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Does Ally Accept Money Orders?
If you’re looking for a way to deposit a money order into your Ally Bank account, you might be disappointed to learn that Ally does not accept money orders. This policy is consistent across both Ally Bank and Ally Invest.
In this post, we’ll break down the details of Ally Bank’s deposit policies, alternatives to money orders, and why understanding this is important for your banking experience.
Ally Bank Deposits: No Money Orders Accepted
Ally Bank offers a wide range of banking services, but money orders are not one of them. When it comes to deposits, Ally Bank doesn’t accept money orders.
This includes both traditional deposits and those made through their online banking platform, Ally eCheck Deposit. If you are wondering, “Does Ally accept money orders?” the answer is no, at least not in the form of a deposit.
Ally Bank does provide other convenient ways to fund your account, but money orders are not part of their accepted methods. To understand why this is the case, it’s essential to look at the different types of deposits Ally Bank does accept and the alternatives available.
Ally eCheck Deposit: A Convenient Alternative
While Ally Bank doesn’t accept money orders, they offer an alternative: Ally eCheck Deposit. This service allows you to deposit checks payable in U.S. dollars and drawn at any U.S. bank. This means you can deposit checks directly into your Ally Bank account from your computer or mobile device.
However, it’s important to note that Ally eCheck Deposit only accepts traditional checks. Money orders are not eligible for this type of deposit.
If you have a money order and were hoping to deposit it through Ally’s eCheck Deposit feature, unfortunately, that won’t work. You’ll need to explore other methods to deposit your money order.
Ally Bank Cashier’s Checks: What You Need to Know
While Ally Bank does not issue certified checks or money orders, they do offer cashier’s checks. A cashier’s check is a guaranteed form of payment, and it is often used for large transactions or when a person wants to make sure their payment is secured.
If you need to send or receive funds in this secure manner, a cashier’s check may be a good alternative to a money order.
Unlike money orders, which can be purchased at various locations like post offices or grocery stores, cashier’s checks are typically issued directly by a bank. So, while Ally Bank doesn’t accept money orders, their cashier’s checks provide a similar level of security and convenience for those needing a guaranteed form of payment.
Ally Invest: No Money Orders or Starter Checks
When it comes to Ally Invest, the policy is the same as Ally Bank: money orders are not accepted. Ally Invest does not accept money orders for deposits or investments.
Additionally, Ally Invest doesn’t offer checks or debit cards, making it different from Ally Bank in terms of payment options. However, if you need access to checks or a debit card, you can always open an Ally Bank Interest Checking Account.
Ally Bank’s Interest Checking Account comes with a free debit card and access to checks, allowing you to perform transactions and payments as needed. This might be a useful option for those who are considering investing with Ally Invest but need to have a more flexible banking solution.
Money Order Alternatives: What Are Your Options?
Now that you know Ally Bank and Ally Invest do not accept money orders, you might be wondering what alternatives exist. Fortunately, there are several ways to send and receive funds without relying on money orders.
1. Cashier’s Checks
As mentioned earlier, cashier’s checks are a great alternative to money orders. These checks are issued by a bank and are guaranteed to be paid. If you need to deposit or send a secured payment, a cashier’s check may be a suitable option. You can request a cashier’s check from your bank, and it will be issued in your name.
2. Wire Transfers
Wire transfers are another popular way to send money, especially for larger amounts. Wire transfers are secure and quick, allowing you to send money directly from one bank account to another. They are commonly used for both personal and business transactions.
If you need to send funds urgently or in large quantities, a wire transfer could be a good option. However, it’s important to note that wire transfers usually come with fees, so make sure to review Ally Bank’s fee schedule before proceeding with a wire transfer.
3. Online Payments
With the rise of digital payments, there are many online platforms that allow you to send money quickly and securely. Services like PayPal, Venmo, and Zelle are popular choices for personal transactions. These platforms can link to your bank account and allow you to send or receive money without needing a physical check or money order.
If you’re someone who makes frequent payments to friends, family, or businesses, using one of these online platforms could be a convenient and fast way to transfer money. Keep in mind that while these services often offer free transfers, there might be fees for expedited transfers or for sending money via credit card.
