Ally Bank Expands Product Portfolio; Launches Interest Checking Account

MIDVALE, Utah, Jan. 20 /PRNewswire/ -- Ally Bank today announced the expansion of its U.S. online product portfolio to include an Interest Checking account. In keeping with Ally Bank's commitment to provide superior value and service to its customers, the Interest Checking account requires no minimum balance and offers free access to any ATM nationwide with no monthly fees.

"We've really done our research and listened to customers to develop a product that puts the customer first," said Sanjay Gupta, chief marketing officer at Ally Bank. "Our Interest Checking account is another significant step as we evolve a new business model that we hope encourages customers to expect more from their bank."

The new checking account features include:

• Free access to any ATM nationwide
• Free online bill pay
• Unlimited check writing and free checks
• 24/7 customer service – by online chat, e-mail or phone
• No monthly maintenance fee and no minimum balance
• Free electronic fund transfers, overdraft service transfers, cashier's checks

"We're developing our products with the philosophy that we are a financial partner with our customers and we're making money with them-not off them," said Gupta. Like the rest of the Ally product line, checking interest rates will be competitive, and the product comes with around-the-clock live customer service. National survey data shows that 96 percent of Americans prefer a live customer service representative versus an automated system.

"About 85 percent of our current customers have said they would recommend Ally to a friend or family member," continued Gupta. "With Ally's excellent customer service history and with the response we've gotten to our savings accounts, we're eager to add more members to the Ally family and want them to expect more as we work to reinvent the retail banking experience."

Customers can get more information and open accounts at ally.com. The process takes about 10 minutes for new customers and less than that for existing customers.

Editor's Note

These findings are based on a telephone survey conducted among a national probability sample of 1,024 adults comprising 511 men and 513 women 18 years of age and older, living in private households in the continental U.S. Interviewing for this survey was completed during the period Jan. 7 to 10, 2010.

About Ally Bank

Ally Bank is a U.S. online bank that offers consumers a straightforward approach to banking with no minimum deposits and no monthly fees. Ally was named to Kiplinger's Personal Finance magazine's "2009 Best List" in the Credit & Banking category as "Best Bank Account" for its online savings account.  A unit of GMAC Financial Services, the bank offers online savings and checking accounts, money market accounts and Certificates of Deposit with terms ranging from three months to five years, as well as a No Penalty CD. Member FDIC. For more information, visit www.ally.com.  

About GMAC Financial Services

GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC's diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking. As of Sept. 30, 2009, the company had approximately $178 billion in assets. Visit the GMAC media site at http://media.gmacfs.com for more information.

SOURCE GMAC Financial Services