Cash on Hand? The Biggest Online-Only Bank Just Made It Easy To Deposit Your Money

Core Insights - Ally Bank, the largest online-only bank in the U.S., is introducing a cash deposit feature, addressing a significant limitation of online banking by allowing customers to deposit physical cash at Walmart locations [2][4][8] Group 1: Cash Deposit Feature - The new cash deposit option enables customers to add cash to their Ally accounts without incurring fees, enhancing the flexibility of managing both digital and physical money [5][6] - Customers can initiate the cash deposit process through the Ally mobile app, generating a unique barcode to be scanned at Walmart [7][8] - Cash deposits can range from $20 to $1,000 per day, with a maximum of five transactions allowed per month [9] Group 2: Partnership with Walmart - Ally has partnered with Walmart to facilitate in-person cash deposits, making it convenient for customers to integrate cash into their online banking experience [4][6] - This collaboration allows Ally to overcome the operational challenges typically associated with handling physical cash, such as the need for branches and armored transport [3]