This morning I opened the Wall Street Journal to see an interesting advertisement on the front page, a logo, the phrase “Banking starts over here and now”, and “find out more on page A5.”
On page A5, I read an ad saying that Ally is a bank that is essentially just like ING Direct, but you can reach a person easily on the phone.
I went to their website and saw attractive interest rates and a seemingly good deal, but then I went to the about page and saw that it was the new face of GMAC.
GMAC bank is currently receiving federal funds to remain liquid. The bank originated as the lending arm of General Motors. As we all know, GM is now on the brink of disaster and is owned by the US government.
If you trust them, they offer some good deals. They have a no penalty CD. Like the name implies, you can withdraw your money at any time (after six days) without any penalty.
Would you trust your money with GMAC?
