Ally bank

[jrm30655]

For a variety of reasons, I was digging around for a new bank. Since I haven't been NB in 6 years, just opening an account was trouble because everyone wanted to see me in person.

I stumbled across ALLY because it is a virtual bank. I haven't been in a bank in 6 years so I could care less.

I discovered that they wanted a copy of my drivers license or a utility bill. I have a MX drivers license so that wouldn't cut it. However, I have a Vonage bill that has my forwarding address on it and that seems to work.

One of the things that I was looking for was a way to deposit checks without having to mail them back to the US. They allow you to scan the checks and deposit that way.

Talking to them, I also discovered that they have no ATM fees. They reimburse for local ATM fees in the US but not in foreign countries.

I'm still playing with getting this set up but so far it looks OK.

If anyone has used ALLY, let me know, good or bad,

[More Liana]

Be really careful about any bank you might want to use. ATM fees are the least of your worries; generally it's a few dollars at the foreign ATM. The big BUT is that almost all banks these days are charging that infamous 3 or more percent international transaction fee. BofA says it's a fee for exchanging your dollars for pesos; for every $100 USD, they take an additional $3.00. That doesn't sound like much, but when you consider withdrawing $1000 to $3000 a month for your living expenses, it adds up to quite a bit: $30 USD on every $1000, $90 USD on $3000. I refuse to give any bank that kind of money for absolutely nothing.

I don't know what Ally does, but be extremely cautious. You'd be paying the ATM fee at the local Mexican bank where you use the card, plus the Ally fee for using a machine out of their system, PLUS the percentage for the international transfer fee. Not worth it, if that's what they're doing.

[jrm30655]

Be really careful about any bank you might want to use. ATM fees are the least of your worries; generally it's a few dollars at the foreign ATM. The big BUT is that almost all banks these days are charging that infamous 3 or more percent international transaction fee. BofA says it's a fee for exchanging your dollars for pesos; for every $100 USD, they take an additional $3.00. That doesn't sound like much, but when you consider withdrawing $1000 to $3000 a month for your living expenses, it adds up to quite a bit: $30 USD on every $1000, $90 USD on $3000. I refuse to give any bank that kind of money for absolutely nothing.

I don't know what Ally does, but be extremely cautious. You'd be paying the ATM fee at the local Mexican bank where you use the card, plus the Ally fee for using a machine out of their system, PLUS the percentage for the international transfer fee. Not worth it, if that's what they're doing.

Is anyone using ALLY and knows their policy on transaction fees?

[LakeViews]

I believe ally has a 1% foreign exchange transaction fee. Best to use a Charles Schwab investor checking or Capital one 360 account for ATM withdrawals. However, Ally has a high yield on their online savings accounts which is .9%. You can keep longer term cash in Ally for the yield, then transfer to Schwab or Capital One electronically, USA to USA then withdraw cash in Mexico with a Schwab or Capital One ATM card. Schwab and Capital one refund all ATM fees worldwide and charge no foreign transaction fees.

[lobita]

I've used Ally for ... close to five years now, I think. I have had only positive experiences with them thus far.

They do charge 'up to' 1% in combined forex fees. The savings account rate at the moment is .85%.

Ally does not charge an ATM fee, and they rebate other banks' fees. Officially, they only promise ATM rebates for US machines. Unofficially, they are refunding my Mexican ATM fees every month.

I've never tried to remotely deposit a paper check, so I can't speak to how well that works.