GMAC Bank becomes Ally Bank

By MyBankTracker.com  Fri May 15, 2009

11 Comments

ally-bank-gmacThis morning the Wall Street Journal broke the news that today, Friday, May 15, 2009 GMAC LLC will rename itself to Ally Bank.

In becoming a bank holding company back in December, GMAC has taken the opportunity to differentiate themselves in the market by starting fresh – much needed in the banking industry itself.

Building on the foundation of GMAC, Ally is an online bank that looks to show the market that it truly understands what today’s customer is about.  With no monthly fees, no minimum balances and no minimum deposits, as well as 24/7 Customer Care Support and the ability to compare rates against its competitors directly, Ally looks to be the bank for a Web2.0 customer.

ally-bank-small1

Ally Bank has taken a step toward transparency by allowing the consumer to compare Ally’s rates against competitors, such as other online banks ING Direct and HSBC Direct, as well as brick and mortar banks such as, Bank of America, Chase, and Wells Fargo. We applaud their progressive and positive approach in bringing transparency to banking.

http://www.ally.com

What do you think about this change? How has it effected you?

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Ally

Ally Bank was built on a simple premise: you should expect more from your bank. We are an online bank dedicated to helping our customers save more by offering CD's, Money Market, Savings and Checking accounts with some of the most compet...

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  • clp

    as a GMAC customer, I would have liked to be told by the bank before the change….silly me

  • http://www.filife.com/companies/ally-bank Bank

    Any reason as to why they are rebranding?

  • ad60

    So far we've read a few insights:

    “We are launching a new brand with a new approach of treating customers with total transparency,” says GMAC Chief Executive Officer Al de Molina

    “Ally conveys the sense of a trusted partner, the attributes we are trying to convey,” says CMO Sanjay Gupta

  • FJG

    I found out since the GMAC website is not attainable. Since the no penalty CD is paying better than the
    online savings rate. FDIC insured is well detailed on the new site. I locked in a no penalty CD today.

  • fed

    This caught me off guard. I opened a savings account with a large sum of money I got in a settlement. I usually check GMAC's site every day to see what the current rate is and to my discovery today I found out the company has changed names. I was a little worried at first, but more upset that I was never informed this was going to happen. Once I saw my account was save and showed the correct balance I relaxed a bit. I was made more comfortable seeing the FDIC logo. I'm kinda upset but whatever they still have some of the best rates around. I am going to check out this no penalty CD they talk about.

  • raderator

    Love the new site and name (they were obviously going to change them). I immediately opened a no-penalty CD (clever idea). I also switched to paperless statements (new). I have a CD, no-penalty CD, MMA and Savings Account. They are the only bank I need. Now they even look cool. It's not their fault the UAW and the Feds destroyed the US auto industry. The Feds will keep the money flowing because the UAW depends on it.

  • IGotQuestions

    One wonders why The FDIC (Bank Find) cant find Ally Bank. Are they really FDIC Insured or is The Logo (FDIC)
    Real.

  • http://www.mybanktracker.com My Bank Tracker

    Ally Bank deposit accounts are FDIC insured (FDIC Certificate # 57803). Ally Bank is part of the GMAC family of companies.

  • j

    Should one worry about the bankruptcy issues for GM and will they affect Ally, regardless of FDIC insured?

  • http://www.mybanktracker.com My Bank Tracker

    If you stay within FDIC insurance limits (currently $250,000 per account holder) you are guaranteed to get your money back. It's true that GM owns a majority stake, but that only means that if GM goes bankrupt, they'll have to liquidate their shares. And just like any other company, in order to liquidate GMAC shares you need to find another buyer.

    The most recent press is stating that if GM gets a bailout, then it's likely that the government will take all or at least some of GM's stake in GMAC.

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