Ally bank issues cashier checks at no fees within 7-10 working days. To get a cashier check from Ally, you can contact them on this number: 1-877-247-2559
Ally bank has a competitive advantage of not charging any fees for a cashier check over its competitors like Wells Fargo, Citi Bank, and Bank of America which charge $10 for this service. However, its services are delayed as compared to other banks that issue cashier checks in the shortest span of time.
Procedure for getting a Cashier Check
Following are the requirements and procedures followed by most institutions for selling cashier checks.
- If you are purchasing a cashier check from a bank where you don’t have an account, it is advisable to call before visiting the branch to learn about their non-customer service. If you are a member, then you can directly visit the branch or buy a cashier check online.
- You must have accurate information about the payee’s name, check amount, and identification documents.
- You must have adequate funds either in your bank account or in cash to cover the check amount and additional fees charged by the bank or credit union.
- Once you have paid the amount, you should receive a receipt for it to keep a record and track. Further, the bank may ask you about the purpose of the check for record purposes.
A money order is a document signed by both the payer and the receiver for pre-payment of the amount. It is easily available at grocery stores, convenience stores, post offices, Walmart, Western Union banks, and credit unions.
- Security: As the amount is prepaid and both seller and buyer signatures are verified, it provides greater security than cash or personal check.
- Fees: Money orders can be obtained for low fees like 88 cents to 5 dollars.
- Transaction limit: There is usually a limit of $1,000 on making payments through money order.
- Bank does not guarantee funds. However, it’s prepaid.
- Having a bank account is not compulsory to get a money order.
Ally Bank does not offer money orders currently.
A certified check is a document issued by a bank or credit union certifying that the payer has the claimed amount in his/her account to be cashed by the payee.
- Security: As the bank verifies the account holder’s signature, a certified check is safer than the regular personal checks that come with a risk of getting bounced.
- Fees: Certified checks are offered for fees ranging from $5 to $15.
- Transaction limit: Usually, there is no limit on the amount.
- The amount is drawn against the payer’s personal account; thus, the bank does not become financially responsible in the case of uncollectible, which is rare.
- Having a bank account is compulsory to get a certified check.
Ally Bank does not offer certified checks currently.
A cashier’s checks also known as the teller’s check is granted by a bank or financial institution. The amount to be paid is immediately deduced from the payer’s account and added to the bank’s account. Then the actual receiver of the check can withdraw the check from the bank’s account.
- Security: The cashier’s check provides the highest security compared to cash, personal check, money order, and certified check. The amount is drawn against the bank’s account that can never be empty.
- Fees: Cashier checks are issued for $10 or more fees by banks other than Ally bank.
- Transaction limit: There is no limit on making payments through a cashier check; therefore it can be used to make large payments like buying real estate property.
- Bank guarantees funds, so there is no risk of being uncollectible.
- Having a bank account may or may not be necessary depending on the issuer institution’s policy. Some banks and most credit unions issue cashier checks to non-customers who will pay the amount in cash to the bank in exchange for the cashier check. At the same time, other banks would only issue cashier checks to their customers after deducting the amount from their accounts.
Comparison of Money Order, Certified Check, and Cashier Check
A money order will be your best option if you want to send a limited amount to someone with convenience and security without having to pay additional fees or holding a checking account.
Whereas a certified check will be your go-to if you want to make a larger payment against your account with an additional layer of the bank’s guarantee that will give greater security to the payer and payee.
However, a cashier’s check will be the best alternative if you cannot afford to take the least risk while making unlimitedly large payments. Given the nature of this transaction, you will be required to pay additional fees to the financial institution that takes responsibility for your funds.
Financial institutions provide various opportunities to allow safe and secure payments; still, frauds and counterfeits are always there to take advantage of your slightest ignorance. Therefore, you should always try to remain one step ahead.
The bank logos and phone numbers on checks can be easily forged, so you should counter-check by contacting the bank immediately after receiving the check. The receipt of a cashier’s check makes it the safest tool in this regard as it can be tracked in case of loss or theft.
About Ally Bank
Ally Financial is a leading American company in the market of digital financing services that include online banking, lending, investing, leasing, house and vehicle financing, corporate financing, and many more.
The exceptional banking services of Ally have earned it several rewards, including The Best Bank award, 2021. It currently has over 2.5 million customer depositors and $142.5 billion in total deposits.
Ally is driven by its motto of ‘doing the right thing’ and is focused on achieving its goals of becoming better, innovative, diverse, and customer-centric. In this article, we are going to discuss the payment transfer tools offered by Ally bank.
Payments from business-to-business or business-to-customer can be made through traditional methods like cash and personal checks or through safer methods like certified checks, cashier checks, and money orders which are explained above.
Ally bank offer cashier checks without any charges. In fact, it’s a competitive edge as other banks do charge a fee of $10 per check. However, the check processing time of this bank is comparatively higher. It may be because more people may be using this service.
Further, it should be noted that Ally bank does not currently offer money orders and certified checks. However, the basic banking services of this bank are exceptionally remarkable and it’s considered to be one of the best banks in the United States of America.
In addition to this, safe payment can also be made by using a money order and certified checks. It’s important to note that money order is used for making smaller payments. For instance, money orders can be used at the stores like Walmart and other stores.
These financial instruments are used to mitigate the risk in the transactions. These transactions mitigate the risk for both seller and buyer in the transaction.
From the seller’s perspective, it’s confirmed that they will be get paid. On the contrary, from a buyer’s perspective, they get a form of proof of payment. This proof can be attached to the property purchasing profile or for any other purpose, the check was used.
Frequently asked questions
Why is Ally bank the best in the United States of America?
There are distinctive features that make Ally bank one of the best banks. These features include a competitive interest rate, excellent saving tools, and no monthly fee. However, the number of ATMs for Ally bank is comparatively less.
Is it safe to invest in a savings account of Ally bank?
Yes, it’s safe to invest in savings accounts at Ally bank because of the following features.
- FDIC insures your balance up to a maximum limit.
- Bank offers safety for online banking services.
- Free security software is offered.
- 2-step authentication to access banking activities.
What is FDIC, and how does it helps funds depositor?
FDIC stands for Federal Deposits Insurance Company. It’s a US-based company that provides insurance security to the account holders of the FDIC registered banks. This security can be used if the bank defaults in the future.