After being GMAC Bank first and then changing it’s name to Ally Bank, everyone’s no doubt seen the new advertisements that emphasizes no fine print. With the bank being connected with General Motors, the first thing I can think of is whether my money will be safe. Of course, I went to research further before my readers could be ripped off with this bank so this review represents my opinion of putting money with its savings account offering.
Sign up for an account by clicking here
Safety of Ally Bank
First things first, Ally Bank saving accounts and CDs are all FDIC insured so our money is safe for up to $250k per account. There are ways to increase the amount covered even further, but you would need to open individual, joint, and accounts under other entities such as a trust to get a higher limit. (Another way is to just open accounts across different banks, which might be easier.)
Products Offered from the Online Bank
Ally Bank offers 2 main products that we are really concerned about – an online savings account and a certificate of deposit with above average rates. The extremely good interest rates for this type of product and the bank being FDIC insured prompt me to open an account with them.
When I opened an account, it was also nice to see that I can actually open multiple savings accounts and certificate deposits all on one screen. No more submitting multiple applications and spending time filling the exact same form more than necessary.
Ally Bank is Another Excellent Option
There’s really many options out there to compete for our money, but it’s nice to see a bank with competitive rates with a simple interface. The name GMAC may spook you in opening an account, but the safety of the FDIC guarantee should provide comfort, especially since you are getting more interest by going with them.
After 2 years of originally reviewing this bank, I am still an Ally Bank customer. But before you decide, make sure that you read through some of the other user reviews below. Though most people only speak up when they have a problem, you can get an idea of the types of issues people have with their accounts.
- Ally Bank – Official Site
Other News You May Want to Know About the Ally Bank
Is GMAC Really GM?
Many people asked me about this already, and I actually had the same question myself. I always thought that GMAC Financial Services was part of General Motors but I was wrong. GMAC is actually a standalone banking operation that provides lending and banking services. The difference with GMAC to a traditional loan company is that instead of offering mortgages and home equities to consumers, GMAC offers loans and lending to GM and Chrysler dealers to finance their operations.
Ally Bank is just one of the online banks we reviewed on MoneyNing.com. Click here for the full list of high yield online savings accounts we have experience with.
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Try USPSFCU as an alternative. I have been with them since I was a teenager. They have a money market savings that pays 1.40% on $100K+. Anyone can join. There is only a $5 member sign up fee. Your money is also insured through NCUA. The only draw back is that the financial branches are very few but if you bank online that should not be a problem for you. Check them out for yourself.
Have you seen the disgusting advertising using small children? I try to turn it off as quickly as possible. These children are being exploited.
I agree about using kids. Maybe Obama can buy that one girl a REAL pony………
Obama had nothing to do with this, I think, although his henchmen may have. I doubt they really care about little girls/boys as their push for more spending at the expense of future generations is proving. I am disappointed in GMAC/Ally Bank for their continured use of these adds.
I opened my Ally bank account in the month of September 09.
After login to the website on my accounts page i am not seeing the Interest YTD being updated
Is anyone facing a same problem with their account. Upon calling Customer service they told me there is some technical snag and will be rectified soon. It almost 2 weeks now and yet to hear from them 🙁
Ketan,
Has your account gone through a FULL statement cycle? If not, your account will not pay the interest yet and it will not show up on the website. It is only updated after the statement cycle. You can ask Ally how much your account has accured since the opening of the account by using the online chat, e-mail or calling them.
Evan,
Yes, I have received one month statement. Physical statment does show the interest accrued but online it does not.
Remember I am not talking about daily interest accrued but what is the overall interest amount at the end of the month. Also, my balance just shows the total of the amount that I deposited. Isn’t this strange?
I did call Ally guys, and they told me they are working on my case. Need to know if anyone else is also having the same problem?
Hi Ketan,
If that is the case, then YES, I am still having that same problem.
Sweet Sweet Surprise….
After chasing Ally, finally I could see the Interest YTD on my Accounts page and also the overall interest been added to my balance.
Evan, you could try too. Good Luck.
Hi Ketan,
I logged in today and mine was there too… weird.
I am not happy about the rate cuts to the savings account but I guess all the other Banks whining about Ally Bank may be paying off. Besides, it is still a decent rate compared to ING and other big banks.
I have to support Ally for at least raising the issues that all these other banks have been getting away with. We don’t have to time to catch all the gotchas that Banks throw in the fine print and I applaud Ally for finally trying to do right by the customer. I hope the other Banks finally learn a lesson that they cannot take their customers for granted.
I opened an online savings acct with Ally Bank in September, transferred money easily. Have called their Customer Service a few times and there were no problems. They offer the a high rate for online savings, and are FDIC insured. When I opened my acct, the rate was 1.75, now it’s 1.55, most likely due to the large number of people signing up. ING is only 1.30% . They used to be 4.40 % for online savings, in 2007, but those days are gone forever. No one is really paying good rates for savings. I think the highest is maybe 1.80% on Bankrate.com. Even 5yr cd’s are only paying 3.0-3.5% Not very high.
I have 2 CD’s and the On-Line Savings Account at 1.7%APR with Ally Bank. I have 3 external accounts attached to the savings account for transferring money both ways. I have had absolutely no problems with customer service or any other aspect of my banking experience with Ally and highly recommend it. I find the On Line Savings account a good place to park some money for a bit while I’m uncertain which way things are going with the market. It’s easily accessible but it’s earning at least a half-way respectable amount of interest while it’s sitting there.
KARENOFGA: Send a letter to MrObama to.
Yea, there so well funded all right. They have a direct connection to the printing machine in the WH basement….and they use it. (Frequently) And guess who a lot of membership is…. auto workers?
I have read all the comments and have decided NOT to put any money into ALLY Bank. I have another online account for savings, and I’ll leave it where it is. I have checked into local credit unions and have decided to open an account in this manner, as the interest rates are ok and the loan rates are unbeatable. GO WITH A PERSON WHO KNOWS YOU and YOU CAN TALK TO IN PESON, MUCH SAFER….
I hate Ally Bank. They misrepresented their product and how it works. I wrote a check for my property taxes and the bast@#Ds actually bounced it (even though I had 5 times the amount needed to cover the check in my account). Now I am on a “deadbeat” list with the county and can never write a check again for my taxes. I asked the customer service person for a letter from Ally explaining their error and it was out of the box so….I am screwed. I have been fighting to get this wrong righted for over a week now. As soon as the dust settles, I AM OUTTA THERE. BRICK AND MORTER FOR ME.
You people must be nuts to even consider putting your money in an insolvent ‘bank’. FDIC is broke, people.
The depression that started is not a repub/dem issue. Plutocratic interests in DC have stolen the birthright of unborn generations for generations.
Need a place to park cash? Treasury Direct or Pentagon Fed. Credit Union.
I checked both of the accounts you mentioned. Treasury Direct only allows you to deposit a maximum of $5,000 per year while Pentagon Fed Credit Union pays .79% on accounts over $100,000. The latter rate doesn’t even come close to covering inflation. FDIC is still not broke but I certainly don’t want to put my money and learn that that bank has gone belly up. So, now where?
Technically, no bank will have all its funds available if every depositor tries to withdraw money so you may want to explain what you mean by insolvent.
FDIC also theoretically has a $500 billion line of credit with the Treasury so it’s far from being “broke”. Please don’t spread rumors like these and scare everyone, whether it’s for Ally’s sake or every US financial institution for that matter.
