Ally Bank Announces Popmoney, an Easy Way to Send Money

Today’s big introduction is Popmoney, a service that makes it truly simple to send money to anyone in the U.S. All you need is their email address or mobile phone number.

So whether it’s sending money to your kids at school, home to mom, or just that $40 you owe your friend, Popmoney gives you a quick, easy and safe way to do it. You can even send money to people who aren’t Ally customers. It is, after all, meant to make your life easier.

And when we say easy, we’re not kidding!



Popmoney lets you receive or send money from your Interest Checking, Online Savings, or Money Market Account. Just remember that withdrawals from your Online Savings or Money Market Account count towards your six transaction limit.

Once you’ve sent Popmoney funds using a mobile phone number or an email address, the recipient will then be notified that you sent money and directed to www.popmoney.com/ally where they’ll receive instructions on how to retrieve their funds.

That’s everything there is to know about Popmoney. It’s really that simple!

Will Popmoney make transferring money easier for you? Who do you think you’ll end up sending money to the most?

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78 Comments

  1. 1
    Eric

    This is a free service correct? No fees as for other products.
    When are you going to offer mobile banking? Using a laptop at the lunch place to send money is not really the future. Thanks

    • 2
      Ally

      Absolutely free from us, Eric, but please check your cellular carrier’s message and data rates if you’re sending money via cell phone number. And we’re going to have some news for you on that mobile banking front soon enough. We’d love to see your feedback on our new Idea Share tab too on mobile, so check that out as well: http://www.facebook.com/AllyBank?sk=app_112118792191546

    • 8
      Ally

      We don’t charge any fee for this service, MM and John, but if you send money via cell phone number, don’t forget to check your carrier’s message and data rates. Just another service to make things easier for our customers.

  2. 10
    Bobby

    Please make available mobile app and I will use it for all bills and banking needs on the go. I hope you will bring out the best mobile app in the market as you have taken soo long.

    • 12
      Ally

      You’ll only need a cell number or an email address to send money along with it, Neil, which should make paying any type of incidental costs a little easier.

  3. 16
    Max

    Good feature, but if I could deposit checks with a Mobile App from Ally like Schwab I’d be bigger customer of Ally since we have no ATM’s. When do we get a mobile App?

  4. 19
    Garrison

    This service sounds great for people like me that have given up on cash. I have the awkward moment from time to time where I’m out with similar-minded friends and for whatever reason, we all agree to purchase something together. Then none of us have cash to pay the one guy who puts it on his credit card. This should be a great solution. It’s great to have a bank that’s not behind the times.

    As for the mobile banking question, I find that the website works fine from a smartphone. As someone who’s had to support mobile banking from non-smartphones, I can say it’s something I would have avoided as well.

  5. 23
    Conrad

    Is it free? If not, what are the charges?

    Are there requirements about the recipient’s mobile phone service? For example, must they be able to receive text messages?

    How does their mobile phone number or email address allow them to receive money?

  6. 24
    Todd

    Agree with Eric. Need mobile banking a la Chase, where you can use their iphone or Android app to deposit checks, pay bills, make transfers, see your transaction history, AND pay anyone with a phone number or email address.

  7. 31
    Scotty

    Must be a fee if they dont mention it being free. In the fine print I’m sure. You send $40 to your friend and it cost you $42 and your friend only gets $38. Like paypal.

  8. 33
    ROn

    Hi. Nice idea, now if you can come up with a way to RECEIVE money, like sending a payment button to a recipient who can then make a payment to you, we could get rid of Paypal:-)

  9. 35
    Scott

    When are you going to offer a mobile app that allows checks to be deposited by taking pictures of the front and back of the checks?

    • 36
      Ally

      Rest assured, everyone, that we are working on a mobile app and will have some news on it in the near future. In the meantime, help us mold the mobile solution at our Idea Share:http://www.facebook.com/AllyBank?sk=app_112118792191546

      You’ve all given us a good idea for a FAQ too about Popmoney since there seems to be a lot of different questions. We’ll be sure to update the post here to link to it once we put it together and hopefully that will help provide a bit more information!

  10. 37
    dolce_sl

    Need mobile banking that can make deposit (like Chase). Nice gesture on popmoney, but really, paypal can already do that. Look forward to Android + iPhone apps.

  11. 40
    Z.

    Sounds good on paper but my friends don’t want to give out thier bank account info – to me or to you. Try again…how about a simple phone app to check accnt and pay bills?

  12. 41
    Derrick

    +2 for Mobile banking.

    I’d like to be able to deposit my checks via smartphone camera also. That is the future…

    Thanks!

  13. 45
    Dustin

    For a direct bank, you’re VERY slow to implement tools for your consumer base like Mobile Banking (2 more people commented on this as well), Text Banking, Mobile apps, and remote deposit capture. You’re a little behind; right now I DON’T love my bank!

