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.
The rates are good and competitive. I have multiple accounts and CD’s. There customer service experience is exasperating and painful. Even after calling the corporate office, they do not care. The constant shuffle off until you give up. Don’t bother. In the future I will take the lower rate of my local bank and deal with folks who actually care about my business.