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rated:

I searched but found no mention of this.

URL Ally Bank

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.


Member Summary
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tajar96 (Jan. 29, 2012 @ 10:06p) |

Savings & MM rate down to 0.84%.

Checking down to 0.40%/0.75% for balances under/over $15,000.

Psycho41 (Jan. 30, 2012 @ 10:49a) |

I agree, Ally's online deposit is terrible compared to USAA. They ask all these questions like the orientation of your... (more)

winter (Jan. 30, 2012 @ 11:40a) |

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.


rated:

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


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I opened it so that I don't "have all my eggs in the same basket", so to speak.


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vdadlani219 said: Slightly better than ING, but ING is no longer the top savings account...

-Vik



Hey vik, who's the top now?

NM, I think you are refering to Emigrant direct...


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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.


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It looks to be FDIC insured too. I guess its the Ford MMA that isn't.


rated:

emigrant is at 3%


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Bycracky said: It looks to be FDIC insured too. I guess its the Ford MMA that isn't.

You are thinking of GMAC Demand Notes (and the Ford MMA). Those are different. This is GMAC Bank, which is a real bank.


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oldye said: emigrant is at 3%
Agreed. However, this is a great addition to ING and Emigrant if you want to diversify your holdings.


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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.


rated:

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.


rated:

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.


rated:

I'd stick with Emigrant personally unless you are investing over $100K. Some people are very paranoid, I suppose.


rated:

alpinewhite said: I searched but found no mention of this.

GMAC Bank

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.


rated:

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


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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.


Yes, definitely higher than average (e.g., GE Interest Plus is at 2.15% vs. the GMAC Bank 2.36%).


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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.


rated:

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.


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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.


rated:

poorazn said: vdadlani219 said: Slightly better than ING, but ING is no longer the top savings account...

-Vik



Hey vik, who's the top now?

NM, I think you are refering to Emigrant direct...



Link to Bankrate.com website with rates


rated:

Anyone here have experience with Emigrant?

If so, what do you think???


rated:

jimmywalt said: Anyone here have experience with Emigrant?

If so, what do you think???

Read on
*** Too Hot To Handle ***


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alpinewhite said: jimmywalt said: Anyone here have experience with Emigrant?

If so, what do you think???

Read on
*** Too Hot To Handle ***


Wow. 23 pages of this thread! Thanks for the link. I tried to search Emigrant this past weekend, but kept getting an error from FW (couldn't read my PM's either).

Thanks again!


rated:

My interest didn't post for the end of February. Anybody else with the same experience?


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Not to be outdone by ING raising their rates to 3%, GMAC just raised theirs to 3.05%.


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Could someone clarify GMAC Bank's ACH facilities for its Money Market account? Is it both IN and OUT or IN only? Can you set up permanent links or do you have to provide routing & account numbers each time? Any limit on the number of banks you can link to?


rated:

You can set up permanent links for ACH in and out of the money market account.
The maximum number of links is 6. This is according to the CSR.


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How long has GMAC Bank had good rates? [I'm more interested in a bank with a long history of good rates than one which offers great rates for a few months and then drops them to a low level]


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GMAC Bank does NOT charge for ATM usage at any ATM, plus provides up to four ATM-surcharge rebates (max. $1.50) per month ($6.00). ATM access is not offered by the ING Direct Orange Savings Account or by the Presidential Bank Premier Money Market product.


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Do ATM withdrawals fall under their 6 transaction limit/month?


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I have experience with several of the more popular 3.00% + savings banks and even though GMAC is not on top with its current 3.10% (500 min) I find that of all the websites theirs by far is the most flexible, user-friendly and advantageous. Not only can you link any account (need only the routing and account #s and no wait) but you can both push and pull from GMAC and they seem to be QUICKER than any other bank I have dealt with (ING, IDB, Cap1, Virtual, etc.) Not only that but they have eliminated many of the hoops that these other banks have. Finally, I find that their rates on short-term CDs (under 18 months) are generally at the top of Bankrate's list and their low minimums make them feasible for those of us with more modest fortunes looking for highest short-term yeilds. If you haven't checked them out I think you would do well to. If nothing else they are excellent for pulling and pushing funds between multiple online savings accounts without the stop over in checking. That said I suppose to some the drawback would be the $500 minimum to open and get the rate, but even to the modest sums I use to play this rate-chasing game, that's kinda peanuts.


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GMAC will pull your Credit Report for just opening a bank account.


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Do you mean a hard pull? If so, they never hard pulled mine. And if only a soft pull, then who cares. Pull away. I have nothing to hide.


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That is what CSR told me.

BigBucksNoWhammy, have you checked your EQUIFAX report after you open your first account with GMAC?
Thanks.


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I use Citi Credit Monitoring Service. I don't see anything in the hard pulls that identifies itself as GMAC in conjunction with the date I opened my GMAC account.

I had some inquiries related to GMAC mortgage/Ditech (when I was shopping around) from 3 months earlier. I suppose it is possible (though unlikely) that one branch of GMAC shared this existing report with another in my case, who knows?

Now, if they did pull it then they use some other name to pull it, that is another story. I don't keep track that well to be able to say that GMAC didn't pull a hard using some other name. For example, the only hard pull I have from Equifax that I can't positively identify is from NTLINTERBK, but I think that is from a recent re-fi I did on my house through my local bank. The mortgage paperwork says the bank went through "Credit Informations Systems" but I don't see that (or anything resembling it) on any of my CRs.


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aa1bb2 said: GMAC will pull your Credit Report for just opening a bank account.

Yep. Did anyone find out if it was a hard or soft pull?


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LightsInSpace said: aa1bb2 said: GMAC will pull your Credit Report for just opening a bank account.

Yep. Did anyone find out if it was a hard or soft pull?


Seems like a soft pull. I use a credit monitoring service which typically reports any hard inquery after a couple of days. A week after opening an account with GMAC, no report yet.

GMAC is indeed very faster in transferring the funds. I did a transfer into my account on 7/2 (Sat.), and it reported the fund became available on 7/4 (a holiday). Don't know how could they do that.


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Fund Transfer used to be very quick like newgun said. But I found my Transfers have been quite SLOW recently: For in-bound transfers, funds show up the next biz day but need 2 more biz days to become avaialbe; Out-bound transfers are even slower than that by 1 biz day. Is it just me or GMAC Bank just changed their policy???

Transfering Funds was the only reason I opened this account so I am quite disappointed. Please share your experience, thanks!


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Sweet. They are at 3.25% now. Just slightly better than ING, but I will take anything I can get.


Skipping 1691 Messages...
rated:

gobigorgohome said:   I am not sure of other's experiences. But, it has been real disappointing in their e-deposit feature. After trying 5 times to get them to accept it, I threw my hands up and just mailed them the stinking check. No android application either.I agree, Ally's online deposit is terrible compared to USAA. They ask all these questions like the orientation of your scanner (?!?), there are way too many steps and then after all that I get an email the next day that my check was not accepted. Twice I've had to resubmit checks, I found its easier to just scan to a file myself and then submit the file instead of scanning from the web app.

USAA's web-based deposit app is straightforward and just works - gives instant confirmation that the check has been accepted (no waiting until the next day to find out) and the USAA Android app is even better... I've taken pictures of checks in poor light and it still deposits no problem.


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