2019 options to fund Ally Invest brokerage account. New account initial deposit by check from bank.

How do I Fund My Ally Invest Account?

So you’ve just opened an Ally Invest account and are ready to start investing. Your first step will be to fund your account. This is a quick and easy process that takes a few minutes to initiate, and can be done in a number of different ways depending on which is easiest for you. This article will walk you through the steps and options when it comes to funding your Ally Invest account.

Funding Options

If you click on the “Transfers” header at the top of your Ally account it will take you to the below screen where you can choose which funding option you want to use. The most popular funding method is a bank transfer, also known as an ACH or electronic transfer. Next, we’ll walk you through initiating a bank transfer as well as the other funding methods Ally offers.

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Bank/ACH/Electronic Transfers

After selecting “Bank Transfers” and then “Deposit” on the right, a popup window will appear asking you to choose the bank where your checking account is that you’d like to link to use to fund your Ally Invest account. After selecting your bank, you will be prompted for your username and password (and potentially the answer to a security question) for that bank’s website to verify your account.


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Once verified, the below screen will appear where you can enter the $ amount you would like to transfer, the date you want (today’s date), and whether you want it to be a one-time or recurring transfer. Click next, and then review your request before submitting it. Funds deposited via bank transfer generally take three days to settle, at which point you’ll be able to use them to trade.

Wire Transfers

Wire transfers are another option where your funds generally settle within one business day, and are initiated in a similar manner from the same screenshot above. They are less popular since the sending bank generally charges a fee for wire transfers (likewise, Ally Invest will only charge you a $20 wire fee for outgoing wire transfers).

Checks

If you prefer to make your deposit with a physical check you can select this option and follow the instructions below. The check should be made out to Ally Invest and mailed to the below address along with the completed “Check Deposit Ticket” form. Ally will hold funds deposited via check for three days prior to allowing them to be used for trading.


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Account Transfers

If you are moving all or part of your portfolio from an existing brokerage account to your new Ally account you will want to select the below “From Another Firm” option. Remember that the account type (i.e. Roth IRA) of the account you’re transferring must match your Ally account’s account type, and you must liquidate any foreign securities and penny stocks prior to the transfer. Also worth noting is that if the value of the assets your transferring are at least $2,500 Ally will reimburse up to $150 of any transfer fees charged by your other broker.

Between Ally Accounts

This option is one of the less frequently used transfer methods, but if you have more than one Ally Invest account open you can choose “Between Ally Invest Accounts” to move funds between them.

Minimum Funding Requirements

Ally doesn’t have any minimum required balances in order to keep your account active and there are no account maintenance fees for having a low balance. You can deposit as much or as little as you want to, but just remember if you are opening a margin account, there is a $2,000 minimum balance requirement mandated by law.

Summary

As you can see from this article, there are many different easy options that Ally offers its clients when it comes to funding your account. Ally won’t charge you fees for any of these funding methods, but it’s important to remember that your bank may charge you a fee for faster outgoing transfer options like wire transfers.

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