GMAC is now Ally?

[kv968]

FYI - I just logged onto my GMAC bank account and I noticed that they're now Ally Bank. Never heard of them, but I take it its GMAC's way of separating themselves from GM proper. They say they're "built on the foundation GMAC financial services" so we'll see. At least the rates have stayed the same...for now.

[MonkeyMama]

Interesting. Thanks for the heads up!

GMAC Will Change the Name of Its Bank - WSJ.com

[FrugalIII]

I noticed it first with my log-in. Then I got an e-mail from them and today I got a letter in the mail. I guess they are covering all bases.

[Shane Watson]

Good to know. But is there any difference in their line of business?

[reptile411]

Clear case of someone changing there name to hide from there past. I don't use them so I cant comment on there service but all I can say is if you paint a pile of crap pink you still have a pile of crap. Same thing as AIG changing to AIU. The name is tainted and will hurt future business so get out from under the name.

[guerro]

I don't think GMAC is/was a bad bank. I think the reason GM was able to sell it off and get such good money for it is because it performs. Am I wrong here?

[Rei]

I don't think GMAC is/was a bad bank. I think the reason GM was able to sell it off and get such good money for it is because it performs. Am I wrong here?

I used their money market to hold funds from an insurance settlement. FDIC insured... and I like their up front full disclosure/no hidden fees approach. No problems so far. Customer service was extremely helpful and friendly.