GMAC Bank
Established in 2001, GMAC Bank is in the same family as General Motors (GM) and its financial arm, GMAC Financial Services (GMAC). We are proud to offer the same unparalleled service and stability that have made GM one of the most well-respected companies in the world.
As an online bank, we have low overhead, which allows us to pass great interest rates on to you. We offer a high-yield Money Market Account, a variety of fixed-rate Certificates of Deposit, and a Private Education Loan Program that can help college students and their families fund their dreams of a higher education.
As an online bank, we have low overhead, which allows us to pass great interest rates on to you. We offer a high-yield Money Market Account, a variety of fixed-rate Certificates of Deposit, and a Private Education Loan Program that can help college students and their families fund their dreams of a higher education.
Website:
http://www.gmacbank.com/
Phone Number:
1-866-2GMBANK / 9AM - 9PM Mon - Fri
Address:
GMAC Bank Customer Care Department
P.O. Box 951
Horsham, PA 19044
Minimum Balance:
$500 (money market), $500 (CDs)
Interest:
compounded daily
ATM Withdrawl Fees:
Six withdrawls per month at no charge.
Fees:
Excess Withdrawls:$10
Maintence Fee:$5 if balance if balance falls below $500.
Current Money Market Rates:
[http://www.gmacbank.com/todays-rates.do;
jsessionid=348904FC54AFA745C3DAA86177F852CD]
Current CD Rates:
[http://www.gmacbank.com/todays-rates.do;
jsessionid=348904FC54AFA745C3DAA86177F852CD]
Rate this bank:
Comments
John Drivdahl
2009-01-24 20:38:30
I don't understand the great concern if GMC goes under, as far as warranties,parts, etc. are concerned. Last I recall, about 80% of parts are made by sub-contractors, for such items as tires,fuel injectors, brakes, etc. e.g Firestone,Carter, etc. Also, I'm sure someone would jump in and manufacture generics. As to the warranty, most failures occur either in the first year or after seven years. After the first year, and further, you are on your own anyway. I'm not worried. I welcome comments, even when I'm wrong.
2009-01-24 20:38:30
I don't understand the great concern if GMC goes under, as far as warranties,parts, etc. are concerned. Last I recall, about 80% of parts are made by sub-contractors, for such items as tires,fuel injectors, brakes, etc. e.g Firestone,Carter, etc. Also, I'm sure someone would jump in and manufacture generics. As to the warranty, most failures occur either in the first year or after seven years. After the first year, and further, you are on your own anyway. I'm not worried. I welcome comments, even when I'm wrong.
Felix
2009-01-10 09:24:20
I called FDIC and was told that if GMAC fails then FDIC would attempt to sell their assets. If the assets could not be sold to another bank the insured deposits would be refunded. I asked how long it would take to get the money back and I'm told it is only a matter of days.
2009-01-10 09:24:20
I called FDIC and was told that if GMAC fails then FDIC would attempt to sell their assets. If the assets could not be sold to another bank the insured deposits would be refunded. I asked how long it would take to get the money back and I'm told it is only a matter of days.
M Olson
2008-12-15 08:33:18
I found this on the website... http://www.gmacbank.com/help-information/faq.html Is GMAC Bank affiliated with GMAC? Yes, GMAC Bank is a part of the GMAC family of companies. Is GMAC Bank FDIC-insured? Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. On October 3,2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
2008-12-15 08:33:18
I found this on the website... http://www.gmacbank.com/help-information/faq.html Is GMAC Bank affiliated with GMAC? Yes, GMAC Bank is a part of the GMAC family of companies. Is GMAC Bank FDIC-insured? Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. On October 3,2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
bill m
2008-12-05 23:26:31
if you are under 100k or 250k now, you are fine even if gm goes under because its FDIC insured.
2008-12-05 23:26:31
if you are under 100k or 250k now, you are fine even if gm goes under because its FDIC insured.
eva heggins
2008-11-22 12:03:08
Is GMAC bank a seperate entity from General Motors? Will GMAC bank be effected by bankrupsy of General Motors? What is the current rating of GMAC bank, bank rate.com, BauerFinancial? Should I take a penalty on a CD and cash it in? Thank you!
2008-11-22 12:03:08
Is GMAC bank a seperate entity from General Motors? Will GMAC bank be effected by bankrupsy of General Motors? What is the current rating of GMAC bank, bank rate.com, BauerFinancial? Should I take a penalty on a CD and cash it in? Thank you!
Donna
2008-11-18 22:48:19
Thinking of getting a 6 or 12 mo. cd. Concerned about Gmac status regarding FDIC insurance. It is November-did GMAC get or are they getting a waiver? Also is GMAC effected if General Motors goes under? If they lose FDIC insurance after we invest in a CD is our investment protected if we are under the current limits?
2008-11-18 22:48:19
Thinking of getting a 6 or 12 mo. cd. Concerned about Gmac status regarding FDIC insurance. It is November-did GMAC get or are they getting a waiver? Also is GMAC effected if General Motors goes under? If they lose FDIC insurance after we invest in a CD is our investment protected if we are under the current limits?
Ellis
2008-10-11 12:33:41
Will GMAC bank be affected if GM go under, purchased or merged? Thank you
2008-10-11 12:33:41
Will GMAC bank be affected if GM go under, purchased or merged? Thank you
william wilson
2008-07-20 07:26:43
I never had any problems up to now, but what happens if GM goes under?
2008-07-20 07:26:43
I never had any problems up to now, but what happens if GM goes under?
Jack
2008-04-30 23:22:47
Very nice bank. Never have problems with them. Just a little worry about their FDIC problems coming this November. It should be cool if your deposit is under FDIC limit.
2008-04-30 23:22:47
Very nice bank. Never have problems with them. Just a little worry about their FDIC problems coming this November. It should be cool if your deposit is under FDIC limit.
Tom
2007-10-26 12:59:52
I've been banking with GMAC for quite some time now and I've never had any troubles. They offer competitive rates and friendly customer service.
2007-10-26 12:59:52
I've been banking with GMAC for quite some time now and I've never had any troubles. They offer competitive rates and friendly customer service.
Today's Bank Rates
- 6 Month CD 1.25 %
- 1-year CD 1.54 %
- 2-year CD 1.80 %
- Money Market Account 1.22 %
- Savings Account 1.29 %
- 30-year Fixed Mortgage 4.98 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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