GMAC Bank
Article Submitted By: BankMan
Please post your comments and questions about GMAC Bank here.
GMAC Bank offers a high-yielding money market account offering some of the best online rates available. Users have reported that these accounts are easy to open, requiring only a $500 minimum. They also report that GMAC Bank's customer service is responsive and that ACH transfers out are executed immediately and those in are credited immediately.
GMAC Bank also offers some of the highest yielding CDs and online bank accounts on the market. Unlike other banks, it only requires a $500 minimum deposit. Here are some additional details on their CD accounts.
- CDs can be opened online or by phone and can be funded by ACH electronic funds transfer or by check
- If funded by check, rate does not lock until check is received
- Early withdrawal penalty is 180 days of interest for terms over one year, 90 days of interest for shorter terms
- 10 day grace period at maturity in which you can close CD without penalties
- Interest can be posted monthly, quarterly, semi-annually or annually
The opening process is pretty clear, but unless you have another GMAC account, they will require your actual signature on the application that they will mail to you. GMAC Bank does not offer IRA accounts, but they do allow custodial and other legally titled accounts. The online application instructs you to call for assistance for these.
As with any bank at this time, it is strongly recommended that depositors do not deposit over amounts in excess of FDIC insurance limits.
Comments
raderator, May 30, 2009
GMAC has been my favorite bank for a couple of yrs. Fast transfers, free checks, Visa check/ATM card with $6 worth of ATM rebates, consistently high rates, no teasers. Now, as Ally, they are perfect. They removed all limits, added a no-penalty CD and a paperless option. They split into two accounts but that's actually an advantage because now you get 12 transfers. Keep only what you need in Checking and the rest in the MMA for higher interest and more security. The new website even looks cool. I just hope the feds don't ruin this bank after all the effort they have put into it.
DMH, May 19, 2009
Just opened an online savings account with Ally Bank on Friday. My trial amounts were in my external account on the following Tuesday and my initial deposit was already in. I verified the 2 small amounts they entered in my account and I am good to go. Easy!
banker1, May 09, 2009
GMAC Bank offers online savings and money market account with a $1 opening requirement. There is no minimum balance and the only fee you would get is if you go over the 6 transaction limit per statement cycle (federal law). Their CDs are consistantly among the top 3 for interest rates. You can check that at bankrate.com. I have never has a problem when I had to call and speak to one of their customer service people. They have always been very friendly, knowledgable and helpful. I had several different bank accounts with other bank and have found that what works best for me is to have most of my money with GMAC as a "holding" account where is have the best interest and then if one of my other accounts offers a better rate I can do an ACH from GMAC. I love that I can have as many external accounts registered with them as I want. Over all they have been one of the best bank I have delt with and I will continue to be a loyal customer.
JohnL, April 23, 2009
OK, I answered my own question. GMAC is a separate company of which GM the car company owns less than 10%. This from a WSJ article: "It should be noted that GMAC's fate is not as closely tied to its parent as it once was. In December, the long-suffering financier retrofitted to become a bank-holding company, a move that forced GM to lower its stake below 10 percent."
JohnL, April 23, 2009
I'm interested in opening a new Savings account with them and this all sounds good. But, is anyone concerned what will happen if GM goes chapter 11? Yes, I know GMAC bank is FDIC insured so the money will still be there, but are you concerned about any hassles that might result (i.e. changing of terms or operating procedures, the bank being sold, etc.)? Or am I just being overly cautious? Thanks for your thoughts...
Angelo_Frank, April 11, 2009
I have a money market account, savings account, and two CDs with them and have no complaints. The transfer of funds between GMAC and my local checking account is done quickly and smoothly. I can find slightly higher rates at maybe a handful of institutions online but the convenience wouldn't be there to rapidly transfer funds. Once you have one account open with them, it is really easy to open other accounts.
AntonioBoy, March 28, 2009
I am a very old fashion guy. I rather deal with a brick-and-mortar-institution that I can touch and interact with people I can see in the flesh instead of trusting my precious hard earned money with disembodied voices who can cowardly hide behind phone receivers, incompetent and uncaring.
JohnnyBoy, March 22, 2009
To confirm what Maxseeker mentioned, GMAC no longer has a $500 minimum. And, as another poster mentioned, my initial deposit was posted to my account before I verified my trial deposits.
guest, March 20, 2009
GMAC is the best option as of today interms of decent interest rate and awesome ACH features.
Ken, March 19, 2009
It is ridiculous to deal with GMAC Bank. First, they said I need to fax in my driver license, then after 3 days, I called in and they said they can't read my fax, told me I have to mail in. Then they said it is the 2nd owner of the account needs to fax in driver license. I have 4 accounts with them (all joint account) already but still have to go through these steps. They said they only have 1 fax number which can't read my fax document. I will pull all my money when my CD matures and go somewhere else that is more friendly and have at least 2 fax numbers. I will never add any more money to this bank. Can't imaging bank of this size only has 1 fax number.
Niles, March 19, 2009
I have several on-line savings accounts, and GMAC's account is the easiest to use. It has the least restrictions on ACH transfers in or out. The transfers occur quickly. Can link to as many external accounts as you want. Posted interest rate applies to your entire balance. Many online banks have obscure restrictions on all these things, and you only find out about these restrictions as time goes on. Would be nice if you could write checks on the GMAC acct. Interest rate tends to be higher than other banks, though not the highest available. Interest rate has not gone down as drastically as with other accounts that used to be much higher. So, it's a basically a good, solid, easy-to-use account.
