I signed up for it yesterday. Interest rates slightly better than ING. Same convenience of taking money in and out of any checking account. No permanent checking account link like ING. You can transfer money into GMAC bank by simply knowing the routing and account numbers. No need to mail in a voided check. They will also send you checks to write against the account (money market). Backed by the GM Corporation. No referral or sign-up bonuses, though
This is a good way to transfer money from one checking account to another.
Message edited by: alpinewhite on 2009-05-18 17:30:05 CDT
"Ally" was chosen as the firm's new name "because it gives the sense of a trusted partner, the attributes we are trying to convey" Sanjay Gupta, GMAC's chief marketing officer, told the Journal.
Addressing GMAC linked accounts:
From Ally Customer Service:
Thank you for banking with Ally Bank . The routing number has changed, and it is now 124003116.
You will need to advise your external banks of this new routing number, if you submit transfers on their end.. All transfers through your Ally Bank account, will continue to go through like they always have. We are making this change as comfortable as possible for our customers.
Should you have any other questions, please ask.
For further assistance please give our Customer Care Department a call and we will be happy to assist you with your banking needs. For your convenience, weâ%u20AC%u2122ve recently expanded our hours and weâ%u20AC%u2122re 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 ally.com.
So, it seems we need to change our external links.
Question: Will I still be able to write checks on my accounts? Answer: Yes, if you have check-writing privileges now (Money Market Account and NOW), you can still write checks at any time - your GMAC bank checks will be honored until November 1, 2009. We will automatically send you your new Ally Bank checks with new routing numbers. You should begin to use them immediately and be sure to destroy your old checks. The new routing number on your checks is 124003116. Not an MMA or NOW customer? You need not take any action.
About ACH Transfers--If you're moving FROM GMAC, you schedule. If you're moving into GMAC, you do immediate transfer (preferably during Thursday business hours)
Minimum balance to avoid fee: $0 ($500 minimum balance requirement removed on 10/24/2008)
Routing number: 031176136 Ally's is 124003116, but possibly not active until 11/1/2009
Interest: compounded daily, credited monthly
Deposit via ACH, mail, GMAC ATM
Withdrawal via ACH, checks, and check card. Limit 3 withdrawals per month by check and check card, which counts towards a total limit of 6 non-ATM withdrawals per month. Fee for exceeding the limit: $10 per withdrawal. There is no limit for ATM withdrawals.
ATM withdrawal Fees: No charge for withdrawals at a GMAC Bank or non-GMAC Bank ATMs. The first four fees per statement cycle assessed by the ATM owner, up to a total of $6, will be refunded by GMAC Bank. (You can change your ATM card PIN via the automated telephone system.) Daily ATM withdraw limit is $500 per day.
Statements: mailed paper statements only
Fee schedule (effective March 2005): Check Printing Fee: Initial order of 50 checks is free, cost for subsequent orders vary by check style Stop Payment Fee: $15.00 Official Check: $10.00 Check Copy: $5.00 per copy of check front and back NSF Fee: $20.00 per item Returned Deposit Items: $7.50 Domestic Outgoing Wire: $20.00 International Outgoing Wire: $45.00 Federal Express Fee: $7.50 Statement Copies: $2.00 per page
Branch address: GMAC Bank 3710 Kennett Pike Greenville, DE 19807
Telephone: 877-247-ALLY (2559) Customer service representatives available 24/7 There is no non-1800 phone number, so calling from outside of US may be problematic
Hard Inquiry? Soft? None? Opening a GMAC account used to result in a hard inquiry on your Transunion credit report. Those hard pulls have been recategorized as soft pulls. More recent posts claim soft inquiry.
Standard Money Market restrictions of six transactions per statement cycle will apply
Verifying external accounts When setting up and verifying external accounts via random micro-transaction amounts, -sometimes- it will only do a single transaction. In such cases, the first amount will be 0.00 and the 2nd amount will be the amount that was in the transaction.
GMAC For those of you that dont know gmac is the primary bank of general motors(staying within fdic insurance is a good idea)
I know when transferring into GMAC(using GMAC to do the pulling) the best day to do so is mid-day on Thursday as an "immediate" transfer. It will then show up in GMAC on Friday and get taken out from where-ever you are pulling from on Monday.
When transferring out of GMAC(again using GMAC to do the pushing) I noticed it is better to schedule it(do M-Th) at least a day in advance and then it will deduct the funds on the correct day rather than "immediately" and you will see the funds show up in your target account the next day.
Fully clarified version of the above sentences: When pushing money out of GMAC, the optimal (lowest loss of interest due to money "in-transit during non-business days") schedule is: (Always use the scheduled transfer feature rather than the immediate transfer feature.)
