Ally Bank is the New GMAC
May 15th, 2009
GMAC in a new attempt to distance itself from General Motors has gotten a name change. Ally Bank is the new GMAC. The company hopes to rebrand itself and change directions. General Motors is a partial owner of the bank, but will be scaling back its stake in the bank in the months to come.
Ally Bank is trying to attract new customers but I wonder what else, if anything they plan on changing besides just their name? I don’t know of any details on any changes they plan on making but I’ll be sure to update you as I hear. GMAC was one of the 10 banks that failed the bank stress test. It still needs to raise $12 billion in capital in order to pass and apparently this name change is part of that plan to raise capital.
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No thank you Ally. Same old tricks and gimmicks for me. I tried to apply for a simple Money Market Account with them to put some rainy-day money. I was declined for a bank account with them! I have a 720 credit-score, 3 credit cards with about 3 years of history and a car loan, all with great payment history. Was this a joke? To add injury to insult there was of course no one I could talk to about them. Rather I was informed sorry there is nothing that can be done for you. Really!? Guess what bank I will never have anything to do with in my life. ALLY! Don’t be drawn by there competitive interest rates. I am furious with this shanty of a bank.
I tried to open a savings account and was told that my credit report needed to be reviewed for approval because of a bankruptcy from 4 years ago. I have rebuilt my credit score back up to a score of more than 740. If I was applying for a loan or some other form of credit I could understand the credit report concern. I am giving them my money so I do not understand what’s the problem? Someone please enlighten me.
I also was denied an account with these jerks.Although they claim to have a higher standard for their customers to adhere to they perform to the lowest
possible standard for a so-called bank.They are a sham of a bank and deserve to go out of existence soon.