Ally GMAC Bank offers online banking services to US customers at competitive rates. The bank has four banking products on offer - online savings account, money market account, classic CD (certificate of deposit) and no penalty CD.
About Ally GMAC Bank
Ally GMAC Bank began operations in 2009 under the auspices of GMAC Financial Services (General Motors Acceptance Corporation). The company is the financial subsidiary of General Motors (GM), established in 1919. The company’s central business operation was to provide financial assistance to GM dealers across the globe. However, the company suffered a huge financial loss in the 2008 economic debacle. To gain crucial government aid, GM applied to the Federal Reserve for the conversion of GMAC Financial Services into a full fledged bank holding company. On December 29, 2008, the United States Department of the Treasury provided $5 billion to ensure the survival of GMAC Financial Services. Finally on May 15, 2009, the company renamed its banking unit as Ally Bank as a fresh beginning in the US banking sector.
Ally GMAC Bank: How to Open an Account
To open an account with Ally GMAC Bank, an individual needs to be 18 years or older and a US resident. One can apply for an account in three ways:
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By visiting the bank's website and filling an online application form with specific details.
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Calling the customer care department of the bank and asking for assistance.
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Sending an email to the customer care center to seek assistance.
While filing the application form online, an individual requires a driver's license and social security number as proof of identity and residence. Once the application is accepted, the bank provides its customers with the essential details of the bank account, along with a unique (username) login ID and password. The customer has to login to the secure Ally GMAC bank environment using this username and password in order to make online transactions or to manage the account.
CDs, online savings accounts, and money market accounts with Ally GMAC Bank is insured by Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per depositor.