The FDIC is still sound as far as we can tell.
Since Chase acquired WaMu, the interest rate I am receiving has dwindled. I have a money market account paying a whopping .50% so am naturally looking for a higher interest rate bank. However, since I lost a bit when I had my money at Indy Mac (now One West Bank after reopening), I am much more cautious. The above comments have turned me off of Ally. Will check out ING and possibly others. Anyone else have suggestions for the Colorado area?
Put your money … overseas. As far away from the idiots in Washington as possible.
Once they hike income taxes in 2010 or 2011, you’ll NEVER ever see your money again. Uncle Sam is busy, spending your money before you even earned it.
Unfortunately overseas accounts are unsafe too. A relative put some money in Iceland/Isle of Man and is now fighting to get it back. It looks bleak. However, this mornings news noted that Europe is breaking up their big banks….something we should be doing.
Thanks for the info on the checking account from Ally. That’s exciting news.
By the way for folks like Diane above, my advice is make your own decision rather than get swayed by any of these comments. There is no minimum balance requirement. So open a savings account with a small amount. It pays 1.7% which is an awesome rate for a savings account. If you like the experience, add more or open more accounts like I did. If not, you really don’t lose much. So make up your own mind like I did and I am glad I did, since I am very happy with my decision to go with Ally.
I was researching where to put some of my money. Thanks for all your comments and for possibly saving me some of these hassles. Customer service is everything, so I’ll look elsewhere.
What else can you get 2% interest on CD? Only at Ally Bank and it is FDIC insured.
I have been a customer of Ally Bank for 5 months and could not be happier. I like the clean website interface and like the online chat feature to address any questions I might have. I used to be a fan of ING, but I think Ally is hands down a better bank. Ally reminds me of who ING used to be before they lost their way and started taking customers for granted.
I was told that Ally will be offering a checking account by the end of October… so we’ll see.
I have an online savings and money market account and I have been very happy with them so far, customer service has been excellent, and their rates are still really good.
Don’t Bother with Ally. They suck, the rates are high but the trouble is not worth it… Seriously, I know from first hand experience. To call their customer service is just horrible, and to get your money back you practically have to fight with them. Not worth the time, money, or the spent energy.
Actually, I have found they transfer money faster than most other banks. Their online transfers work seamlessly and my experience with their customer service has been very good. Reps are generally friendly and very helpful.
Still looking for a bank with a good checking product, since Ally does not offer one. Any suggestions?
I am a huge fan of Ally bank. I used to bank with ING and have found Ally to be much better. The customer service at Ally is better and so are the rates. I just closed my last ING account and moved the money to Ally. I would absolutely recommend Ally.
I have been with Ally for 2 months and couldn’t be happier. I had absolutely no problem with them. Fantastic customer service.
I to was ready to change from ING after 10 years of great service to go to Ally when I decided to research them further. Seeing this page and the above comments will now keep me right where I am at ING. Thanks for all of your input.
Unlike many of the comments above, I am having no problems with Ally so far after about 3 months of service. They pay interest consistently and is actually one of the only banks to increase their rates in the last month or two.
If I had to choose a bank again knowing what I know, I would still choose Ally Bank, even after reading these comments.
After experimenting with ING, E-Trade and Discover, I have to say I was most impressed with Ally. I just opened a few more No Penalty CDs and can’t relate to some of the comments above. We all need to try different banks and make our own decisions but I would recommend Ally based on my experience.
I was with gmac since aug of last year and i loved the high interest rates higher than anyone else, ally’s interest rates not so hot. anywho i requested my money and within 7-10 days i received my check and my penalty was like months interest which i had already earned… love these guys.
I find their ads exploiting children that develop a mistrust in adults…I wouldn’t put my money in any of their banks. They are insensitive to children….what makes you think they will be sensitive to your needs..other than your money?????
Wow . I was about to push the button and deposit a nice chunk in this Bank .
The no penalty CD looked attractive , and the rate sounded good , but it sounds like once they get your money – it’s nothing but problems …………..
I’ll stick with my local bank where they know me by face recognition .
the ads with the children being teased by this jerk in
the suit is so disgusting. I would not use a company
or bank that uses this format.
Ally bank is the worst bank of all the one’s I have had experience with. They won’t transfer you to a supervisor when asked. They hang up on you. They get all your information wrong so when you give them the right info for verification they think it’s not you and freeze your account. I have been trying to get my money out of this bank for months and I can’t even speak with a supervisor. I never had a problem until GMAC switched to Ally. Do not put your money in this bank. You will regret it.
I was really thinking about actually opening accounts will ally. The above comments have scared me off. I work to hard for my money and I don’t want it to disappear.
I should have stated …..two transactions on the SAME day…..get the same confirmation number.
Members of Ally Bank who have an online savings account be aware that if you do two transfers, e.g. from an external checking account to your Ally Online Savings Acct., you will be given the SAME confirmation number. I was floored as I expected unique confirmation numbers for EVERY transactions I inititated. Firstly, I was told it was an error due to a system being updated, then a secure email reply that it was standard practice for transactions initiated on the same day (Unbelievable)…..I requested they change bank policy to issue UNIQUE confirmation numbers for EVERY transaction….we’ll see if my email makes any difference in policy.
Stay away from Ally Bank. Their website doesn’t accurately show transactions and they are hung up on real paperwork
This spring I opened 5 CD’s with GMAC in an effort to diversify my
holdings with different financial institutions as the concern over
bank failures was increasing.
Through the GMAC / ALLY transition they effectively reduced my 2.65%
APY to 2.6% APY on my CD’s. This is BULL S$IT Ally. I am Finance
Major and I know how to calculate NPV equations.
ALLY will never receive another penny from me. I am staying with ING.
ALLY you are crooks….
ING’s rates are even lower, so why would you do that if you are trying to maximize your return? I just experienced the opposite, where ING dropped the rate on me when I opened a CD with them and think it is funny our experiences are polar opposite. Ally has a higher rate and a 10 day rate guarantee so I am in the process of closing my accounts with ING. I was thinking about Discover as well but have not tried them yet.
As a financial advisor, I too am staying with INGDirect after giving Ally a try for several months. They are outright LYING when they advertise that they have no small print, no fees, etc, etc. I used Ally in the EXACT same way that I used ING Direct and ended up paying 2 $10 fees almost immediately. When I called about it, customer service LIED about the federal regulations for withdrawals on these types of accounts(I know the rules quite well) and would only refund one of the two fees. I even talked to a manager who LIED TO ME. Either that, or they are too incompetent to know the laws that apply to their accounts.
I then called ING to confirm what their policy is on the exact same situation, and THEY PAY the penalties for their customers if the customers make too many withdrawals. Eventually, they lock the account, but they have NEVER CHARGED me a penny in fees in 7 years of doing business with them. All of my clients will have INGDIRECT accounts, but I will not let any of my clients open Ally accounts.
BEWARE ALLY. – coming from a professional financial advisor.
I can’t understand why you are a financial advisor but fail to adhere to the rules of six withdrawal limit. ING may be nice in that they don’t charge when you go over a government imposed rule, but I think that Ally is actually doing the right thing in issuing a fee every time a customer goes over the limit so people don’t abuse this.
Rules are rules, and as a financial advisor, you should know not to break them.
