Ally Bank Challenges Banking Industry with ’Straight Talk’ for Customers
New brand promises leading bank rates, no teasers, 24-hour service
CHARLOTTE, N.C.- The world doesn’t need another bank, it needs a better bank. This philosophy is at the heart of the launch of Ally, a new brand for a U.S. online bank designed to disrupt the status quo and challenge win-lose practices in the banking industry.
Ally Bank is a unit of GMAC Financial Services, which recently became a bank holding company. It offers a variety of savings products, including no-penalty certificates of deposit (CDs), online savings accounts and money market accounts. “We are launching a new brand with a new approach of treating customers with total transparency,” said GMAC Chief Executive Officer Al de Molina. “Unlike other banks which depend on fees as a business model, we want to make money with customers, not off customers.”
The transition of GMAC Bank to Ally Bank will be seamless for current bank customers. “Both current and new customers will benefit from our improved online banking experience, the avoidance of teaser tactics, true no-penalty CD products, and rates among the best in the country for all of our savings products,” de Molina said.
Building a Better Bank
Ally Bank builds on the expertise of the GMAC team’s nearly 90 years of customer financial services experience to take banking in a new direction:
* No-Penalty CDs with No Strings Attached - Customers can withdraw funds prior to the maturity date without a fee and transfer the funds to any account at any bank without penalty.
* Sleeping Money Alerts - While most banks are happy to let customer deposits earn minimum interest, Ally Bank will send an email to customers when funds have been idle for three months and when the customer can be earning a higher rate of return.
* No Teaser Rates - Ally Bank will not “bait and switch” depositors with teaser rates that later change on CDs or other products.
* Leading Bank Rates - Ally Bank is committed to always offering rates among the best in the country across all savings products. The Ally Bank Website clearly posts a rate comparison tool, enabling customers to check out the competition.
* No Sneaky Disclaimers - Ally Bank provides complete transparency on rates and terms, and won’t hide behind legalese and jargon.
* 24/7 Customer Service - Recognizing that not all questions can be answered by an automated system or during traditional business hours, Ally Bank offers around-the-clock access to a call center agent for customer assistance.
* No Minimums - There are no minimum deposits or minimum balances required at Ally Bank.
“The Ally brand is founded on three principles: Talking straight, doing what is right for the customer, and being obviously better than the competition,” said Sanjay Gupta, chief marketing officer. “It is a promise from our company to our customers. We believe that being direct and honest is the best way to build lasting customer relationships.”
Gupta added, “Given the recent financial market turmoil, people are looking for a safe, honest and efficient place to save and grow their money. Ally Bank offers that place.”
The company developed the Ally brand following extensive conversations with customers who clearly expressed the need for a trusted bank partner. “The name Ally aptly fits the character of the brand,” Gupta said. Today, the company launched a new Web site, allybank.com, along with its new 24-hour customer call line, 1-877-247-ALLY (1-877-247-2559). Depositors can open bank accounts online, by phone or by mail.
Ally Bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor through December 31, 2009.
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