Setup Day / Schedule for / Arrives on Mon / Tues / Wed Tu / Wed / Thu Wed / Thu / Fri Thu, Fri, Sat, Sun / Mon / Tue
Message edited by: jiggawho on 2010-01-06 14:36:31 CST
Kismet4Max
Senior Member
rated:
posted: Feb. 10, 2005 @ 11:39a
Slightly better than ING, but ING is no longer the top savings account...with no signing up bonus from GMAC, I don't see a reason to open this account.
vdadlani219 said:Slightly better than ING, but ING is no longer the top savings account...with no signing up bonus from GMAC, I don't see a reason to open this account.
-Vik
One reason would be to be able to link this account to a brokerage account. INGDirect doesn't give you check-writing ability, and you can't link it to a brokerage account. GMAC would allow you to skip a step when transferring funds.
There are so many banks that have increase their rates in the last week or so to 2.50% or better if you have a high cash balance. GMAC is one of the ones with low balance requirement, so if you want a low balance high interest account, this seems like a decent choice especially if you're staying clear of Emmigrant due to mixed reviews. Short term rates probably are going to go thru some adjustments in the next 12 months based on Fed's actions. To put thing in perspective, for 10K, the difference between 2.50% and 3.00% APY for 6 months is about $21. Obviously, the difference will be less for a lower amount and more for higher.
pretty decent account for an emergency fund...beats a crappy bank savings return. Money markets are starting to look a lot better now too. You can get those with check writing privlidges, but I dunno about the ease of transferring...probably better off going w/ the GMAC deal.
alpinewhite said:oldye said:emigrant is at 3% Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.
Diversifying your holdings??? Why does it matter if its a MM or savings account as long as you don't have over $100k in each. I guess it might be an issue if you had $300k in liquid cash... but then again you would probably diversify into other investment vehicles like stocks.
I signed up for it yesterday. Interest rates slightly better than ING. Same convenience of taking money in and out of any checking account. No permanent checking account link like ING. You can transfer money into GMAC bank by simply knowing the routing and account numbers. No need to mail in a voided check. They will also send you checks to write against the account (money market). Backed by the GM Corporation. No referral or sign-up bonuses, though
This might be a good way to transfer money from one checking account to another. Haven't tried it, though.
So just to confirm, this is via ACH and there is no fee? Sounds good.
Will be interesting to find out about the sign-up process. One reason I didn't open an Emigrant account is because of the "hassle" some people are experiencing.
pacman777 said:alpinewhite said:oldye said:emigrant is at 3% Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.
Diversifying your holdings??? Why does it matter if its a MM or savings account as long as you don't have over $100k in each. I guess it might be an issue if you had $300k in liquid cash... but then again you would probably diversify into other investment vehicles like stocks.
some of the members of this forum are very wealthy and I've noticed that many of the members here are also very risk averse.
one fear is that the fdic might take their sweet time to pay out so if you have say 50k in 0% credit card debt then diversifying incredibly safe accounts such as this might not be the worst decision
www.virtualbank.com pays 2.6% (also fdic insured) last I checked so that would also be better then gmac oh and also they have a referal bonus setup (20$ last time I checked) I'm not a member so please do not pm me for one thnx
oldye said:www.virtualbank.com pays 2.6% (also fdic insured) last I checked so that would also be better then gmac oh and also they have a referal bonus setup (20$ last time I checked) I'm not a member so please do not pm me for one thnx
VB pays 2.60 on the first 10K only. After that it's 2.30.
Don't know why you wouldn't go with CapitalOne Savings (2.60%), Presidential Checking (3.00% up to $25K), Emigrant Savings (3.00%), or Superior Savings (3.04%, min $10K balance).
I have $70K tucked away in Superior. If I didn't have the $10K minimum I'd shove it away into Presidential for added accessibility.
mbaker4096 said:Don't know why you wouldn't go with CapitalOne Savings (2.60%), Presidential Checking (3.00% up to $25K), Emigrant Savings (3.00%), or Superior Savings (3.04%, min $10K balance).
I have $70K tucked away in Superior. If I didn't have the $10K minimum I'd shove it away into Presidential for added accessibility.
If you want accessibility, National Access MM (3.00% APY) is more accessible than Superior Savings. Minimum of 25K but no limit for 3.00% and no direct deposit requirement like Presidential. Someone did post that new account is now limited to VA residents which I didn't confirm.
oldye said:some of the members of this forum are very wealthy and I've noticed that many of the members here are also very risk averse.
hmmm..perhaps FI (financial independent) or well-off is more accurate? I have abit of problem picturing Bill Gates or Buffett frequenting this forum.
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