Yes – I know the rules and I followed them. I only made 5 withdrawals with Ally – they started charging after 3 and then told me that the law is “3” withdrawals, when I know it is 6. They charged fees preemptively. I wouldn’t be so upset if they had refunded both fees OR told the truth about the laws OR even treated me with any respect. They did not do any of the above; so here I am. What pisses me off even more is how they always advertise how well they take care of their clients, which could not have been farther from the case for me. Their CFO had been interviewed for an article not a month before I contacted customer service and talked about “no fees”, etc., etc. I QUOTED ALLY’s CFO to the customer service manager and she blew it off as if it the CFO was just some marketing peon who didn’t know what he was talking about. This company is so hypocritical that I just want to throw something at the tv when I see their bullshit ads. INGDIRECT does not need to advertise that they treat their clients well because THEY ACTUALLY TREAT THEIR CLIENTS WELL. I have had 5 or 6 interactions with INGDirect’s customer service and always came away impressed. ING does everything right. Even their legal jargon is interesting. Their legal print is the only legal print I think I’ve ever read in its entirety because it is interesting to read. No other company on earth can claim to even take care of their clients when it comes to legal jargon. –
Thank for all the input. After reading many of the comments I think I’ll leave my money where it is, with ING. I was a little bit concern on the name change and I believe there is something fishy with the bank. Where that name came from?
Ditto the comments re: ING Direct. Easy to use online banking and excellent phone support. Been a customer for 4 1/2 years.
ALLY sucks period. Stay away or suffer.
I have to say that I am quite surprised at some of the comments. I have had several accounts with them for 2 years and had no problems whatsoever. So either I got lucky ( I opened a few more no penalty CDs recently) or the folks above are very unlucky.
Anyhow, I would recommend Ally based on my personal experience.
I am disappointed with all the negative comments about Ally Bank.
Disappointed but not surprised. OTOH, I have had these sorts of
problems with other financial institutions, brokers, etc. It’s
pervasive, or maybe just Murphy’s Law? Anyway, I have never used
the GMAC/Ally Bank, but I’ve had good results during my other
interactions with the various GMAC related businesses.
John Galt
I was internet shopping for a better savings rate and put Ally at the top of my list until reading these comments. Like most people reading these posts, over the years, I have had many different bank accounts with different banks (some of which no longer exist after the merger mania of the 80s). I have only 1x had a serious customer service issue. I fully expect these kinds of incidents to be the extremely rare exception. I’m not going with Ally after all.
Follow up with my post on 9/2 above.
Finally I received phone call from Ally bank on Thursday morning and the reason was…..Someone opened the account and wanted to add a joiner to the account…the joiner happen to have same my first/last name and they mistaken selected my name to his account. So, the result as my account has strangers (his name and some others) in it and his account has my name on it.
I cannot believe that it takes 3 business days just to find that out. DO NOT BANK WITH THEM… I AM NOT RECOMMEND ANYONE….
Changed my mind after reading the reviews above . I think I am better off getting ZERO interest in my checking account than doing business online. Looks like Madoff in disguise, same deception for the middle class but with different faces.
What you wrote made me think of a quotation by Will Rogers, from many years ago. He said then, and it’s still true today: “I’m not so concerned about the return on my investment as I am about the return of my investment.”
perwaz A…I agree. I was seriously considering opening both savings and CD accounts. The above comments on customer service makes me say “stay where you are, big fella,” all that glitters (high rates) ain’t gold.
my account was closed, but suddenly reopen with new account number and a couple new strangers joined the account.
I called report problem Sat, Mon, Tues and today is Wed morning, still not heard from them what is going on, why there is a stranger added to the account? why my closed account reopen?
When you call the Rep, they use your last name to pull up your account, that is easy for access wrong account.
I would like to recieve e-mails newsletters and alerts from the Ally Bank, because I would like to Know it better. Thank you
I Think that the Bankrupcy of General Motors Corp. makes a negative influence en the public impact over the GMAC
I closed my account after two months. Interest rate kept dropping. Website didn’t accurately show account info. They kept insisting on snamil mail for some things
If you see this “bank” coming, run the other way … fast.
Do Not Trust GMAC, ALLY or Cerberus. All the same people who have ripped off American public that started with mortgage swaps, part of our financial crisis. GMAC Mortage was one of the big players in bad mortages. GMAC also has forcefully closed many Car Dealerships putting thousands out of work. Cerberus basically ruined then bankrupted Chrysler after buying it from Damlier. Failure after failure is whats behind Ally bank. Cerberus needs a bank to get public money and borrow from the Gov at the cheapest rates.
And they pick a name for a new bank like Ally. What’s that supposed to make us think? they’re our Allies? silly. I wouldn’t give’m a dime even if their supposed return was 10%
Look into GMAC, Cerberus yourself, you’ll see…
It took me four or more takes to find out who and what was being advertised. Prior to that I just kept turning it off as fast as I could. It may not be real but it paints a miserable portrait. You think it was worth while because it got my negative attention. Negative Negative Negative…
The one thing I do know now is that I want nothing to do with an outfit that needs this kind of offensive nonsense to get attention. So you pay more interest, so did Madoff.
I’ve been with ALLY (previously GMAC ) bank for a few years now. Good interest rates, easy to transfer money to linked accounts, friendly customer service, etc. But for me service has diminished greatly since the name change to ALLY.
In early August ’09 I was speaking to customer service about a pending transfer, when the rep asked me about 2 identical debits from my account made within minutes of each other. A good catch by the rep because they weren’t mine. At my request the debit card was cancelled and replaced with a new one as a precaution. My account was then locked from any outgoing withdrawals while the Fraud dept. investigated. I signed and returned a form denying responsibility for the charges ($140 total).
It is now late August and my account is still locked. Numerous calls to customer service have been fruitless. They aren’t allowed to discuss my account, only the Fraud dept. can. I’ve been told twice now that I will get a call back within 48 hours. I’m now on hour 36 of the third promise of a call. I’ve talked to supervisiors, nothing. Not even they are allowed to speak with the super-secret Fraud dept.
So I have 10k I can’t access and can’t get any answers. My next call is to the State AG. First chance I get, I will close this online account. The feeling of helplessness when something goes wrong is not worth the interest earned.
Beware this bank …
Letti, the great thing about Ally is there is no minimum. You can open an account for $0. Of course you won’t make any interest on that. And no penalty for withdrawing your money – no minimum balance required. Also, they compound interest daily (like most banks) but pay you every month (instead of every quarter like any of the big banks out there). It’s a great deal – I made more interest in one month that I would at U.S. Bank the entire year.
do you mean i can only open for $250,000
can i open ally online accountt with $100
can i open an email with $100.
I am still comfortable with GMAC and Ally Bank. It is not surprising to me that so many folks don’t “get it”. In fact, it is interesting the complete
lack of financial knowledge among the general population. This used
to be called
capitalism, and it used to be the norm. Now, under “Obama”
it’s on life support. Anyway, there will always be winners and losers, no matter
what nutty schemes your government cooks up.
John Galt
It was BUSH that bailed out AIG and pushed legislation to bail out banks rocketman………Talk about not getting it
We republicans can lie to ourselves about the devastating and destructive performance of our party all we can, but one day the chicken will come homes to roast. Every dime Obama has used to support the economy was approived by a republican congress and president. Like it or not we screwed up very bad and should man up.
