Ally Bank Lowers CD Rates Amid ABA Controversy
What began as a war of words between the American Bankers Association (ABA) and Ally Bank has finally yielded an outcome that should satisfy the FDIC and make the ABA happy – Ally Bank has lowered its CD rates.
Ally Bank vs. the American Bankers Association
By now, you are probably aware of what Ally Bank is. If not, Ally Bank as of 5/15 was formally known as GMAC LLC. Earning the right to become a holdings bank back in December of 2008, GMAC chose to make the decision to change its name and mission becoming a fully transparent bank, giving birth to Ally. Since the launch, a lot of buzz has been generated by Ally’s above average deposit rates, specifically around their Savings, 12-month CD and No Penalty 9 month CD. All of which are over a 2.00% APY.
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