GMAC Bank

phoggieSeptember 24, 2008

I saw yesterday that GMAC banks are offering 4% for 6 mo.

and 4.25% for 12 months CDs....to me, this sounds good for FDIC insured CDs. Does anyone know anything about GMAC...and have you ever done this on-line? I would rather deal with a person face to face, but do not know of a GMAC bank near here. Thanks

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lkplatow

I just opened a CD with them last week - got the paperwork in the mail today. So far so good - they transferred my opening deposit from my regular bank without a hitch. GMAC headquarters is actually pretty local to me, but I've never been to one of their banks. They had a 4 star rating on bankrate (for financial soundness) so that's why I went with them. There were a few banks paying slightly more interest, but I'd never heard of them and their ratings weren't that great.

A few years ago, I opened a CD at Amtrust Direct. That was done totally online and everything worked fine. It was a bit of a pain getting my money back out at the end - I had to send an email request to an address I had to get by calling the customer service line, and they ended up charging me $25 to wire the money to my bank account (I could have had a check for free but they didn't tell me there was a fee to wire the money until afterwards.) Hopefully GMAC will have their act together a little mrore when it comes to getting the money out. I figure if worse comes to worse, I'll track a branch down locally and go get it in person.

    Bookmark   September 25, 2008 at 4:29PM
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phoggie

Thanks for this info.....so good to know that they are financially sound. I have asked them to send me the paperwork to put a CD with them.....hope it works.

    Bookmark   September 25, 2008 at 10:38PM
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