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POSTED
ON BY Ken Tumin
There's a lot to like about GMAC Bank. It has great rates on its money market accounts and CDs. It has a relatively low minimum deposit requirement of $500. Also, GMAC Bank has been praised for its online banking features. It has a quick sign-up process and an easy ACH transfer system. External accounts can be linked completely online without verification of any trial deposits. Also, ACH transers initiated from GMAC have been reported to complete within one day. Although this can make account management easier, it may also make it less secure. Here were a few concerns about GMAC Bank listed in this fatwallet thread:
There also have been worries regarding GMAC Bank's connection with GM. However, the bank's financial situation is solid, and I wouldn't consider this an issue.
Perhaps with the new security requirements from the banking regulators, GMAC will be implementing improvements this year. Improvements in security don't necessarily have to make things slower and more difficult.
- Little or no verification of linked accounts - There are no trial deposits as done by ING Direct or HSBC. GMAC claims to do some verification.
- No masking of social security or account numbers on the user's profile
- No email notifications of transactions
- Passwords limited to 8 characters
There also have been worries regarding GMAC Bank's connection with GM. However, the bank's financial situation is solid, and I wouldn't consider this an issue.
Perhaps with the new security requirements from the banking regulators, GMAC will be implementing improvements this year. Improvements in security don't necessarily have to make things slower and more difficult.