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GMAC Bank is Now Ally Bank
By JLP | May 15, 2009
I just got the following email regarding my GMAC Bank account:
GMAC Bank is now Ally Bank.
Dear JLP,
We told you that you’d be among the first to know about the changes coming to GMAC Bank. We’re excited to fulfill that promise today with the news that GMAC Bank is now Ally Bank.
We’ve kept everything you’ve loved about GMAC Bank—and added more. We’re using 90 years of experience and taking banking in a new direction. Right away with Ally Bank, you’ll enjoy benefits like no monthly fees, no minimum balances, no minimum deposits, plus 24/7 Customer Care Support, online statements and a streamlined web experience.
Our commitment to high rates remains unchanged. We’re always among the highest rates in the country. You can count on it.
And your account/s will stay the same. Be assured that you’ll continue under the same terms you had before. You’ll simply see the improvements we mentioned above, including 24/7 access to your accounts and enhanced online tools.
Get the details today at ally.com or check out our FAQs. And remember, we’re here 24 hours a day, every day, at 877-247-Ally
(877-247-2559).
So far, it sounds like everything will remain like it was before–just a different name. We’ll see…
Topics: Announcements, Banking | 6 Comments »
May 15th, 2009 at 6:45 pm
Strange…I just opened an account with GMAC a few days ago and didn't hear anything about this. But I just logged in to the Ally site today and everything's transitioned over. The only difference I've seen so far is that GMAC used to require a $500 minimum balance for CDs and there doesn't seem to be any minimum balance with Ally.
May 15th, 2009 at 5:56 pm
I guess it’s like Valuejet changing its name to AirTran after that plane crash in Florida?
Here’s a WSJ story on the GMAC switch: http://blogs.wsj.com/deals/2009/05/15/bye-bye-gmac-will-ally-bank-work-or-not/
May 16th, 2009 at 1:34 pm
I've had an online savings account with GMAC for a few months now, and I hope these changes are a sign of better days ahead, rather than a sign they are trying to put lipstick on a pig. I heard that in the recent bank "stress tests," GMAC was one of the most underfunded, for its size.
May 19th, 2009 at 11:52 pm
Nothing Special! I called and was given the runaround in the first 5 minutes of our conversation. So much for being an "open and upfront bank." Needless to say I'll stay with ETrade.
July 7th, 2009 at 5:46 am
Ally bank = con artists!
My wife and I tried to open a CD account with them. After several back and forth phone calls and requests to establish our residence and mailing addresses (in addition to our original paperwork and copies of our drivers licenses they wanted utility bills and a copy of our PO Box receipt), we told them to return our money. Their customer service said they would send our original check back. They didn't. We never had an account with them but they cashed our check. Our bank statement showed the check was paid.
When I called to ask why my check was cashed, no one could explain. They told me that they would send my complaint to an escalation team for immediate resolution and they would call me back with the results 2 days later. No one ever did. When I called them to find out the status of my check, I was told that my account was pending and that in 5 days or so, they would review the matter. After yelling at the CSR, I was put on hold and eventually told by the rep that she made a mistake, my check was already mailed. I would have it in 7-10 working days.
A few days later, Ally called me again. This time, I was told that I would have to prove that the check had been cashed in order to receive a refund. So basically, they never opened an account for me, they cashed my check, lied to me that they had already refunded my money, then called me and told me that I had to prove my check had been cashed to get a refund. This is after they acknowledged receiving the check and accidentally cashing it. They knew the check number and the amount but still no refund. Unbelievable.
In all, they've held my money hostage for a month. Someone either lost or stole my check and they won't give my money back yet. Don't give this company your business.
August 23rd, 2009 at 7:29 am
Isn’t Ally Bank based in Utah? Doesn’t anybody find it interesting that the now govt.-controlled GMAC bank is based in one of the most conservative states in the union?