bump

ING, ED and capital 1 all hold the funds for a certain number of days before you can access them, does GMAC do this? I do not see any mention of it anywhere, read the entire terms/conditions. Hopefully did not overlook it

all I found was this from terms

For Online Banking transfers, the end of a business day is 12:00 a.m. Transfers you submit from a GMAC Bank account prior to 12:00 am will be processed the same bank business day. Transfers you submit after the cut-off time of 12:00 a.m. will be processed the following bank business day.

StormRider said:Seriously considering this. On their fee schedule page, I saw this: "International Outgoing Wire $45.00"
I sometimes write checks to someone in China, will there be a charge for a GMAC check deposited in China? This line seems to only apply to wires. Any experience?

TIA.

No, writing checks and wires are two completely different transactions, both going through different routes.

As far as I know, no bank charges you depending on where the payee banks or lives.

Pakman0209 said:I have been trying to decide which online bank to use, since I want the higher rates. I have read about the issues with HSBC being slow in transferring funds into accounts.

Has anyone had the same problem with GMAC?

Any other issues that I should know about?
I usually have a consistant 20-25K in the account and make maybe two payments per month max to my credit cards. Would that be a problem with GMAC if they are slow in their transactions?

Thanks so much for the help. I have read all the threads but the more I read the more I get confused.

I can only speak from opening my account at GMAC, but the initial funding transfer from ED went EXTREMELY quickly. I opened my GMAC acocunt on 12/16 (a Friday) and scheduled the transfer from ED on 12/19 about 8AM. The next morning the money was registered as in the GMAC account and ED didn't even have a pending transaction. On Wednesday, the money showed gone out of my ED account. From what I have heard here in FWF and on other money blogs, GMAC and USAA are generally some of the fastest at initiating and completing transfers. It also appears that they don't have the issue of "sitting" on your money for a few days like other banks.

YMMV, but that has been my experience.

gliderjoe said:Just want to comment on how great GMAC Bank is! Quick and easy account set up, low min bal, friendly customer service, great website, easy and super quick money transfer (1 business day usually), great rate, FDIC insured. I can't find anything better out there right now with similar interest rates that are as good as GMAC.
And I totally like how easy it is to have multiple external accounts. No need to send it cancelled checks like ING. Plus, transfers from one account to another can be done through GMAC. GMAC doesn't have the best rates but it's a good addition whenever the $100,000 limit is reached in ED and ING.

GMAC is extremly fast, no doubt. I opened an account and funded in the afternoon through ach from ED and my funds appeared in the GMAC account next day morning...BUMP....

They will be raising their rate soon. See the other GMAC thread.

As far as their customer service, I have gotten long hold times & delayed responses to emails.

CoffeeEater said:GMAC is great IMO.

The only complaint is the rate. I wish they would raise it.

Some people might complain about the minimum of $500, but I don't. It's not that much coin.

Does GMAC Bank - Money Market account accept Direct Deposit? I called GMAC and they told me they do not accept direct deposit. How can a bank not accept direct deposit? Has anyone tried Direct Deposit with GMAC money market account.

I called GMAC again and they said they DO accept direct deposit. Thanks Moosy.

EricGo said:What twisted webs we weave ..

This is GMAC *bank* ..
owned by GMAC, the corporation, I believe ?
That is a 'B' investment grade.

Where does the bank invest MM money, that allows it to offer 4.6% returns ? I'd have to guess into GMAC, the corp. Which is currently tied to GM, the automaker currently in severe financial distress.

I'll find my 4.x% short term interst rates elsewhere, thanks all the same.

Please tell me you are joking.

CoffeeEater said:EricGo said:What twisted webs we weave ..

This is GMAC *bank* ..
owned by GMAC, the corporation, I believe ?
That is a 'B' investment grade.

Where does the bank invest MM money, that allows it to offer 4.6% returns ? I'd have to guess into GMAC, the corp. Which is currently tied to GM, the automaker currently in severe financial distress.

I'll find my 4.x% short term interst rates elsewhere, thanks all the same.

Please tell me you are joking.Sorry, no.

If I said something foolish, I'd like to know.