Gmac Mma

[kv968]

I've noticed that some of you have a MMA with GMAC. I was thinking about opening one with them and was just wondering what your experience with them has been like. Are the transfers smooth and quick? Any problems with their website? Stuff like that. Thanks.

[safari]

I've had a GMAC account for about a year and never had a single problem. The transfers are very quick (2-3 days) and the customer service is very good. You can send a secure message from the website and they will respond within 24 hours. I called the customer service a couple times, and they were friendly and helpful. Another thing that I like about the GMAC Money Money account is that it comes with free checkwriting and an ATM card. This is very convenient in case I need to pay an unexpected bill or get access to my money in case of an emergency. There is no need to transfer the money to my checking account, since I can write a check directly from my GMAC account. GMAC also reimburses the ATM fees charged by other banks. I am very happy with my GMAC account and recommend it to everyone.

[vsjhoc]

I agree w/Safari. I've had an account for several (3?) years. They also clear your deposits faster than some of the other on-line banks.

[kv968]

Thanks for the quick replies. I've heard nothing but good things about GMAC's MMA but just wanted to see what some of the good people of this board have experienced. Sounds like what I've read is true. Now it's off to open an account. Thanks

what Safari said


Because of the extra services, I've never been tempted to try any of the other flavors even when they sometimes creep above GMAC's interest rate.

[sweeps]

GMAC's incoming transfers are so fast, it often registers the deposit (and you start earning interest) before the other bank even registers a withdrawal.

The site is no-frills. If you're looking for pretty orange designs or fancy schmancy artwork, you're not going to get it. But as the others have mentioned they've been reliable and the customer service is good.

Of course now that I've said all this, they'll drop their rates.

[poundwise]

Originally Posted by Sweepsplayer

GMAC's incoming transfers are so fast, it often registers the deposit (and you start earning interest) before the other bank even registers a withdrawal.

The site is no-frills. If you're looking for pretty orange designs or fancy schmancy artwork, you're not going to get it. But as the others have mentioned they've been reliable and the customer service is good.

Of course now that I've said all this, they'll drop their rates.

No orange? How absurd!

LOL

Since I've been maintaining the MMA rates thread, I've received several comments on banks; I have yet to see a negative comment about GMAC's site or service.

The only thing I've noticed is that whenever they move their rate up, it is only a very short time before they move it down again. There may still be a net increase but it seems odd. For instance, they moved their rate from 5.00% APY to 5.15% APY a while back. Less than a month later they lowered the rate to 5.05% APY. More recently, they increased their rate from 5.00% APY to 5.30% APY. About two weeks later they lowered the rate to 5.25%. As you can see, all of these are good rates, its just a little odd how they move it around sometimes.

I don't think you'll be disappointed if you open an account with GMAC.

[risknothing]

I believe that GMAC Bank just was sold to another bank. Hope nothing changes.

[kv968]

I opened the account with GMAC. Thanks for all of your opinions. One thing that strikes me as weird though is that the initial deposit is showing in the GMAC account coming from my bank's checking account; however when I click on the "registered external account" or "pending external account" links neither shows my checking account. I know it takes them time to verify and register an account but shouldn't it show up in either of these links?

[omicron]

Yeah, GMAC was sold.

Here's the discussion:

GMAC sold?

[risknothing]

I believe you still have to register it once the account is opened.

[kv968]

I just called GMAC and the rep said that my account was in fact not being verified. I don't know why it wasn't (maybe I forgot to do something when signing up), but he initiated the verification process immediately. I must say the customer service I've recieved from them so far has been quick and efficient. I emailed them when I was thinking about opening the account to ask whether they did a "hard" or "soft" credit pull and got an email response the next day. My call today was answered by a real person within a minute or two of calling. I'm quite impressed