Ally Bank?

[wrigley]

What's the pros and cons of this finacial institution (formerly GMAC). Their basic savings account and MM accounts seem to have very good rates right now. Anything I need to be aware of?

Thanks
Mike

[cardude]

I have had some money with them for a couple of years, and during all the financial meltdown and auto industry debacle it was a little nerve racking. However, they are FDIC insured, so if they fail you are supposed to get your money from the US gov. So, as long as you don't go over the FDIC limits I would not worry.

Their service has been great, btw.

[growing_older]

I've used them for attractive CD rates. Service has been great. I don't know about long term viability any more or less than any other bank, but I stay under FDIC limits with ANY bank.

[wrigley]

Quote:

Originally Posted by cardude I have had some money with them for a couple of years, and during all the financial meltdown and auto industry debacle it was a little nerve racking. However, they are FDIC insured, so if they fail you are supposed to get your money from the US gov. So, as long as you don't go over the FDIC limits I would not worry. Their service has been great, btw.

I'm a little old fashioned when it comes to $$$$$. I want to beable to get my hands on what is mine......NOW! I have an emergency fund in a savings account at my local credit union. It's only drawing about .5% interest. I noticed this morning that Ally bank is offering 1.95% interest on an everday savings account. What amount of wait time am I looking at if I need to get to get to that cash now?

Mike

[indexfundfan]

Quote:

Originally Posted by wrigley I'm a little old fashioned when it comes to $$$$$. I want to beable to get my hands on what is mine......NOW! I have an emergency fund in a savings account at my local credit union. It's only drawing about .5% interest. I noticed this morning that Ally bank is offering 1.95% interest on an everday savings account. What amount of wait time am I looking at if I need to get to get to that cash now? Mike

I have used Ally/GMAC bank for many years. You can get same day access to your money if you request a wire transfer before the cut-off time in the morning. Otherwise it is the next business day.

[davemartin88]

I recently put some money in a 9 month no penalty CD there at 2.3%, process went smoothly and given they're FDIC insured, shouldn't be an issue. They did require a written signature card (sent through snail mail) and other on line banks haven't done this, it didn't hold up opening the account but I have sent it to them 3 times now and keep getting notes saying they don't have it??

[JOHNNIE36]

I've used GMAC for years for my market account (best interest rate). Now that it's Ally Bank, nothing has changed for me. I have Bank of America for my personal checking and if I need to add some money to the checking account, I just do an electronic transfer from Ally to BOA. Request on Monday, money is in BOA Wednesday. No fees. Now if I move money from BOA to Ally, it takes three days and there is a $3 fee. So, I set up Ally as a creditor and move the money like a bill payment. Takes three days and no fee. The money market at Ally is FDIC insured.