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GMAC Bank
Old 09-15-2007, 06:57 PM   #1
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GMAC Bank

Does anyone have experience with GMAC bank. They are currently paying 5.3% on a MM account with check writing priviledges.
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Old 09-15-2007, 09:09 PM   #2
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GMAC Bank - an internet bank with good rates on money market and CDs

I have an account with them and decent customer service...
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Old 09-16-2007, 07:19 AM   #3
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Make sure you get the FDIC account. GM and other companies have money market accounts backed by the company. I wouldn't want to be an unsecured creditor of GM. I think they are doomed and will go under when the UAW drives them into the ground. I doubt that the UAW learned anything from the steel workers' union.
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Old 09-16-2007, 07:49 AM   #4
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Make sure you get the FDIC account. GM and other companies have money market accounts backed by the company. I wouldn't want to be an unsecured creditor of GM. I think they are doomed and will go under when the UAW drives them into the ground. I doubt that the UAW learned anything from the steel workers' union.
Since GMAC was sold off, are they still backed by GM?
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Old 09-16-2007, 08:09 AM   #5
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GMAC Bank is FDIC and secure. I've had a good experience with them. Please note that it is a savings account and the number of monthly transactions is limited.
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Old 09-16-2007, 08:20 AM   #6
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Does anyone have experience with GMAC bank. They are currently paying 5.3% on a MM account with check writing priviledges.
Yes, I was very happy with their service. I deposited quite a bit a money that I didn't need for about a year and earned 5.32% for a 1 year CD. I've since taken that money and moved it to INGDirect. That seemed to be a much smarter move for me since I can touch the money at anytime and still earn 5.30% (this is the regular rate for $100K deposit or more, not a CD rate; it's worth checking out).
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Old 09-16-2007, 09:53 AM   #7
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I park money at GMAC and move it via EFT to my checking account at Schwab when needed. Works fine.
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Old 09-16-2007, 08:09 PM   #8
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We had a CD for DW at GMAC. Worked fine. Good customer service via web. No muss, no fuss.
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