I think it was a Democrat run congress but yes, a Republican in the executive office.
Your line – “now under “Obama” it’s on life support” – shows your total lack of financial knowledge. Do you think our current financial catastrophes happened January ’09? It was set up by years of neglect and abuse. The worst abuse was under the last eight years of “Bush”.
You are SO right, Mary.
Porter;
See my note of July 3. Answer is no and yes.
GMAC is a “bank holding” company that can get TARP funds. It issues it’s own debt, which is not FDIC insured since it is not a bank. Since it has access to Government funds, it is less likely to fail and leave debt holders in the lurch. Not impossible, but unlikely.
Ally Bank is the new name for GMAC Bank. AllyBank is a subsidiary of GMAC. This means it is a separate legal entity from GMAC and as a bank is subject to specific regulation, (likely more than the regulation of a bank holding company.) It is a bank and gets FDIC coverage for its account holders like any other bank.
Debt issued by GMAC is not related to Ally Bank and visa versa. GMAC still has that obligation (your bonds) and, as far as I know, is still up to date on the interest payments.
I own $10000 dollars in GMAC Bonds. Did Ally Bank assume this debt & will I still get the interest? Thanks
No and yes. My opinion is that GMAC bonds/smartnotes are pretty safe in the short term, all things considered. Long term? Who knows?
Anyway, at my age, I no longer have a “long term”.
I noticed another site that called Smart Notes the “roach motel”
of investments. Cute.
Johnny
Their TV ads which involve manipulating children for their message borders on child abuse and I would NEVER do business with a firm who stoops to this level. I am sure they thought that the concept was “cute” but when you examine the children’s faces you can see the pain and confusion. Shame on these heartless bankers.
how about this? think of the child in the commercial as you, and think of the grown man as a big bank, hes repersenting the big banks who can take and give what they please, ally is getting the point that there not like the other banks, no smoke and mirrors, its hard to please and satisfy everyone, but no ones perfect
Hello. I bought GMAC smartnotes back when they were GM owned, and even though
GM was bleeding cash, GMAC (different corp.) had huge profits. A lot has happened since then (Cerberus, bailouts, GMAC becoming a bank holding
company, renaming the bank Ally, etc. ) My experience with GMAC
(all parts) has been excellent. My outlook is still positive, and the market
value has recovered nicely (along with other “junk” bonds). Anyway,
I don’t have my whole “pile” with them. BTW, I never had any worries
about bank failures. I have had many accounts with failed banks.
Never lost a dime. Never skipped a beat. Seriously, that is the least of my worries.
John Galt
True my Junk Bond Mutual Fund is up more then 30% so far this year if you want to earn around 9% check out Junk Bond Mutual Funds as soon as possible as the economy slowly gets better Junk Bond Funds will keep going up slowly in value.
I just want to voice my opinion of you advertising. It appears you are exploiting children with your advertising. They might be paid to react that way or it might be natural. But the premise sucks.
I have had a very recent experience where Ally got the rate on my new CD
wrong and they said it would take 24 t0 72 hours to correct this mistake.
Let’s say that a local bank announces that they are going to crumble. Everyone that has a stake in the bank can quickly run to the bank and withdraw their money. If Ally crumbled, we wouldn’t have the chance to do that even though it is FDIC insured. Correct?
Hey Pete, which bonds are paying 4-5%?
I haven’t heard that Obama extended the FDIC insurance max of $250,000. Is that true?
Yes, he extended the 250K limit beyond the end of this year.
President Obama Signed Into Law The FDIC Coverage of 250,000.00 through December 31, 2012. Thanks President Obama.
FDIC Rate Caps
Last month the FDIC Board of Directors approved a final rule regarding interest rate restrictions that apply to banks categorized as less than well capitalized institutions. Although the new law applies to less than 300 of the nation’s 8,000 banks, it has gathered a lot of media attention. In reality though, not much has changed. The FDIC has always had the ability to restrict banks categorized as weak from aggressive deposit or lending practices. This new change is simply a revision in the benchmark used to compare the bank rates. The FDIC will now publish weekly national rate averages. Beginning in January 2010 a weak bank will have a deposit rate cap of the published national rate average plus 75 points. This could mean some weak banks may have to lower their rates on CDs, money market accounts, savings accounts, or checking accounts. Major online banks like ING Direct, Ever Bank, Ally Bank, and First Internet Bank will be completely unaffected by the rate cap and continue to set their rates as high as they want.
Community banks are failing just look at the FDIC web site for yourself people…..
Wow. 2% on a savings account? I’m signing up now. Chase gives me 0.5% =[
Current Rate: 1.95% as of today rates can change every Friday on savings and market money accounts.
The following information is based on a Wikipedia article reproduced below. Ally Bank (formerly GMAC Bank) became a bank in December 2009 to access a Federal Government Bailout. So far it has accepted $12.5 Billion in the taxpayers money and is using that money to tout what a straight shooting honest bunch they are, and at the same time implying that other banks are deceptive. Well, there are thousands of community banks out there that kept their noses clean and did everything right, and now are competing with a government funded entity that has the chutzpah to call itself the only honest bank, and doing so nationally on a scale that community banks could never do. If you think taking your money out of your own community and putting it with Ally and their ilk for a few basis points, you just don’t get it.
From Wikipedia
GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, is a United States bank that was previously the wholly owned financial services arm of General Motors. GMAC Financial Services provide a suite of financial programs including insurance and mortgage operations in approximately 40 countries around the world. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the Federal Reserve accepted GMAC’s application to become a bank holding company in order to gain access to billions of dollars in government aid, a crucial attempt to ensure the survival of the company.[1]
On December 29, 2008, the U.S. Treasury gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program (TARP).
As of May 15th, 2009, GMAC’s banking unit officially changed its name to Ally Bank in order to “help shed the baggage that many Americans now associate with banks”.[2]
On May 21, 2009, the Department of the Treasury announced it would invest an additional $7.5 billion in GMAC LLC which gave the U.S. government the majority stake.[3]
I don’t think you “get it”. I’d love to keep my money in the community but why can’t they pay something close to what the ING’s and Ally’s are paying? My bank is only paying .4 % and I have given them my mortgage and other business. I maintain a required minimum balance in a checking account to receive a piddly .19% interest rate. When I had a big house repair and went below the minimum balance they stuck me with a service fee plus a per-check-fee. $8.10 in service charges. Furthermore, will that bank be there for me if I don’t meet my savings and retirement goals, smiling and giving me a hand-out? Nope. So why should I let them earn the difference between .4% and 2%? You know that they are putting the money where they can earn it. This is a stable community with very very few foreclosures because the banks didn’t make risky loans and they are not hurting.
R.L. You make good points. Competition is what keeps us all sharp. Looking out for your self interest is important. The frustration I feel as a community banker is that if you look at the FDIC web site you will see that Ally Bank (formerly GMAC Bank) is sustaining huge financial losses while using FDIC insurance and TARP funds to pay out higher than reasonable (I say this because they are losing money) interest rates while being funded by the government. So we are basically competing with a government funded entity and folks are like you are okay with that because the FDIC protects your investment. What really frosts me is that they are losing money, accessing the TARP, and making claims that they are the only honest bankers around. Knowing those facts if you want to trust your money to them, go for it. Remember that FDIC insurance does not protect your return, only your principal.
