Ally Bank

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Ally Bank
Type Private
Industry Bank
Founded 2001 (as GMAC Bank)
Headquarters Midvale, Utah
USA
Products Deposit products
Employees 616 (June 2009)
Parent Ally Financial
Website www.ally.com

Ally Bank is a unit of Ally Financial, headquartered in Detroit, Michigan, which became a bank holding company in December 2008.[1][2] The bank is headquartered in Midvale, Utah. It operated two offices in the United States, one in Utah and one in Pennsylvania, and has 616 employees as of June 2009. Since late 2008, Ally Financial has been majority-owned by the United States government in response to worries about the bank's stability.[3]

Its Canadian operation, called Ally, was bought by the Royal Bank of Canada (RBC) in 2013, for $3.8 billion (CAN). It was indicated that Ally has been selling assets to repay its U.S. government loans. In Canada, Ally provided financing for 600 automotive dealerships across the country (and had 450,000 customers with personal deposits). RBC indicated this was a strategic purchase to become a dominant player in automotive financing. No new "Ally" accounts can be opened in Canada; in April 2013, the remaining Canadian savings accounts will be closed with funds transferred to alternative institutions.[4][5]

Ally Bank operates primarily as a direct bank that markets to customers offering savings products, including certificates of deposit (CDs), online savings accounts, money market accounts and checking accounts.

References[edit]

  1. ^ Eric Dash, and Vikas Bajaj (24 December 2008). "Fed Approves GMAC Request to Become a Bank". New York Times. Retrieved 18 Jan 2014. 
  2. ^ Aparajita Saha-Bubna (15 May 2009). "GMAC Will Change the Name of Its Bank". Wall Street Journal. Retrieved 18 Jan 2014. 
  3. ^ Colin Barr (30 December 2010). "Treasury aims to exit Ally bailout". Fortune. Retrieved 18 Jan 2014. 
  4. ^ staff (23 Oct 2012). "Royal Bank buys online savings bank Ally for $3.8B". CBC news. Retrieved 18 Jan 2014. 
  5. ^ "Important Information". RBC Royal bank. Retrieved 18 Jan 2014. 

External links[edit]