Comments on: GMAC Bank becomes Ally Bank

By: My Bank Tracker

My Bank Tracker — Thu, 28 May 2009 17:01:55 +0000

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.

By: j

Wed, 27 May 2009 20:06:08 +0000

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

By: My Bank Tracker

My Bank Tracker — Wed, 20 May 2009 00:49:22 +0000

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

By: IGotQuestions

IGotQuestions — Tue, 19 May 2009 20:20:47 +0000

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

By: raderator

raderator — Sat, 16 May 2009 16:29:49 +0000

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.

By: fed

fed — Fri, 15 May 2009 21:34:13 +0000

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.

By: FJG

FJG — Fri, 15 May 2009 20:32:17 +0000

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.

By: ad60

ad60 — Fri, 15 May 2009 20:20:38 +0000

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

By: Bank

Bank — Fri, 15 May 2009 20:13:53 +0000

Any reason as to why they are rebranding?

By: clp

clp — Fri, 15 May 2009 18:56:19 +0000

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