Is Ally Bank FDIC Insured?
Ever since posting a detailed review article on Ally Bank: "Ally Bank Reviews", we've received numerous emails asking whether Ally Bank is FDIC insured.
The answer is yes, Ally Bank is FDIC insured.
Ally Bank is a member of the Federal Deposit Insurance Corporation (FDIC). As such, the FDIC insures up to $250,000 of the amount in each customer’s checking or savings account – per depositor.
In the event that Ally Bank should fail or go bankrupt, the FDIC will step in and pay up to $250,000 dollar-for-dollar.
How Soon Does the FDIC Pay?
Historically, the FDIC has provided payment within a few days after a bank fails, usually by the next business day
What about Certificate of Deposits? Does the FDIC insure Ally Bank CDs?
The answer is yes.
Ally Bank Certificate of Deposits are insured by the FDIC, up to the $250,000 level.
The FDIC and the insurance provided are backed by the full faith and credit of the US government.
Additional Information Provided by the FDIC