5. Since last year they have gone from a 5 star bank down to a 2-3 star bank.
***As I recall in 2008 and this year they have been rated 3 stars they have never been rated 5 stars…
I have read your review with ally bank and completly dissagree with your views.
1. The FDIC coverage is 250k up to the year 2013. President Obama signed a bill extending this Coverage.
2. You stating that opening up a separate cd with ally bank will extend the 250k coverage. ” Customers, Please dont be fooled, this is not correct. ” You coverage is only 250k and can only be extended if you add a benificiary and another joint account holder. This will give you 500k max coverage.
3. Ally Bank has taken 5.6 millinon in tarp fund adnthen they took an addittional 7.6 billion fro tarp. They are abusing the system and taking our tax payer s Money.
4. They were offer high rates of 2.70 apy for 1year and were force to reduce becuase they were being investigated by the bankers association and BBB along with the government to show on there books that they can profit from this high rate… They couldnt and had to drop there rates once again.
5. Since last year they have gone from a 5 star bank down to a 2-3 star bank.
6. The government own a high portion of this bank now and with gmac going bankrupt, this will soon be ally fed bank.
7. They are advertising on premium channels at prime time and using all this tarp money to do so.
8 Finally, please all note THAT A BANK CAN CHANGE THE RATE AT ANYTIME WHEN GOING THRU A NAME CHANGE OR NEW OWNERSHIP. It does not matter if your locked in a cd. please Verify this on the fdic website.
Thank You
Manolo
Hey,
I currently have an ING Savings account, which has treated me very nicely over the past few years. I remember getting 4% on my savings account.. However, I’ve seen my % rate drop dramatically over the past year. I have nominal savings, nothing major, about 12k, and I was wondering, is it worth the hassle of switching for just an extra .4%. I thought no, but it never hurts to get an objective, 3rd party opinion.
The extra 0.4% works out to be $48 for the first year when the principle is $12k, so it’s really up to you whether it’s worth it or not. I think it boils down to personality. Some people will do anything to get even $1, while others are okay with getting less for stability. Pick based on what feels most comfortable to you, because it’s ultimately you who benefit.
Ally Online Savings Account Rate Is: 2.00% while ING Savings Account Rate Is: 1.40%.
As of July 14th, the rate for Ally’s Online Savings Account has dropped to 1.95% and their rating with Bankrate.com has dropped from three stars down to two stars.
Stick with ING.
Your money is safe, but their customer service is horrible. And, yay, now they are there 24/7, but you are better off talking to a wall any time of the day you need their help.
Before you decide to do business with Ally, you should consider what happened to me.
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.
carl, that is actually worse than what happened to me, unbelieveable. Sorry you had to go through that. My situation didn’t involve a check, but it was the same delays, 7-10 day waits, etc. You have to get very nasty with them to get them off the dime and do something. I’m still not sure what they’re deal is but, they don’t operate like a regular bank.
Thank you for this post.
I tried to open an account the other day and they wanted me to fax over my drivers license, etc.
After what happened to you, no way am I giving them MY money.
It’ s always crazy stuff with them, they wanted a utility bill from me and they did a credit check to open a bank account? Who does that? And changing their policies to supposedly be more straightforward doesn’t count for much when they make constant dumb mistakes with your account. Their CSRs are only empowered to apologize to you–over and over and over again. Not to follow through and and do things correctly. I don’t know how anyone could live with themselves working for that place. But then again they don’t really work there, they work for some outside call center. You’re smart to walk away from them.
all banks do either soft or full credit checks depending on the account your opening, check the patriot act before you judge an institue, as well how could you send a check when you didnt even have an account opened with them?(Carl), the acc cant be funded if your in the application process, ignorrent ppl are the worst to deal with when they know everything about nothing
You’re really whining about the credit check? Look up the Patriot Act. It may not be right, but it’s certainly legal.
I assume like a lot of other money hunting consumers, the interest rate got you in the door. YOU chose to invest your money in an online bank with NO physical branches that outsources ALL of its “bankers”, all with the hope of getting a few extra cents.
The lack of accountability among consumers blows my mind. I understand very well that the bank probably did cause this problem directly, in some weird eighth-party way, but come on.
If you give a business or institution your social security number, chances are they are going to either do a “soft pull” or “hard pull” on your credit. How many times have other account holders at banks had to suffer through monthly fees and such for irresponsible account holders writing bad checks and overdrawing thier accounts? Not to mention the US Patriot Act that requires to completely know the applicants to “fight against terrorism and money laundering.” On that same note, if, for some reason you put in an application for an account and the customer service person tells you that a letter will be sent to you.. that means your credit is crap and they are not allowed to discuss it with you. Do your own fighting with the credit bureaus and previous debtors.
Also, most businesses or institutions have what’s called a “suspense account” that is a holding account for funds that have nowhere else to go. IF the problem was that they were waiting on some type of identification from you/your wife or whomever, they probably put your funds in that suspense account until that information was presented to them and they could legally open the account. Same goes for if you sent a check in for payment or funding an account and you do not put an account number on it for whatever reason, it has no where to go except into the “holding account.”
While the timeframes may not be to your liking, even online banks are run by real people… which means that there are always a few weeds that grow in the garden that ruin the crop. It is unfortunate that these slow, silly people most likely impress the pants off of management to obtain thier positions and then screw up customers accounts in the meantime, these lazy slugs are in every corporation/city street/public place in America (and probably the world). It is unfortunate that we cannot take these slugs and place them ALL on a huge island somewhere so we can have smoothly run & accurately run businesses.
Please be careful with banking institutions that give you high interest rates on accounts- make sure it is not an INTRODUCTORY rate. Atleast Ally has APY (annual percentage yield) listed on thier website and no fine print.
Banish your “everyone is out to get me” mindframe BEFORE trying to make an educated decision about the businesses you will trust.
What you need to worry about with Ally is not that the bank is going under, or anything about FDIC. The problem with this bank is that they make a lot of careless mistakes with people’s money. They haven’t mastered the art of the electronic transfer, unlike ever other bank I’ve used. Since Ally is a new name, do a google search on GMAC Bank to see what I mean, you don’t have to take my word for it. If you must use this place, I wouldn’t put more than a couple thousand in an account with them, and fund it through a check, not an eft.
Understand that GMAC and GMAC Bank are two different entities. They are not interchangable terms. GMAC (now a bank holding company) owns GMAC Bank (now Ally Bank). Debt issued by GMAC is likely not FDIC insured. Debt issued (CD’s etc.) by GMAC Bank is FDIC insured. Since GMAC is a bank holding company, it qualifies for TARP funds, etc. making it less likely to default on it’s debt. The tie between GMAC and GM Corp. is that GM has an ownership stake in GMAC of less than 50%. The bankruptcy of GM does not have a direct impact on GMAC.
Oh, since they own less than 50% that makes Ally okay? Like, if GM owns 49% somehow they’re not affiliated? GMAC and Ally Bank are all part of the monstrous bailout. Don’t be a sheeple . . .understand you are dealing with crooks.
It’s been one problem after another for me with this bank. Another person here mentioned having a zero balance suddenly in their online savings account, I had the same problem. This is only one problem that I had with them. It took about five hours worth of phone calls over several weeks to get sorted out. They are good at apologizing for things, bad at doing things correctly in the first place. Everything you read here about the lack of knowledge and unresponsiveness on the part of the customer service reps, and delaying response for 3-10 days is true. I hope losing your time and peace of mind is worth the trouble to get that extra interest point if you ever have a problem with them.
