By Mark Huffman
ConsumerAffairs.com
May 15, 2009
GMAC Financial Services is nothing if not adaptive. Faced with last
year's simultaneous banking crises and nosedive in car sales, General
Motors auto financing unit became an independent bank, eligible for
government bailout money.
Now, with its namesake on the verge of bankruptcy, GMAC Bank is rebranding itself as Ally Bank. The company says Ally will be a unit of GMAC Financial Services.
It will offer many of the same products and services it currently does, including a variety of savings products, including no-penalty certificates of deposit (CDs), online savings accounts and money market accounts. And noting that consumers, in general, appear fed up with multiple bank fees, Ally Bank pledges to be different.
"We are launching a new brand with a new approach of treating customers with total transparency," said GMAC Chief Executive Officer Al de Molina. "Unlike other banks which depend on fees as a business model, we want to make money with customers, not off customers."
The bank says it will improve the online banking experience, avoiding "teaser tactics," providing true no-penalty CD products, and offering competitve rates on savings products.
"The Ally brand is founded on three principles: Talking straight, doing what is right for the customer, and being obviously better than the competition," said Sanjay Gupta, chief marketing officer. "It is a promise from our company to our customers. We believe that being direct and honest is the best way to build lasting customer relationships."
The company said it developed the Ally brand following extensive conversations with customers who clearly expressed the need for a trusted bank partner.