Rob, March 17, 2009
I've opened up two CDs with them. Fast, no problems, almost immediate funding through ACH transfer. They have a peculiar system that requires a new set of signature cards for each CD...but so what I guess. Hold time the one time I called them, less than 1 minute. All in all neither better but certainly no worse than anyone else out there.
Maxseeker, March 14, 2009
From the GMAC website, it said there is no minimum balance. Is this a recent change? Thanks.
Aaron, March 13, 2009
I'm happy with the GMAC BANK service for my savings account. My beneficiaries were updated within a couple days and e-mail responses were answered within a 24 hour period.
Ken, March 02, 2009
We have a CD with them, but when my wife opened an savings acct wth them, we have to call in. The lady over the phone said I have to fax in utility bill showing my wife's name. But, finally she found out our first CD account to verify my wife's identity. Then she said have to forward my new CD application to new account service representative. Today, I open another CD account, same thing happened that I need to call in. Let's see what they will say on Monday. If the process is still so lengthy, I will give up putting more money in GMACBANK.
TommyBoy, February 10, 2009
the good: the application process is very easy and fast. Your account gets funded befoe you have to verify via trial deposits - despite some of the previous comments. if you have a CD with them, they give you lots of info about it (e.g. daily interest earned). you can link up lots of external accounts. I have several so far, to both savings and checking the not so good: account numbers are hidden. have to get them by talking to customer service or wait for your welcome package. savings account earned interest is only updated once a month - unlike the CD account which keeps a daily count. no online statements. you only get paper statement via the mail. no option to go paperless. not very online friendly. I like using them for CDs and also as a ''middle bank' to transfer funds around - given how easy it is to link up external savings and checking accounts.
Kevin, February 05, 2009
I recently opened 3 CD's with them and had no problem. After they were funded by the money from my checking account I needed to add a POD (Payable on death) claus to keep from being tied up is something did happen. Customer service was excellent and fast. Steve if you are going to fund the CD from an account you must have the money there so they can transfer it. Yes they lock and front you funds until yours are transfered but they don't wait 60 days to do that it was within 2 days.
Jason, January 15, 2009
First of all you have to have comprehension skills to open an account unlike (soczie and steve).Ladies and Gentlemen all you have to do is "read carefully" and if you do not understand what "GMAC Bank" has posted call customer service they will help you!!!!!
Steve, January 14, 2009
I have to agree with soczie. GMAC is not perfect and if your not particularly careful you cab get screwed when trying to open a new account. I tried to fund a cd online with a with an existing GMAC savings account. I followed the instructions and received no indication that the account would not be funded. Two months later I received an account statement that had the CD on it but indicated the amount of the amount of the CD was zero. I called GMAC and they said I had not funded the CD in time (60 days). Worst of all, they claim I never requested the transfer. Though I have no "hard evidence" that I requested the transfer, my own personal notes taken at the time indicated I did and the the transfer was pending. I admit I share some blame for not checking the account within 60 days. However, GMAC will not accept any responsibility. I can describe to them the process I followed to open the CD and what the transfer money screen looked like, but all they can say is they have no record of the requested transfer. I am not trying to say they are evil but I am just telling you that they are not as great as other posts have indicated. I am closing my accounts with them even though they still have the best rates at this time. In my opinion, I can not trust them. If you are opening any type of new account with them I recommend watching them closely. Do not become complacent as I did.
soczie, January 14, 2009
I finally gave in and opened a GMAC account with a 1 year CD. I had resisted because I am not such a fan of GM, but now that I cannot lock in any other CD rates for the next year at this level, I finally threw up my hands and did it. I wasn't too impressed with the process. It took me forever to figure out that I needed to throw a symbol of some sort into both the username and the password, then I got a message saying that I needed to call customer service. It seemed that their systems were completely fooled by the fact that I had started to set up an account, but did not complete the process or fund the account, a few months ago. The only solution seemed to be to walk through a telephone application with one of their representatives. Overall, it wasn't such a great process, but I am still pleased since I locked in a rate for the next year which is good in this environment.
Mopsley, January 05, 2009
After having banked for years all over the country I was astonished at the friendly, concerned, and knowledgeable help I received at GMAC. The web site is informative and extremely easy to navigate. Transferring money to and from outside accounts has finally become easy. For now, at least, the rates are very good. My fingers are crossed that they keep them high. Being retired the interest income is the highest priority, but I would really hate to leave this bank. Hope this helps everyone. Mopsley
ann kean-teed, December 30, 2008
I would like to talk to someone about cds and how they work....972-877-9749 thanks ann
Kenneth, December 06, 2008
I have had about 20 on line bank accounts. I have had GMAC for about 2 1/2 years and they are by far the best of the bunch I have used.
Andrew, December 03, 2008
Have been with them for almost a year now and have received nothing but phenomenal service. The web site is pretty good and ACH transfers are consistently fast (almost always go through on the next business day after your request). Every time I've had to speak with them on the phone they've resolved my issues without any hassle.
tn-girl, November 12, 2008
I've been banking with GMAC for a while. Easy to work with. Simple online applications and user friendly website!! A++++
