In this work, we extend previous analyses of ac electro-osmosis to account for the combined action of two experimentally relevant effects: (i) Faradaic currents from electrochemical reactions at the electrodes and (ii) differences in ion mobilities of the electrolyte. In previous works, the ac electro-osmotic motion has been analyzed theoretically under the assumption that only forces in the diffuse (Debye) layer are relevant. Here, we first show that if the ion mobilities of a 1-1 aqueous solution are different, the charged zone expands from the Debye layer to include the diffusion layer. We later include the Faradaic currents and, as an attempt to explore both factors simultaneously, we perform a thin-layer, low-frequency, linear analysis of the system. Finally, the model is applied to the case of an electrolyte actuated by a traveling-wave signal. A steady liquid motion in opposite direction to the applied signal is predicted for some ranges of the parameters. This could serve as a partial explanation for the observed flow reversal in some experiments.