Ally Bank
Article Submitted By: BankMan
Ally Bank is the new official name for GMAC bank.
In May 2009, GMAC was rebranded as Ally Bank. GM and Cerberus Capital Management LP, GMAC's prior owners, decided to implement a rebranding as part of the bank's transformation to a bank holding company and prior to the US government's infusion of cash and becoming a significant equity holder in the bank.
The rebranding campaign is part of a fresh strategy to spur retail deposit growth and overhaul the transition. Sanjay Gupta, the bank's chief marketing officer has been quoted as saying that "Ally conveys the sense of a trusted partner, the attributes that we are trying to convey."
The initial launch of the Ally Bank name has been very successful with the bank undertaking a large marketing effort to differentiate it from other online banks in terms of openness, accountability and honesty. One feature that has gotten a lot of attention in banking circles in the bank's advertised commitment to letting depositors know when their money could be performing better in a different product.
In spite of their parent company's trials and tribulations over the last couple of years, GMAC Bank customer service was always rated well above average.� GMAC Bank's previous BestCashCow.com review page is located here.
Comments
Ally are ENEMY, December 26, 2010
My question would be ââ¬ÅDo I feel Ally is a moral and ethical bank who are good for the USA?ââ¬Â My answer would be ââ¬ÅAbsolutely not!ââ¬Â The US Government gave 14 Trillion dollars to GMAC Mortgage in bailout money when the Fed declared them a bank to qualify them, even though they were not a bank. GMAC Mortgage never repaid those bailout loans and are now 56% owned by the US Treasury. After the Government bailed them out, GMAC Mortgage foreclosed on more homes than any other mortgage company, resulting in plenty of wrongful foreclosure lawsuits against them. No one bailed out the US Citizens, and Ally Financial proved to be an ââ¬ÅAllyââ¬Â to no one when they robbed the nation from the top and bottom. During the Mortgage Crisis which they were partially responsible for, GMAC Mortgage were unable to properly answer their phones and rushed to hire a completely untrained staff who remain poorly trained to this day. Customers waited months for customer service. Most either got none, or got service so poor that it may have been illegal. Suddenly they have decided to rename themselves and to take advantage of their ââ¬Åbankââ¬Â status with online bank accounts. Your money will be FDIC insured, but will your conscience allow you to lend your money to the people who are more responsible for the collapse of our economy than anyone else?
Richard, May 13, 2010
Quick to take your money, but A nightmare to get any back? Customer service seems to be mentally challenged hirees? Each person you talk to has a different story. I'm trying to close my accounts and run. Higher interest is not worth this hassle.
Mary, March 15, 2010
I just want to ask..Are any of the other online banks compounding interest daily? at the end of the day? ING does not, they compound monthly, seems like that is a significant difference--Ally does.
Ada, February 11, 2010
I was not impressed by Ally before I moved on to discover. I have to say, compared to Discover, the service in Ally is much better.
Vivian, February 06, 2010
When my CD came to maturity, I received a phone call from Ally Bank telling me that I could renew it at .5% higher than their advertised rate, which they honored. I can't believe the quality of their service. I haven't seen service this polite and efficient in years.
manny, February 01, 2010
anyone having trouble loggin on to the ally site?
jennifer, November 29, 2009
Just be aware that if you have someone in your house that can't or won't use a computer (like my husband), ALLY charges $2 for paper statements. If something should happen to me (and I do have a serious health issue), even though I've put the phone number down for our accounts, he would no doubt have a hard time as I handle all the finances like banking online. ING sends statements. BTW, they're having a very good Black Friday deal on checking accounts and a one year CD at 2% APY, higher than any other reputable bank - it's extended at least through today and, I expect, even longer.
eric, November 13, 2009
Not the hight rate, but great service and a very competitive rate relative to others. They are solid. The competitors are all dropping as well so ALLY?GMAC is not alone. They are a solid choice.
Quizzer, August 17, 2009
Whats the best option to move from Ally? -Discover -AmEx -Cap1 Thanks
SAC, August 13, 2009
I totally agree their rate is dropping rapidly. I think I am ready to find a new bank!
NY, August 08, 2009
Good rate when I first joined a few months back -- but the multiple rate declines, most coming within last few weeks, is ridiculous. Going back to CNB Bank Direct (had money there, moved to Ally when rate was about the same, now but rate difference is now significant 2.0% vs 1.7%). False advertising claiming they're committed to being one of the top interest rate banks -- sounds a bit like Dollar Savings when they pulled in all the deposits and then dropped their rates like a rock thereafter.
happy camper, June 11, 2009
I opened up a cd with them over the phone. They took care of eveything. The cd rate had changed by the time they got my money, but honored the earlier better rate. If I ran a bank, I would run it like these people. The best service I have ever gotten.
Sarah, June 04, 2009
I have a savings account and a CD with Ally that I opened Jan 09. When they switched from GMAC to Ally I received lots of notification and assurance that nothing would be affected. I'm very happy with the service and the savings.
Tim, June 02, 2009
Only good things to say about Ally Bank. I had a CD with GMAC and it was easy to open. I was reassured that everything would be the same with Ally.
Tim, June 02, 2009
Only good things to say about Ally Bank. I had a CD with GMAC and it was easy to open. I was reassured that everything would be the same with Ally.
