GMAC to relaunch as Ally Bank
"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, 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 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)
APY history:
Money Market APY:
07/09/2011 1.09%
06/04/2011 1.04%
03/01/2011 1.00%
11/21/2010 1.09%
11/07/2010 1.19%
09/30/2010 1.24%
09/01/2010 1.25%
03/03/2010 1.30%
02/09/2010 1.44%
01/06/2010 1.49%
07/17/2009 1.85%
07/10/2009 1.95%
06/19/2009 2.00%
06/05/2009 2.05%
03/27/2009 2.25%
03/13/2009 2.50%
03/06/2009 2.65%
02/06/2009 2.75%
12/26/2008 3.25%
10/31/2008 3.75%
10/17/2008 3.60%
10/11/2008 3.75%
08/13/2008 3.00%
02/29/2008 3.00%
02/08/2008 3.50%
02/01/2008 4.00%
01/25/2008 4.25%
11/01/2007 4.50%
10/12/2007 4.75%
09/21/2007 4.90%
04/20/2007 5.30%
03/16/2007 5.10%
01/26/2007 5.00%
01/12/2007 5.10%
12/15/2006 5.20%
12/01/2006 5.25%
11/10/2006 5.30%
10/06/2006 5.25%
08/04/2006 5.00%
07/27/2006 5.10%
07/14/2006 5.05%
07/07/2006 4.90%
06/09/2006 4.80%
04/21/2006 4.75%
04/07/2006 4.70%
03/10/2006 4.65%
02/25/2006 4.60%
12/10/2005 4.30%
12/03/2005 4.10%
11/12/2005 4.00%
11/11/2005 3.75%
08/28/2005 3.45%
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.
External Account Links: used to be unlimited linked external accounts; now limit of 20
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
Another FW Thread (locked)
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)
Bankrate.com rating of GMAC Bank Note the Report Date
ACH TRANSFER EXPERIENCE (By CHRIS V., Page 31)
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
External Account Limit = 20
As reported by people in this thread: Is Ally Bank now limiting number of linked external accounts?
you can link 20 max. external accounts in your Ally account.
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