Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Ally Bank?
Old 07-14-2009, 05:48 AM   #1
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 345
Ally Bank?

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
__________________

__________________
wrigley is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-14-2009, 08:21 AM   #2
Full time employment: Posting here.
cardude's Avatar
 
Join Date: Feb 2006
Posts: 599
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.
__________________

__________________
cardude is offline   Reply With Quote
Old 07-14-2009, 08:25 AM   #3
Thinks s/he gets paid by the post
growing_older's Avatar
 
Join Date: Jun 2007
Posts: 2,608
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.
__________________
growing_older is offline   Reply With Quote
Old 07-14-2009, 08:27 AM   #4
Recycles dryer sheets
wrigley's Avatar
 
Join Date: Nov 2008
Location: Jacksonville
Posts: 345
Quote:
Originally Posted by cardude View Post
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
__________________
wrigley is offline   Reply With Quote
Old 07-14-2009, 12:42 PM   #5
Confused about dryer sheets
indexfundfan's Avatar
 
Join Date: Apr 2009
Posts: 5
Quote:
Originally Posted by wrigley View Post
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.
__________________
indexfundfan is offline   Reply With Quote
Old 07-17-2009, 04:11 PM   #6
Full time employment: Posting here.
 
Join Date: Aug 2008
Location: Romney, WV
Posts: 729
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??
__________________
davemartin88 is offline   Reply With Quote
Old 07-17-2009, 09:28 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Oct 2008
Location: Naples
Posts: 2,161
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.
__________________

__________________
JOHNNIE36 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ally Bank Ads Rustic23 Other topics 8 06-01-2009 01:56 PM
Bank 21 Goes (Another GA Bank) OAG FIRE and Money 5 03-29-2009 08:24 PM
GMAC BANK? Anyone used them? cardude FIRE and Money 11 12-02-2008 04:20 PM
Looking for a New Bank Mysto FIRE and Money 16 11-13-2007 05:43 PM

 

 
All times are GMT -6. The time now is 03:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.