Ally Bank

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Ally Bank
Type Private
Industry Bank
Founded 2001 (as GMAC Bank)
Headquarters Midvale, Utah, USA
Key people Barbara A. Yastine, CEO
Products Deposit products
Employees 616 (June 2009)
Parent Ally Financial

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. In 2008, Ally Financial participated in the bailout of U.S. banks, but as of 2014 the majority of shares in the company had been returned to public trading following an IPO.[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.


  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. ^ Jesse Solomon (10 April 2014). "Ally Financial: From bailout shame to lame IPO". CNNMoney. Retrieved 1 Sep 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. 

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