Ally Bank was started in 2009 by a bank holding company, Ally Financial, as an online retail bank. Ally Financial states that when it launched Ally Bank, the intention was to offer low fees by reducing the costs of maintaining a physical location.
Furthermore, the bank set out to provide customers with 24/7 support, as well as the flexibility to move their money at any time. Since its inception, Ally has quickly grown to become a well-respected financial institution by many customers, and was even hailed as one of the “five great Internet banks” in 2011 by PC Magazine.
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