Comments on: Ally Bank — We Hide Nothing?

By: Matt

Matt — Fri, 11 Sep 2009 16:32:19 +0000

This spring I opened 5 CD’s with GMAC in an effort to diversify my
holdings with different financial institutions as the concern over
bank failures was increasing.

Through the GMAC / ALLY transition they effectively reduced my 2.65%
APY to 2.6% APY on my CD’s. This is BULL *** Ally. I am Finance
Major and I know how to calculate NPV equations.

ALLY will never receive another penny from me. I am staying with ING.

[comment edited]

By: GSchwenn

GSchwenn — Mon, 15 Jun 2009 22:17:50 +0000

So, they are changing their name, big deal. The fact is, they actually have best rates for CD’s, I opened two in less than a month. I received tremendous customer service. NOT like the other banks, someone actually answers the phone!! If you want to find a financial institution to piss and moan about, try B of A or Citibank. Leave these guys alone, geez!

By: Jasper

Jasper — Wed, 10 Jun 2009 16:55:35 +0000

I don’t have the idea that they’re actively trying to hide that they were GMAC. They changed their name. For a good reason.

By: Dan Kap, Whittier, CA

Dan Kap, Whittier, CA — Mon, 08 Jun 2009 14:10:39 +0000

I agree with the two previous posts. What would you do if you resurrected a bank that previously had a name associated with failure and bankruptcy? I think the Ally response is entirely appropriate–they could have lambasted their predecessor as part of their response, but chose not to. And I like their choice of names. Looks like they’re really trying hard to establish a bank with some nice customer benefits–not easy to achieve these days.

By: Harmy G

Harmy G — Mon, 08 Jun 2009 14:01:48 +0000

“Ally Bank was formally known as GMAC Bank”

Hmm, ya think they meant “formerly”?