire transfer fees are also comparable—$15 domestic is typical. The main difference is that Ally has no monthly cost to hold the account, while traditional banks do unless you meet their conditions.

Online banks like Chime, Charles Schwab, and Discover also offer no-fee checking accounts. The trade-off is that Ally has no physical branches, so you cannot deposit cash in person or speak to someone face-to-face. All banking happens online or by phone.

Interest earned on your checking balance

Ally's checking account earns interest on your balance. The rate changes based on market conditions and is set by Ally, not by you. As of recent updates, the rate has been competitive compared to other online banks, though it fluctuates. You can check the current rate on Ally's website.

Interest is calculated daily and deposited monthly. If you keep $5,000 in your checking account and the rate is 0.25% annually, you would earn roughly $12.50 per year (before any taxes owed on that interest). The interest rate is not may provide and can drop at any time.

Frequently Asked Questions

Does Ally charge if I do not use my checking account?

No. Ally does not charge an inactivity fee or a dormancy fee. You can open an account, leave it untouched for months, and pay nothing. The account remains active and ready to use whenever you need it.

What happens if I go negative without overdraft protection?

Ally processes the transaction and charges you $25. You then owe that fee. If you do not bring your balance back to zero within a set time, Ally may close the account and report it to ChexSystems, a banking history database that other banks check when you apply for new accounts.

Can I avoid overdraft fees by opting out of overdraft coverage?

Yes. You can call Ally and ask to opt out of overdraft protection. After that, transactions that would overdraw your account will be declined instead. You will not pay a fee, but your payment or purchase will not go through. This prevents surprise fees but may cause other problems (like a missed bill payment).

Is there a fee to close my Ally checking account?

No. Ally does not charge a closing fee. You can close your account online or by phone at any time with no penalty.

Do I pay a fee to transfer money between my Ally checking and savings accounts?

No. Transfers between your own Ally accounts are free and usually happen instantly or within one business day.