It is now 2015 and all of your issues you experienced so many years ago are still alive and thriving at Ally today! It still takes 3-10 days to complete a basic transaction. I chose to stop my application when I saw how painful and lengthy a process it usually is. Today when I tried to cancel my application, it took about 10 minutes on the phone before they could even find it! The person I was dealing with clearly did not know what she was doing and she spoke English so poorly it was like I was speaking to someone in India! Run from this company!
I have been with Ally (GMAC) for 3 years. I had no problem with GMAC before. Recently I spend 2 months in Ally and still can not open a new account, this experience is very frustrated. The customer representatives have inconsistent answers. One day they call you with one answer, and please don’t feel surprised for the call from them in the following days with another answer; I fax the documents to them, and they can not find/locate the fax. I am tired with several rounds of this kind of inconsistence.
My question is:
If representatives can NOT provide standard guidance/answer, what’s the meaning of customer service of the bank?
Although they have 7-24 call service, it won’t help if they can NOT solve your problem. (In fact, it wastes your time.)
I am searching for another bank with relative high rates. Enough is enough.
Thanks to ALL that have shared and written stories of how they “SEE” ALLY and what each person ( although a small amount of post) has delt with bad or good , most seem to be customers with at least some kind of problem with talking to Ally, and or get a simple thing such as opening an account(something I find peoe haveing more and more trouble doi g with “online” banking?..)
many had berry simalar problems with WAMU ( remember that mess, essp if opening an online account in order to receive the better rates)
these “banks” that deal with YOUR money, being $50 or $50,000 it’s your money. It seems most get you “in” and turn around and lower rates as fast as the advertisments posted them, and forget the customers?? At least some, and really it shouldn’t be any custo
ets forgotten/ not helped.. IMO
The problem is all customer service is outsourced from the Philipines and they just read your response off a list of possible answers. They have terrible customer service ands they ruined my perfect credit, run, pay it off and run before they destroy you too.
What I don’t understand is why would anyone try SO HARD to open an account if it takes a bank that long to do something so simple? To me, if it takes more than 1-2 days to open an account, something is wrong with the bank (Ally) and you should run (not walk) to another financial institution!
I hate how much the government is getting involved in everything right now, I’d rather that we let bad businesses fail, and good businesses take over where they left off. I am not sure I think many of these businesses should be getting bailout money in the first place. With that said, if Ally Bank wants to take the bailout money and use it to give higher interest rates for their customers so be it. I think it’s silly for the ABA and FDIC to step in and try to take away their advantage and hurt customers trying to get a better rate.
Certainly we are seeing significant involvement from the government these days. However, the FDIC’s involvement with bank’s rates is not new. As a regulatory agency for any FDIC insured institution, they can take a stand on bank operations, including rate setting.
Keep in mind that higher deposit rates mean lower profitability for the bank. Everyone is trying to strike a balance. Ally must feel it can pay the higher rates and still be profitable. The FDIC wants to make sure the bank doesn’t fail. It’s a constant balancing act that isn’t new.
A couple weeks ago (mid June) I was shocked when I logged onto the website and saw the zero balance. After a moment of wondering if it was an effect of bankruptcy, I checked with my local bank and found the funds had been transferred there. I looked back through the Deposit Agreement, and it said to contact the bank regarding unauthorized transactions. I called and the representative started a ‘ticket’ and said that someone would get back to me in three days. He also said that the bank sends a letter in seven to 10 days when closing an account. No return call, no letter, no e-mail to that call or to a voice-mail message I left about four weeks ago. I might try writing a paper letter…
That was a great post thank you. But can we just have just five people not employees or friends of employee, or anyone that would GAIN in ANY way by saying good things )PLEASE comment on this board about ALLY and if its a “to good to be true” bait and switch move of ANY kind?
I think this would help us all that are trying to figure if ALLY is a company that will be around, have at the least “GOOD” customer service? Rates are a totaly different thing. We all know most banks offer a pretty good rate when they first get the name out and start to get new customers on board, but through my past dealings with high payout(high rate/ APR) get a lot of folks to put money into the bank with them, BUT turn around and drop rates below the norm. We all understand this is business, but when a company had such a great rate, maybe not “to good to ne true” but at the least “to good to last” longer than a month or two , all this talk about the “ABA” asking to force All. To lower rates, some folks just want to know and hear from real customers about this bank, we see ut on TV about the “no fine print” that’s great if we can hear from regular customers.
Also I read on this board, “it’s GMAC” “it’s NOT GMAC but a totally different bank” “it WAS GMAC but the name was changed”
this is concerning I’m sure to lots of regular folk?
Saying just give em a try” because they are “FDIC insured” is a gamble(IMO) No one wants to have to file an insurance claim
so pleare I am not putting this bank down, I do make mistakes in spelling while Typing on my iPhone, but put thst aside, can we here from at least 5 satified customers of ally and if anyone knows for sure if this IS indeed GMAC “re named”?? This would be helpfull to lots..
(more than 5 happy customers would be GREAT.)
but also any info on name change, , any problems you may have had with Ally? There are a few comments on this board that say they have had problems with customer service (that may just simply be someone on a bad day, it may NOT?)
please, my original post is lagit, it’s in the best intrest of potential NEW customers , that just would like to know you story as a CUSTOMER of Ally and if in fact it is GM’s GMAC with a name change to ALLY?
Please read original post, and comment, I’m going to say before I end this, I’m not trying to upset anyone, thus post may have a few miss spelling / typo in it,, and with the ” yes it’s GMAC ,, NO it not GMAC” is a little frustrating.
Thank you for any reply to my original questions from customers ONLY and the real deal on Ally and GM??
Please seriouse replys
sorry it was so long …..
Cheers
Hi,
I am a customer of Ally and actually opened my account whilst it was still GMAC (not sure why they changed it). GMAC used to be owned partly by GM, the Treasury had them sell their stake in GMAC in order to proceed with their resturcturing. GMAC used to make loans for cars of any manufacturer, but the majority of those loans were for Chrysler and GM vehicles.
From my experience, Ally is good, their rates are dropping as well, but steadily higher than any other savings institution.
BankRate actually gives GMAC a decent rating of 3/5 stars compared to other financial institutions (Citi Bank got 2/5 stars)
See their financial ratings/memoramdon and risk/stability details here GMAC- http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=3284070
CitiCorp – http://www.bankrate.com/rates/safe-sound/memorandums-memos.aspx?fedid=476810
Thank you for your info on the GMAC and ALLY connection, and rate info as well.
(if you were responding to my post asking if it was connected/ name change)
Anyone else? Can we all hear from a total of five customer info/ feedback on Ally?
Thanks again
I can’t address rather Ally is GMAC renamed, but I do know they took over my GMAC auto loan.
