Ally Business Checking

Azlo provides online banking and fee-free business checking for small businesses. Our platform features unlimited transactions, online invoicing, instant transfers, and easy bill pay.

• 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?

1. Ally Bank Review: Checking, Savings and CDs Ally Bank is a popular online bank among people seeking strong rates and robust customer service. Because it doesn’t have to put money into physical.
2. One of Ally Bank checking account's main strengths is the high-interest rate offered to customers. As of this writing, Ally Bank will pay a 0.1% APY on checking accounts with less than a $15k minimum daily.

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.

Check out our roundup of the Best Small Business Checking Accounts

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.

What are Ally Bank’s 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.

What are Ally Bank’s checking 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.

Ally Bank Account

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 Business Checking

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.

Open A Business Checking Account Online

The Best Non ChexSystems Banks. Guaranteed Approval.

If you were recently denied a bank account, the bank may have told you it was based on a negative ChexSystems report. And since a huge portion of banks and credit unions use ChexSystems, it’s not like you can walk across the street and open a checking account at another bank.

Unfortunately, being on that list lasts for five years and can make opening a simple checking account a nightmare.

Luckily, there are banks that do not use ChexSystems. These Non-ChexSystems Banks offer you a way back into banking and they offer all the services you need and deserve with acceptance rates that are surprisingly high.

Does Ally Offer Business Checking

We’ve helped thousands of people just like you open non-ChexSystems bank accounts. We’ve selected the best accounts based on acceptance rates, checking account features and benefits, and the accounts with the lowest fees. Best of all, you can open an account TODAY.

Winner: Best Non-ChexSystems Bank

1. BBVA Online Checking

BBVA Online Checking is our favorite non ChexSystems bank account. They have the strongest offering of any of our recommendations. No hidden fees, no monthly minimums, and no monthly service charges. It’s easy to get approved and takes about 3 minutes. Plus, their smartphone app and online tools are the best we’ve reviewed. BBVA does not use ChexSystems but instead utilizes EWS to screen new applicants.

Why do we recommend BBVA Online Checking so highly? If you’ve got poor credit or find yourself on ChexSystems, BBVA will approve you for an account.

• NO monthly service charge
• NO monthly account balance minimums
• NO fees at over 64,000 Allpoint® and BBVA ATMs worldwide
• FREE online banking, bill pay, and mobile deposits
• FREE unlimited check writing
• FREE Visa® debit card
• Open with as little as $25

Runners Up: Best Non-ChexSystems Banks

2. Chime Bank

Chime Bank is a fast-growing internet-only bank. Unlike big banks, Chime was created during the smartphone era and, therefore, features an app that is more than just a way for customers to review their bank accounts.

And, best of all, Chime Bank accepts all customers who apply. Even if you have bad or poor credit or have been blacklisted by ChexSystems or credit bureaus. It’s one of the only guaranteed checking accounts we’ve ever reviewed and is available in all 50 states.

• FREE Visa® debit card
• NO monthly fees or service charges
• NO monthly minimums
• FREE online banking and mobile banking/deposits
• NO fees at over 38,000 MoneyPass® and Visa Plus Alliance ATMs worldwide
• SAVINGS: You can round up every purchase to the nearest dollar and automatically deposit that difference into your savings account.

3. Peoples Bank

The Peoples Cash Solutions Second Chance Checking Account might be the answer for you. Peoples Bank will open an FDIC insured no ChexSystems bank account for you even if you have bad credit or have been reported to ChexSystems or TeleCheck in the past (except where fraudulent activity has been reported). Available in all 50 states.

• Debit MasterCard®
• Personal checkbook
• Online bill pay
• Online banking
• Online money transfers
• Monthly maintenance fee of $4.95
• $30.00 minimum deposit

4. Radius Bank

The Radius Bank Essential Checking account is a FDIC-insured checking account designed to help you manage your money with powerful technology and limited fees. Available to residents in all 50 states.

• Free MasterCard® debit card
• Free mobile banking with check deposit
• Free online banking with bill pay
• $10 minimum deposit to open account
• Monthly service charge of $9.00
• No minimum balance
• Ability to upgrade account after 12 months of responsible banking

5. Wells Fargo Bank

Wells Fargo recently changed the Opportunity Checking account to Clear Access Banking. And we like one change, in particular. Wells Fargo has done away with overdraft and non-sufficient funds (NSF) fees. Clear Access Banking is a debit card-only account (no paper checks available) and if you attempt to purchase something without sufficient funds, the transaction will be denied. That’s a lot better than having the transaction approved and then discovering you’ve been hit with a $35 overdraft fee.

There is a $5 monthly fee, but that is be waived for account holders 24 years old and younger. This account is available to residents in all 50 states.

• The largest number of branches in the U.S.
• Minimum deposit of $25 to open an account
• Online bill pay and smartphone app
• Mobile check deposit
• Includes a Visa debit card
• Send and receive money through Zelle
• Additional features include account alerts, 24/7 fraud monitoring, and zero liability protection for your debit card

The Best Second Chance Banks by State

We’ve surveyed banks and credit unions throughout the country to find local, regional, or national financial institutions that offer “Second Chance Bank Accounts” or what some banks call Fresh Start Checking, Opportunity Checking, or New Start Checking.

Most of these institutions use ChexSystems or EWS, but are willing to look at opening these kinds of accounts on a case-by-case basis. Many times, they require a personal visit to a branch and may offer accounts that come with monthly fees or minimum balance requirements. While not as easy and as the BBVA Online Checking account, they do offer you an alternative.