Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
Re: thinking about switching to an online bank.

giants1986 wrote:

I actually just applied for an Ally Checking and Savings account since it seemed to be a good fit for me. I was told to call and confirm some details and now I'm waiting 3-5 days while my application is reviewed. A bit frustrating as I was ready to make this my direct deposit account. Hopefully I get an answer quickly.

Yes, the process of opening is a drawback of online banking, and the slow availability of deposits for the first 30 days.   But the rates generally make up for it!