Post # 16
karen12: Interesting. All I know is that I have definitely withdraw money from my savings account at Wells Fargo more than 6 times in month and not got slammed with a fee. Do transfers between checking and savings accounts count as a withdrawal at Wells Fargo? With Wells Fargo, if you have x amount of money with them, they give special privileges like minimal fees, like I don’t get slammed with ATM fees, no overcharge fees, and you can get bank checks for free, which came in handy when we had to get a few for apartment rentals and wedding vendors. So maybe another perk with having a certain amount of money in your WF accounts, they waive the 6 transactions limit on your savings account. After I got married, we moved most of our money from our individual accounts into an Ally savings account, which was a lot more money than I had in my WF accounts and got no special privileges.
I also think both WF and Chase customer services are better than Ally’s, but all not enough reason for us to move our money to another bank. The 1% interest rate makes it worth it for us.
Post # 17
I looked at going with ally but I ended up using capital one instead. It has a great interest rate plus I got a $200 bonus for transfering in 20,000. Also their customer service seems great and you can get a checking account connected to for direct deposit, withdrawals, atms etc.
Post # 18
breatheandrelax: PPs were correct the 6 transaction limit on money going out of a savings is federally regulated. However, at WF, while online and phone transfers count towards that limit, in-person transactions done at an ATM or at a teller window do not count due to a loophole in the regulations. (I work for WF.)
Post # 19
breatheandrelax: Since it seems like your biggest complaint is the lack of ATMs I think you should take a look at their ATM locations if you haven’t recently. They joined a network that gives access for free to a ton of ATMs. If your location in your profile is correct it looks like they have quite a few of them in your city.
I also personally see a savings account as just that, savings. I don’t try to use my savings account as a checking account. If someone is looking for a true savings account I think Ally is a great option.
Post # 20
Yes, in person withdrawals don’t count toward the limit, for either savings or money market accounts. I never understood why the Federal Reserve cared enough to make it regulatory, but I believe its to prevent savings accounts from being treated like checking.
I work in commercial lending, but we all have to do compliance training every year.
Post # 21
RosaBride: I use Ally’s checking account, but not savings. Their checking account is so high interest (.4% I think?) that we decided it wasn’t worth while for us to have a checking & savings account (we calculated the difference we could expect per year and decided it wasn’t worth having to worry about transfering money back and forth).
I have had a good experinece with the company so far. The only thing that kind of sucks is you can’t deposit cash in the bank, but it’s not he end of the world. I like being able to use any ATM and just get reimbursed at the end of the month for the ATM fees.