  14. 48
    Aaron

    I am also curious as to what fees may be lurking around the corner for this service. It seems a bit too convenient to be free . . .

  15. 49
    Michael

    I would love to have an Android app for mobile banking. Just about every Major bank has an app. I do love my bank, and a mobile app would make me love it even more.

    Thanks

  16. 50
    Rich

    How about my sending money to a worldwide bank (US and international branches), but in a European country? I need to pay back a friend who loaned me money during travel. Is this possible?

  17. 51
    Dave

    Why do you need our mobile phone number? I have a cell phone, but it does not take text messages. Does that mean I can’t use your service?

  18. 52
    Tay

    I am also requesting a mobile app. An Internet bank with no ATMs should have a way to perform general banking without having to maintain a storefront account to perform simple actions such as cashing a check. Making use of the available technology should be a no brainer for a progressive Internet banking system. The popmoney feature will be useful but I would much rather have a way to deposit checks using my iPhone.

  19. 54
    Denise

    This is a great addition to the awray of services Ally currently provides, however I too look forward to the introduction of a mobile App that will make available remote capture and deposit…

  20. 55
    Jose

    From popmoney.com FAQ’s:

    “…If your bank offers Popmoney, you can deposit payments directly through your online and mobile banking site. If your bank does not offer Popmoney, please provide your bank account information at Popmoney.com. Your money will be sent to that account.

    Does it cost anything to deposit a payment to my bank account?
    CURRENTLY, Popmoney.com does not charge any fees…”

  21. 56
    Jen

    This is nice and convenient, but like everyone else has said it doesn’t mention the cost – free or fee? So far I’m happy with Ally. I love the chat option when I have a question, because I’ve always hated having to go through bank’s phone menu and having to repeat the info I’ve already entered via the phone. As an internet bank however, I expected Ally to be more technologically advanced than other banks – awesome mobile phone app, remote check deposit, etc. Do these things and I’ll drop my last Wells Fargo account!

  22. 58
    Tangie

    This new feature is great, but my main issue has always been the 2-3 business days it takes for a transfer to be deposited into my acct from an outside bank. My boyfriend is currently out of the country and every time he transfers me any money from his bank I always have to wait at least two business days to receive the money in my Ally acct. There must be a faster way to do this.

  23. 65
    Justin G

    How long will popmoney be free with you guys because i have my checking account with another bank and they have popmoney also. It was free for like the 1st week and now it cost money so if you guys are gonna keep it free i will open my checking with you and get rid of that bank. Thank you!

  24. 66
    Ron

    I’ve never understood why, in this age of automation and almost instant debiting of a transaction, why it takes 2-3 days for a credit transfer to occur. As a retired banker, in my mind there should be no more than a 1-day drag on a transfer. Depending on the time of day, the Federal Reserve and the ACH should be able to move money around in nanoseconds. There are no more “float” issues to contend with, as in the old days, so once I hit the “Send” button, my transaction should start processing immediately. Oh well, what do I know? It’s not Ally’s fault….this is a problem with the system overall.

  25. 67
    Paul

    I am a National Account Manager for a mobile software company. We have banking apps for iPhone, Android, Blackberry, iPad and all other smartfones.
    If your IT guys would talk to me (which they haven’t so far), you could have live mobile banking apps in a month.

    • 68
      Ally

      We appreciate that, Paul, and will pass on your comment. That said, we’ve made some real progress with our team now and are looking forward to churning out the best product we can right now.

  26. 69
    Jean Luc

    Any idea on when the check deposit will be available on android ?
    I already have an ALLY account opened but waiting for this function to transfer all my accounts from Chase to you guys ..

    Thanks

    • 70
      Ally

      Ally eCheck Deposit will be available during our second mobile rollout, scheduled for later this year, Jean. The Straight Talk Blog will continue to provide updates on our upcoming mobile release. Look out for that!

  27. 73
    Tina N

    Hi,
    I was wondering if Ally has a feature that will let me transfer money from my Paypal account, or Paypal debit card account into my Ally Money Market account?

  28. 74
    Frank

    I’ve found this service very frustrating. My wife (also at Ally bank) will send me a payment, but I don’t receive any notification (an e-mail or SMS would be nice) which means that I have to talk to her about it, she needs to log in and check the status,etc. When I was with ING, the recipient would receive an e-mail notification that money was being processed.
    Can we get functionality like that at Ally? It seems fairly intuitive.

  29. 76
    June

    Hi,

    What happens when I set up with the recipient’s bank account? Will the money be deposited in his account?

    Also I have noticed that the popmoney page does not allow me to add this person’s account because I’ve already tried the same routing and account # on the wire transfer page.

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