4. ACH Transfers
Automated Clearing House (ACH) transfers are a low-cost option for sending money electronically. Many banks, including Ally, offer ACH transfers for free or for a minimal fee.
ACH transfers are typically used for recurring payments like bills, but they can also be used for one-time transactions. This is another alternative to money orders if you need to move money between accounts or make payments.
How to Deposit Money into Ally Bank Accounts
If you’re still wondering how to deposit funds into your Ally Bank account, here are a few methods that do not involve money orders:
- Direct Deposit: You can set up direct deposit with your employer to have your paycheck automatically deposited into your Ally Bank account. This is a simple and convenient way to fund your account without having to deal with checks or money orders.
- Mobile Check Deposit: Ally offers a mobile check deposit feature through their mobile app. This allows you to deposit checks directly into your account by simply taking a picture of the check. As mentioned earlier, money orders are not accepted for mobile check deposits, but traditional checks are.
- Wire Transfer: As discussed above, wire transfers allow you to send funds from one bank to another. If you have a bank account with another financial institution, you can use wire transfers to deposit funds into your Ally account.
- Depositing via Mail: If you’re unable to make a deposit online or via mobile, you can also mail in a check for deposit. Ally Bank provides instructions for mailing deposits through their website.
Why Ally Doesn’t Accept Money Orders
You may be wondering why Ally Bank has this policy of not accepting money orders. While Ally Bank has not publicly disclosed the exact reasoning behind this decision, it’s likely due to concerns around fraud prevention and the overall processing efficiency of money orders.
Unlike checks, which can be traced directly to a bank account, money orders are more difficult to track, and it could be easier for fraudsters to use them in illegal activities.
By not accepting money orders, Ally Bank can maintain stricter controls over deposits and ensure the funds being deposited are legitimate. This reduces the risks associated with fraud and helps the bank maintain a higher level of security for all customers.
Frequently Asked Questions
Here are some of the related questions people also ask:
Does Ally Bank accept money orders for deposit?
No, Ally Bank does not accept money orders for deposits. Instead, you can use services like Ally eCheck Deposit for traditional checks.
Can I deposit a money order into Ally Bank using eCheck Deposit?
No, Ally eCheck Deposit only accepts checks payable in U.S. dollars, not money orders.
Does Ally Bank offer cashier’s checks?
Yes, Ally Bank can issue cashier’s checks. However, they do not issue certified checks or money orders.
Can I use a money order to deposit funds into Ally Invest?
No, Ally Invest does not accept money orders for deposits. Ally Invest also does not offer checks or debit cards, but you can use an Ally Bank Interest Checking Account for these features.
What are the alternatives to money orders for sending money to Ally Bank?
Alternatives to money orders include cashier’s checks, wire transfers, online payment services like PayPal or Zelle, and ACH transfers.
How can I deposit funds into my Ally Bank account without a money order?
You can deposit funds into your Ally Bank account using direct deposit, mobile check deposit, wire transfers, or by mailing a check.
Why doesn’t Ally Bank accept money orders?
Ally Bank likely doesn’t accept money orders due to concerns about fraud prevention and the difficulty in tracing money orders compared to traditional checks.
Does Ally Bank accept checks for deposit?
Yes, Ally Bank accepts checks for deposit. You can deposit checks through Ally eCheck Deposit, or use the mobile check deposit feature on the Ally app.
Can I send money internationally through Ally Bank?
While Ally Bank doesn’t directly handle international wire transfers, you can use third-party services like PayPal or a wire transfer service to send money internationally from your Ally Bank account.
The Bottom Line
In summary, does Ally accept money orders? The answer is no. Ally Bank and Ally Invest do not accept money orders for deposits or transactions. However, there are plenty of alternatives available for sending and receiving money, including cashier’s checks, wire transfers, online payment platforms, and ACH transfers.
While it might be inconvenient if you’re used to using money orders, Ally Bank offers several other ways to handle your deposits, ensuring that you can still manage your funds easily and securely. If you’re looking for a more flexible banking solution, consider opening an Ally Bank Interest Checking Account for access to checks and a debit card.
Remember, if you need to send or receive funds, always check with your bank or financial service provider for the best methods available.