Ally Bank & Riskless CDs

Aphex Twin · 07-03-09, 03:38 PM

Anyone use Ally Bank or know of any known issues with it? I want to open an account but when I ask people about them, they mention that they do not have a good reputation.

Also, what are the things to consider with 9-month riskless CDs? Why the arbitrary "9-month" thing in it? Why would anyone open a regular CD if these exist?

tbone · 07-03-09, 04:09 PM

Read the Account Rules and Disclosures from them. Ally Bank used to be GMAC and they changed names--that's prob where the bad rep comes from. That, and they were told by FDIC to lower their rates because they were way higher than the national average.

Aphex Twin · 07-03-09, 04:18 PM

But GMAC and GM are totally different entities?

Kdogg · 07-03-09, 07:05 PM

Here's a better source.

http://www.fatwallet.com/forums/fina...y&keyword1=all

Aphex Twin · 07-06-09, 08:17 PM

Quote:

Originally Posted by Kdogg

Here's a better source.

http://www.fatwallet.com/forums/fina...y&keyword1=all

Yeah, I asked here because the info there was kind of oldish and immense.

That 5.3% rate looks good with me. I'd like that one.

al_bundy · 07-07-09, 08:47 AM

Quote:

Originally Posted by Aphex Twin

But GMAC and GM are totally different entities?

GMAC is owned by the same hedge fund that used to own chrysler until they went belly up. go ahead and buy them, Dan Quayle will thank you

Thor Simpson · 07-07-09, 09:01 AM

Isn't any CD essentially "riskless" as long as it's under the federally insured limit?

al_bundy · 07-07-09, 10:37 AM

it can take the FDIC some time to pay out the insurance

Kdogg · 07-07-09, 07:44 PM

Quote:

Originally Posted by al_bundy

it can take the FDIC some time to pay out the insurance

That's an urban legend. The longest time funds have been unavailbe from an FDIC closed bank is six days.

http://www.marketwatch.com/story/how...interest-rates

07-03-09, 03:38 PM	#1
Aphex Twin DVD Talk Hall of Fame Join Date: Jul 2002 Location: So Cal Posts: 7,838	Ally Bank & Riskless CDs Anyone use Ally Bank or know of any known issues with it? I want to open an account but when I ask people about them, they mention that they do not have a good reputation. Also, what are the things to consider with 9-month riskless CDs? Why the arbitrary "9-month" thing in it? Why would anyone open a regular CD if these exist? __________________ You know you're not in high finance. Considering second hand underpants. Check your mind, how'd it get so bad? What happened to those other underpants you had?

07-03-09, 04:09 PM	#2
tbone Senior Member Join Date: Mar 2000 Location: Joliet, home of the Steelman Posts: 398	Re: Ally Bank & Riskless CDs Read the Account Rules and Disclosures from them. Ally Bank used to be GMAC and they changed names--that's prob where the bad rep comes from. That, and they were told by FDIC to lower their rates because they were way higher than the national average.

07-03-09, 04:18 PM	#3
Aphex Twin DVD Talk Hall of Fame Join Date: Jul 2002 Location: So Cal Posts: 7,838	Re: Ally Bank & Riskless CDs But GMAC and GM are totally different entities? __________________ You know you're not in high finance. Considering second hand underpants. Check your mind, how'd it get so bad? What happened to those other underpants you had?

07-03-09, 07:05 PM	#4
Kdogg Member Join Date: Feb 2000 Posts: 233	Re: Ally Bank & Riskless CDs Here's a better source. http://www.fatwallet.com/forums/fina...y&keyword1=all

07-07-09, 09:01 AM	#7
Thor Simpson DVD Talk Hero Join Date: Apr 1999 Location: BWG's Mom Posts: 27,602	Re: Ally Bank & Riskless CDs Isn't any CD essentially "riskless" as long as it's under the federally insured limit? __________________ "So they got a warrant and moved in. " - JasonF

07-07-09, 10:37 AM	#8
al_bundy DVD Talk Legend Join Date: Aug 2001 Location: Transfatfreeville Posts: 22,210	Re: Ally Bank & Riskless CDs it can take the FDIC some time to pay out the insurance