Ally Bank Small Business Checking – 2019

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  • Ally is best for businesses who do not need a business checking account but want online-only loan assistance, vehicle financing, and acquisition support.
  • Ally has no introductory offers aside from their zero-fee credit line for businesses looking to finance a vehicle fleet.  
  • Since Ally doesn’t currently have business checking accounts, there are no special sign up offers.
  • Over 43,000 ATM locations throughout the US for business owners with personal Ally accounts.
  • 24/7 phone support for businesses using Ally’s corporate financial services.
  • Ally Bank has no store locations for in-person customer assistance.
  • To take advantage of Ally’s corporate loans and financing services call or online chat with an account representative for more information.

Is Ally Bank easy to use?

Ally offers no business checking accounts but does offer easy-to-navigate and low-fee business financing loans you can access after eligibility has been determined. However, business owners looking for personal accounts can take advantage of Ally’s online banking services.

Ally Bank is an easy-to-use online bank for those businesses who like to online bank exclusively. While there is a vast number of convenient ATM locations nationwide, most banking (aside from cash withdrawals), can be done online right from the comfort of your own home or office via www.ally.com or Ally’s banking app.

The online and mobile app customer user interface is highly intuitive and visually organized for even the most newbie users to navigate with virtual ease.

Does Ally Bank offer checking account bonuses?

Qualified business looking to expand can use Ally’s pre-approved credit line without a fee. The credit line can be used to finance vehicles specifically. Despite the lack of other signup rewards and business checking services, their experienced corporate finance team may be reason enough to use their financing services. There is no need for no additional special offers to entice new businesses to open accounts without checking options. Ally instead relies on having few and low fee, low-interest rate loan and cash flow options to attract businesses new and old to the online bank.

How much are Ally Bank’s business checking fees?

There are no banking fees businesses need to be concerned with that apply to any corporate financial services Ally offers.

How big is Ally Bank?

Ally has 8,000 team members to support their $78 billion in customer deposits and over 250,000 investment accounts with $4.7 billion in assets. They are the 19th largest bank in the entire country.  Ally has helped support major business acquisitions like that of Nationwide Industries by Harbour Group.  The Ally team is dedicated to compensating for their lack of physical banking locations with award-winning online banking customer service. They specialize in the following corporate sectors: automotive, business services, consumer products, retail finance, distribution, industrials, healthcare, manufacturing, and technology finance.

Does Ally Bank have special account features?

Ally works with businesses to provide the following transaction types: leveraged buyouts, working capital, mergers and acquisitions, refinancing, recapitalizations, turnarounds/restructuring, and debtor in possession.

Round-the-Clock Customer Service

Ally Bank is designed to be user-friendly and offers 24/7 customer service that will connect account members with a chat representative or give a phone number to call for customer assistance. You can always get instant customer support for the bank, which is a great trade-off to make up for their lack of physical locations.

Municipal Lease-Purchase Plan

This plan is designed for municipalities (towns, cities, etc.) that need vehicles titled to the municipality itself. The lease-purchase plan features no disposal fee, monthly or annual payment options, a $1 residual, and zero initial security deposit. The plan caters to more commercial vehicles beyond the passenger car like light and medium-duty trucks.

Asset-Based Loans

Ally offers senior secured revolving credit and term loan facilities based on the eligible private-equity middle market companies’ assets. The revolving credit line is based on accounts receivable and the inventory valuations. The credit is also based on term loans and the value of fixed assets like any real estate holdings the company might have.

Cash Flow Financing

Ally supports a lot of business acquisitions and their cash flow financing targets that market. Their cash flow financing features senior secured debt based on EBITDA multiple and understanding of cash flow drivers. Their financing is determined by the company’s performance and team strength, in addition to their position in their specific market.

Real Estate Loans

Ally helps facilitate company purchasing of real estate and land. They offer senior secured credit facilities and first mortgages secured by real property to businesses. They have competitive advance rates that are based on loan to value.

Unitranche Financing

These loans give businesses a one-stop comprehensive financial solution under one credit agreement to streamline the financing process. The loans have accelerated loan underwriting and closing timelines.

How do I open an Ally Bank account?

Since there are no available checking accounts for businesses at Ally, business owners will need to get in touch with a representative online or via the 24/7 customer service line to beginning processing for eligibility. Eligibility must be secured before taking advantage of Ally’s corporate financial services.

Summary

While Ally is definitely geared more towards a student, traveler, or personal account, they do have excellent corporate financial services to rival other top banks. The main perks of banking with Ally is their personalized 24/7 customer care and low fees. Their corporate finance team focuses on long-term relationship building, and the feedback they receive from business owners is overwhelmingly positive.

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