NerdBlog

I wanted to make a post about a review for GMAC/Ally Bank since I think it is worthy of one.

I originally opened my account with GMAC Bank about 5 months ago. The online process was very simple, you needed to fill out all of the basics like Address, Name, SSN, and your initial deposit account (unless you live in the stone age where you will be mailing deposits in).

They do an initial credit check to make sure you are a real person, so if you do not have a credit history, you probably will get rejected (This is based on other reviews I have read online, where the writer gave a negative review based on that one simple fact). I completely agree with the check, they want to make sure you are real, to protect both the bank, and you.

So my account was approved and online within 15 minutes.

GMACs system was very easy to use, as is Ally Bank (after all it is the same company and the same software).

The transition between GMAC Bank to Ally Bank was 100% seemless, I received multiple notifications via snail-mail about an upcoming change, and then a welcome letter from Ally Bank.

I have had not 1 single problem since signing up, I have tested the phone support, which was responsive and answered my question immediately (I was curious about the date interest is credited to the account, the answer is the 21st at 12pm)

Interest is compounded daily (it takes interest which is accrued and compounds that onto the total, while it may not mean much for a small depositor, it can add up over time for larger depositors, and well, your basically getting the most interest possible unless you are compounded by the minute or second (which you will never find))

Setting up external accounts is easy as pie. You need your bank’s routing number, and account number, and you need to find out the trial deposits to verify that the correct bank information has been entered.

So overall I would have to score Ally bank 10 out of 10 for overall. Since I have not had a negative situation arise in 5 months, I cannot say anything other than that. I have a recurring weekly deposit set, I have added multiple external accounts, have withdrew money from the account, and have deposited over $1000 in one transfer with no problems.

You can also setup for CDs as well as multiple savings accounts (so you can have christmas accounts, college accounts, general savings, home, car, or whatever you may need to stay organized)

So give them a try today and have your hard earned money, earn more money for you than your traditional account at your local bank (Ally pays 2.05% as of today, where a local bank can pay as little as .3% or sadly… .01%)

Good luck!