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09-15-2007, 05:57 PM
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#1
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Dryer sheet aficionado
Join Date: Feb 2007
Posts: 34
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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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09-15-2007, 08:09 PM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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__________________
- Hurry! to the cliffs of insanity!
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09-16-2007, 06:19 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2006
Location: Houston
Posts: 4,337
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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.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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09-16-2007, 06:49 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Dec 2004
Posts: 1,798
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Quote:
Originally Posted by 2B
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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Since GMAC was sold off, are they still backed by GM?
__________________
You don't want to work. You want to live like a king, but the big bad world don't owe you a thing. Get over it--The Eagles
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09-16-2007, 07:09 AM
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#5
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Recycles dryer sheets
Join Date: Mar 2006
Posts: 206
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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.
__________________
I'm trying to find myself.* Have you seen me anywhere today?
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09-16-2007, 07:20 AM
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#6
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Full time employment: Posting here.
Join Date: May 2007
Posts: 843
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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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09-16-2007, 08:53 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
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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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“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
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09-16-2007, 07:09 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 1,304
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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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