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Ally Bank Is A Part Of GMAC

29 October 2009 One Comment

Very interesting stuff here.  I just read the article over at Smart Money about the story behind Ally bank.  The reason that I even mention this bank is because their ads are all over blogs and Yahoo! Finance so I imagine lots of my readers have seen them.  Furthermore, many internet surfers who are interested in finance tend to try and find the best interest rates at online savings accounts such as ING Direct.  It’s a safe bet that many of these people have given Ally a shot with their money.

As the article mentioned, Ally bank is simply GMAC bank.  They renamed the bank earlier this year to give it a new look.  Yes, they are a part of GMAC which apparently just got another round of bailouts from the Feds (third time).  Yeah, your money is FDIC insured but why mess with it?  I’ll pass on this one.

One Comment »

  • Daniel said:

    Isn't it ridiculous for the government to give them a bailout, and then have them turn around and ignore any guidelines and recommendations and over high (compared to the other banks) interest rates? Why give them money if they don't listen?