Be careful with Ally auto loans. I bought a Jeep in Feb 2010 when it was GMAC. I made every payment on time. In May of 2011 I decided to put the payments on auto pay. They didn’t take the money out of my checking account until June 6th, making my payment late. We were in escrow, so there was alot other stuff going on. On July 28th I got a telephone call that I had not made my June and July payment. After going through 2 or 3 customer Reps from the call center in the Philipines (outsourced) I finally
got a hold of someone that could help me. We compared numbers and found out that had ommited they last 3 digits of my checking account, that was after they had already debited my account once. They would not take responsibility for their own error. I straightened it out and got it back on auto pay. Now in October I got the same phonecall for August and September after they had the correct info in July. I had a 800 credit score and now I can’t even get a Sears card to by a washer and dryer. They ruined my credit, locked my online access and will not stake responsibility again. I am paying it off through my credit union starting legal action. If anybody else has had a similar experience, email me @
Hello and Thank you for taking the time to contact Ally Bank.
Please be assured we take all your constructive feedback to our operations and senior management. We pride ourselves at providing our customers with a differentiated customer experience, and want to do all we can to ensure your satisfaction.
We are committed to being competitive with our rates for both our Savings and Certificate of Deposit accounts. Rates are determined by a myriad of disciplines including, but not limited to: what the marketplace and industry are doing, the climate of the economy, and Ally Bank’s management. Please be assured we will take all your constructive feedback back to our respective areas and want to do all we can to ensure your satisfaction. Please keep in mind that the Money Market and Savings account rates are variable and are subject to change daily.
Should you have any additional questions, please give our Customer Care Department a call and we will be happy to assist you with this issue. For your convenience, we’ve recently expanded our hours and we’re here for you 24 hours a day and seven days a week. Our toll free number is 1-877-247-2559 (1-877-247-ALLY). Or, you can always visit us at allybank.com.
Thank you for choosing Ally Bank.
Sincerely,
Tanda Pederson
Ally Bank
Miss spelling happen “a lot” or “alot” if you are using iPhone “on screen” keyboard or a smartphone to type, it happens. Hopfullly we can stay the course and maybe “some1” will reply on the original posted question to help all?
Thanks to all.
Spelling counts. If you write an article in which you use “it’s” instead of “its” you reduce your credibility to zero in my book.
is this ALLY GMAC or NOT??? is this ALLY in anyway linked with them?? It seemed the commercial started to run full blast during the news of Bankruptcy IMO….Can we have at least 5-8 customers (not employees or friends of employee, or anyone that would GAIN in ANY way by saying good things )PLEASE comment on this board about ALLY and if its a “to good to be true” bait and switch move of ANY kind? Thanks a bunch
I am only a customer of Ally Bank and love this bank.
Ally is definitely GMAC renamed. However, GMAC is not really linked to GM so the bankruptcy doesn’t concern them. However, one of the major business units give out loans to Chrysler and GM so the livelihood of those automakers affect GMAC heavily.
Finally, if you are worried about your money, know that FDIC pretty much have you covered as no one has ever lost a penny as long as they are within the FDIC limit.
Thanks, for all that have replied so far,. Can we have let’s say,”5″ other people comment on my original post about Ally?
I understand FDIC protection and that’s great, BUT Im dealing with a good size amount, and don’t want to be baited into a great % pay out, only to have to go and Have that number drop FAST just as ING did after all of it’s advertising(without being part of the GMAC-GM problem) worst of all having to go through with an FDIC claim?) IMO
thanks again
How many of you have a problem with the FDIC telling Ally Bank to cut its interest rates? but the FDIC does not tell banks to cut there interest rates on credit cards what is going on here?
I ran across this on the internet: Ally Bank bows to FDIC and cuts interest rates. The banking arm of troubled lender GMAC came under attack for offering above-market rates to savers. FDIC urged Ally to trim costs.
I have had absolutely no problem with Ally Bank. I recently did a transfer back to my checking account from my Ally Banks savings and it was perfectly smooth and much faster than the time frames with FNBO or ING. I am sticking with Ally Bank.
Negative comments based on a commercial are amusing.
I have had no problems with Ally Bank’s customer service and issue I have had was quickly corrected within two business days of my issue.
Ally has good rates plus they are FDIC insured with great customer service so my money is staying with Ally Bank for years to come .
My father passed away in April, 2009 and since then I have been trying to get his money market account transferred to me and Ally Bank has been giving me the run around and a lot of apologies. I have sent them all the paperwork that has been required numerous times and have been told I will receive a call from the Bank Operations in two business days numerous times and no call has been received. I SUGGEST THAT NO ONE DOES BUSINESS WITH ALLY BANK BECAUSE THEY ARE UNRESPONSIVE TO THE CUSTOMERS…..
My family has had the same problem with Ally Bank. Our Father died resently and these people are impossible to work with…. They say they are going to call and don’t…everyday for the last three months since my Father’s death we have had to drag up the same issues with these people . And if you ask them a question they say ,”I can’t answer that.” Just how painful do you think it is to have to talk about this on a daily basis.
Then when we asked if there was a phone number to lodge a complain… they replied NO.
We have sent everything they have needed ( registered mail) then the next day it’s something new….if just one person at this company had a list of protocal it would be nice.
They even asked for a death certificate of our Mother( she wasn’t on the account anywhere)…which was sent and they kept saying ,”oh we are just waiting on the death certifcate of your Mother ( we sent registered mail to them) ….then they sent the certificate back to us with no note in it….
One hand in this company doesn’t know what the other one is doing…..
I have no respect for this company . They have made a very difficult time in our lives worse….
how do i know that ally bank is the bank that pay good interest rate. Also ally bank is stable for me.
Since it’s the accounts are FDIC insured, your money is safe. You can look up Ally Bank on the FDIC official website if you don’t trust Ally’s (or the author’s) word for it.
People (including me) are already getting the interests as we speak. I’m not sure how to tell you otherwise but I love Ally. The interest rates are truly higher. I’m rather happy that they have a bad name since I’m getting a higher interest rate as a result.
I called and reached a person at ALLY bank and asked if my GMAC smart notes were payable by ALLY bank for both bi yearly interest and payoffs at maturity. This person indicated that my smart notes were not in the ALLY bank financial system with no explanation why …. If GMAC became ALLY bank how is that possible ??? Why can’t I receive an honest answer to a fair and ligetament question ???This sounds very illegal to me and I feel should be investigated. I would appreciate some help here.
I filled a claim against Ally Bank through the Federal Banking Authority at 877-275-3342 because they have been unresponsive to me with a banking issue.
So what’s the issue…so we all know???
Just killing time here. First, GMAC and Ally Bank are NOT the same
companies.
I wish it were so as I am loaded with Smartnotes.
Also, re. the commercials, you people need to get a life. Hello.
I’ll bet you are the same folks who bought into that “hope and change”
thing.
Johnny
Odd about your supposition that GMAC doesn’t write mortgages. To our knowledge, they hold the one on our house and have done so for five years.
Funny how people find the commercial off. I didn’t like it but it did make me watch it to try to figure out what it was about. That is the goal. I have to say if that little girl can act that well at her age kudos to her. She has a job and I probably should be thinking about opening a few accounts.
I think the commercial about the poor little girl who gets the small toy pony and the other girl who get the real pony is one of the saddest commercials I have ever seen. The girl with the dark hair looks so totally betrayed by the callous man who litterally destroyes her innocence and I believe she just learned that the world is totally unfair and cruel. I start to cry everytime I see it and even when I think of what was going on emotionally inside that little girl. She has such a look of wisdom, but it’s a lesson that should never have been taught to such an innocent girl at that age. How did her parents react? I would have been completely angry about the cruelty of this and seeing the reaction on that young face. It’s even worse because the little girl is certainly not a pretty girl and the one who gets the real pony is cute with blondish hair. I am a rational 58 year old mother of an 18 year old son…there is such a deep betrayal in this commercial that I just have to communicate it to someone in your organization.
