Very very very bad experience with a bank!

I’m posting to warn anyone to think twice about using GMAC bank. They messed up my online savings account and it took a long time to sort out. I did a google search and they have a habit of delaying or screwing up electronic transfers from other banks. This is way beyond the annoying fees of Bank of America, etc. I think GMAC is dangerously incompetent. Please be warned.

I think they just recently became a bank to get some TARP funds. I would not trust them with a dime.

I should have done more homework on them. They were offering a CDs and savings accounts with good interest rates. The thing is, I never thought a bank could screw up basic things like a savings account and electronic transfer so badly. I wouldn’t want to have a mortgage with GMAC.

:shocked Thanks for the advice!

Believe it or not, there was even more trouble with them after I posted this topic. I’d thought it was all over, but then they performed an electronic transfer (which I’d instructed them to cancel a week prior) from an external bank account of mine, creating an overdraft and I was assessed a $35 fee by the other bank. However it looks like things are finally sorted out now. I’m not even going to fight the overdraft charge at this point, just cut my losses–is it worth more of my time at this point to contest it?

It sounds like you’ve been through quite a headache. If it were me, I’d cut my losses and move on. I’ve been so busy with my business and family lately (and I think I’m a pretty typical young guy) that I don’t have the time or energy to mess with the BullSh** stuff of everyday life that SHOULD occur without hassle, like setting up a bank acct. Just my opinion, let us know how things turn out.

Exactly, is it worth $35 of my time to spend another one or two hours dealing with these people? No. On principle I should fight it, but they’ve worn me out. The good thing is that the problems finally seem to be over, except for the overdraft fee.

Why not close out your accounts and move to another bank?

That’s what I did. There was so much trouble setting up the online savings account that I told them to just drop the whole thing and not fund the account. They agreed. Then a week later they went ahead and tried to fund it anyway through an electronic transfer from the other bank, which created the overdraft.