Ally Bank, recognized as a leading Internet bank with the latest in financial products and technology, has some old-fashioned roots, having started out in 1919 as the General Motors Acceptance Corporation (GMAC).
Ally Bank is an online retail bank with its corporate offices located in Midvale, Utah. Although GMAC, the predecessor of Ally Bank, experienced some negative publicity as a result of the financial meltdown and, in particular, a slew of mortgage defaults during the housing downturn, Ally Bank rose from the ashes of GMAC in 2009 and so far has earned a positive reputation for its banking services.
With assets of more than $55 billion, Ally Bank has attracted plenty of customers for both personal and business accounts. The bank has earned a variety of accolades, including the "Best Savings Account" award from Money Magazine in 2010 and the "Best Web Site" among financial services sites from Change Sciences Group. This Fortune 500 company also earned "Best High-Yield Savings Account" in 2009 from Kiplinger's Personal Finance.
Ally Bank products
Ally Bank offers competitive interest rates on their online savings account and money market account as well as a variety of certificate of deposit (CD) accounts. Since Ally Bank is a direct internet bank with no physical branch locations, customers manage their funds online, by phone and by ATM.
Customers can open a checking account with Ally Bank and earn interest without paying monthly fees or ATM fees. Checking account holders are sometimes surprised to find refunds in their account for the fees charged by other banks when they use their ATMs, just one more perk that Ally Bank provides to keep its customers content.
In addition to checking and savings accounts, money market accounts and CDs, Ally Bank offers auto loans, mortgage loans and home equity loans.
Ally Bank services
Twenty-four hour online access is a given with Internet banks, but Ally Bank provides something else that customers seem to appreciate: 24-hour access by telephone to a live customer service representative in North America. While other banks offer 24-hour phone access, customers usually find an automated service at the other end of the line when they call, not a real person who can answer their questions at 3:00 a.m.
Consumers also rate Ally Bank highly, particularly in the area of customer service. Besides appreciating the customer service they receive, account holders with Ally Bank like the competitive interest rates their funds earn, the lack of monthly fees and the refunds of charges for using other banks' ATMs including those outside the U.S.
Ally Bank still has ties to its holding company, GMAC, which was renamed Ally Financial in 2010. Given the reputation Ally Bank has earned, most customers are completely satisfied that their money is secure. But all customers should always check to be sure their accounts are fully covered by FDIC insurance. Ally Bank deposit accounts are insured up to at least $250,000 per depositor in accordance with current FDIC policies.