I love that commercial. Mayby I’m a bit twisted, but I thought it was touching but very true about things that happen to kids.
I also love the one with the boy playing with the truck and the guy take the truck and gives him a cardboard cutout.
It’s a commercial, for God’s sake. The kids are actors, under direction to give the looks you see. I’m sure the makers appreciate that it tugged at your heartstrings, but sheesh.
Do you think soap operas a real too?
Huh? is wrong. “The kids walked into the situation blind. They didn’t know they were shooting a commercial. The parents told them only that they were going to a meeting with someone and that they were going to get to play. Director Hank Perlman of Hungry Man productions specifically asked the parents not to prepare the kids too much.”
This a quote from: http://www.cnbc.com/id/31963049
I’m on Constance’s side on this one.
Candace you really need counseling if a commercial is making you cry. Destroying her innocense? Really? What happens when she learns Santa is fake? The tooth fairy is really her parents? Good grief. It’s people like you that are turning out weak and dependent adults.
I have “GMAC smart notes” paying good interest and matureing in 2012, 2013 and 2016. Is there any legal way that ALLY bank can avoid paying the interest and paying the notes when they mature ? Since ALLY bank is now a legitament USA bank and governed by the rules of the american banking system I believe they must honer these smart notes, but I am also very suspicious of what I would call “bank fraud”. I would appreciate an answer if you have one.
I also have two smartnotes. They were both callable in 2009. They mature in 2012 and 2018. Will they be paid by Ally bank ?
ya some people plays games with others feelings we should discourage them…
Recent commercials regarding allybank and their lack of ” fine print ” are disconcerting. Couldn’t they have found a way to get their message across without using the pained look of children getting their feelings hurt. If I see that little dark haired girl one more time trying not to cry as the other girl gets a real pony I will cancel my account.
I want to see that little dark haired girl MANY more times. Then I’d like to see if anybody is dumb enough to cancel their account because of a commercial. 🙂
Count me in as someone “dumb”. There should be a better way to get their point across.
Any company dumb enough to present a cruel commercial is going to loose my business. Those kids walked in cold. What kind of parent allows thier children to be subjected to this?
It catches the attention for Ally, but the wrong kind. You will never get my business.
uhh…she still got a free toy pony..
You all are taking that commercial really WAY too seriously. How do you know that those children weren’t actors? And don’t come back with “oh but their looks were really genuine.”, I’ve seen some scarily talented child actors in my day. Seriously, it’s marketing, and it got you all talking about a little commercial, so mission accomplished. As long as they’re backing up what they preach, then preach on.
I say with the nation being subjected to losing more and more money each day with higher prices on EVERYTHING, it’s no wonder Ally’s answering the shouts of people looking for a way to GAIN some more of their hard earned cash BACK. I’m a very hard worker, and it pains me to see more than 1/3 of my hard earned check just be slashed away, with barely a 10th of it coming back at tax season. Show me the $interest$.
really? are you basing your investments on commercials maybe you shouldnt invest, ally is a strong reliable online bank, the point of there commercials is to get the point accross, were not smoke and mirrors
I Have a question, I am holding a BOND SMART NOTE GMAC which
has a call date 11/15/2009 . Will ALLY BANK honor this bond?
Please advise: THANK YOU Sheldon Apple
The whole bailout is so stupid on so many levels. Paying workers not to work, paying workers to quit, giving Chrysler to a company along with billions of dollars. This FAKE bankruptcy is a fraud by our US Treasury, among others. Anyhow, get ready to print some more money. This GMAC did not ever qualify as a bank. it was switcharoo and the Treasury has funded it completely. They have raise sqwaut funding except from our GOVEREMENT, otherwise nothing. Changing the name, FRAUD, magic trick, still same POS.
Completely agree.
You are right.
You are wrong: GMAC Bank was a standalone bank long, long before the government bailout. Additionally, Ally is not owned by GM so your assertion and linkage with the auto industry is specious at best.
Speak not of that which you know nothing about, my friend.
I think you are a paid scab, JJ! GMAC, Ally the same f—–ing thing. This bank stinks. It is run by a bunch of crooks with incompetent servants working beneath them.
Would you please quit spreading rumors and Republican FUD. Are you guys trying to ruin our chances at recovery? Why do you hate America so much?
At least provide some links to evidence and facts.
As has been demonstrated here, GMAC is not GM.
Since it’s Internet Banking, how do I access my funds with Ally Bank?
Is there any fee for transferring money?
Ally Bank will let you setup a few accounts outside of the bank where you make the transfers. Also, unlike wire transfers which cost money, these transfers are free so there’s no need to worry about transferring cost.
MoneyNing is correct. You just link a regular checking or savings account to the Ally Bank savings account to transfer money in and out. Easy Peasy.
Rob
I opened a GMAC/Ally Bank account a couple of months ago. The application process and verification were simple and fast. As a test I transferred money back to my checking account to see how readily available my funds would be in an emergency. The money moved the next day, far faster than FNBO or ING. My money will stay with Ally for sure.
I had an account with FNBO and HSBC and ING your right Ally Bank moves money far faster then any other online bank so Ally Bank gets a A+
so my money will stay with Ally for years to come.
Did your bank or Ally charge to move the funds?
I have my answer from comments below. Thanks.
Ally has good rates, and are FDIC insured.
Just opened an account and the process was smooth. I’m waiting for my deposit to clear but so far so good. The rate is good and I hope that it stays high with the treasury yields going up and all.
Agreed. I thought about sending you an email so that you could correct it, but I figured that a comment would probably reach you faster. I know that you are usually on top of the comments. The last thing I wanted to be was insulting. Hope you didn’t take it that way.
-Matt
Earlier this week, President Obama signed a new law that extends the $250000 FDIC limit until Dec 31, 2013. That may entice you to seek out institutions like this one, at least temporarily.
I totally missed that so thanks for letting me know about the FDIC limit extension. A couple more years for some people to sleep better is always a good thing.
An extension to financial morass we have gotten ourselves without any backstops or protections…
Can someone tell me why I should bother with CDs and online savings accounts that I see all over the web? I mean, I can invest in bonds or government stable funds that give me 4-5% (some bonds give 10% even) while the online savings accounts are like 1% (well, this one gives 2% but still, the interest rate is still low).
It boils down to the fact that CDs are virtually riskless while bonds and funds aren’t. For example, while bonds yields may be good for the last few months, the value of your holdings actually dropped in the last 12 months, eating into your yields while everyone who had a CD still have every penny of their principal plus interest.
Also, note that government stable funds (if you are talking about what I’m thinking) are only available to 401k plans.
Pete,
Which bonds are paying 4-5 or 10%?
Thanks.
Good review, I am sure many will find this useful. So if GMAC was a standalone bank, what relations did they have with GM then? GM funded them, didn’t they – I mean, I know they were the “parent company.” Interesting to see them rebrand after the bankruptcy. I’d be concerned about the solidity of the company, too.
Actually, GM is not the parent company. GMAC is its own business and have a totally separate operating. When the bank started though, it was pretty much owned by GM. In 2006, 51% was sold to Cerberus Capital Management LP so GM doesn’t even own the majority stake of GMAC anymore.
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