Ally Bank?
December 10, 2009 10:58 AM Subscribe
I am interested in hearing about your experiences banking with Ally Bank (formerly GMAC)
Their rates are better than I can find anywhere else on a money market but I wonder if dealing with an on line bank, this one in particular, is worth the difference in rates?
Their rates are better than I can find anywhere else on a money market but I wonder if dealing with an on line bank, this one in particular, is worth the difference in rates?
I think the name change was just to distance themselves from the GM/GMAC bankruptcy/government ownership issues. I have used online banks with high interest rates for years (never used GMAC, but have had accounts at probably 10 banks, checking and savings and MM) and have never had a problem. Just stay under your FDIC limit (and, of course, make sure the account is FDIC insured) and you'll be fine.
If you need to make a lot of in-person deposits, just setup a free checking account at a local bank and do ACH transfers.
posted by jckll at 11:50 AM on December 10, 2009
If you need to make a lot of in-person deposits, just setup a free checking account at a local bank and do ACH transfers.
posted by jckll at 11:50 AM on December 10, 2009
I've had only good experiences with online banks. I have (or have had) online-only accounts with Etrade, HSBC and Discover Bank.
posted by AlsoMike at 11:56 AM on December 10, 2009
posted by AlsoMike at 11:56 AM on December 10, 2009
I don't have experience with Ally, but I have a savings account with Bank of Internet (1.55% APY right now) and haven't had any problems. Whenever I need to add money to it, I just do a free ACH transfer from my checking account (Wachovia). I assume this is how things are done with most online banks.
posted by rancidchickn at 12:06 PM on December 10, 2009
posted by rancidchickn at 12:06 PM on December 10, 2009
Best answer: I mailed them a check, waited a while, then had them mail me a bigger one back. That's pretty much what I want out of a bank. I still have accounts there.
posted by a robot made out of meat at 12:33 PM on December 10, 2009
posted by a robot made out of meat at 12:33 PM on December 10, 2009
Best answer: I've been a customer since '06. They have fast ACH transfers to your other banks, and the 1-2 times I've contacted customer service were rather painless. FDIC=FDIC=FDIC, even if a bank is put into receivership you almost always have access to your money again within days.
posted by Fin Azvandi at 5:23 PM on December 10, 2009 [1 favorite]
posted by Fin Azvandi at 5:23 PM on December 10, 2009 [1 favorite]
Ally bank is basically trying the 'go big or go home' strategy because of their poor financial position. NPR covered it: http://www.npr.org/blogs/money/2009/10/podcast_gmacs_hail_mary_pass.html
posted by joelr at 6:41 AM on December 30, 2009
posted by joelr at 6:41 AM on December 30, 2009
This thread is closed to new comments.
Because as long as you're within the FDIC limits, you might as well go nuts. The big risk with a money market fund is liquidity, return, and default. FDIC insures the deposits, and you've established they're a high return fund.
The name change suggests something's up. Primarily, that GM defaulted on it's bonds. Hit up Wikipedia for recent history on the two names, if you're worried about the pedigree.
posted by pwnguin at 11:37 AM on December 10, 2009