GMAC Bank : Frequently Asked Questions

Quick answers to your questions. Choose a category below.

How do I open a CD?

You can open a CD online here or simply call Customer Care at 1-866-2GMBANK (1-866-246-2265). You may fund the CD immediately via electronic funds transfer or by mailing in a check. However, the rate is not locked until the funds are received. If the rate changes before the funds are received, you will receive the rate in effect at that time. You need to fund via electronic transfer in order to guarantee the rate.

What are the current CD rates?

You can view our current rates by visiting the Rates section of our web site. Our rates are subject to change daily. You can also retrieve our current rates by calling the Automated Telephone Banking System at 1-866-2GMBANK (1-866-246-2265).

What is the minimum opening deposit for a GMAC Bank CD?

The minimum opening deposit is $500.

What types of CDs do you offer?

We offer CDs with fixed-rate terms of 3, 6, 9, 12, 18, 24, 36, 48, and 60 months.

Can I make additional deposits to the CD?

Only at maturity.

Are there any fees to open or maintain a CD?

There are no fees to open or maintain a CD.

What if I withdraw my money from a CD before maturity?

If we consent to a request for a withdrawal before the maturity date or that is otherwise not permitted, you will be assessed a penalty immediately. The penalty will be an amount equal to 90 days of interest that has been or would be earned on a certificate with a term of less than OR EQUAL to one year. The penalty will be an amount equal to 180 days of interest that has been or would be earned on a certificate with a term of more than one year. The penalty is calculated under the interest method indicated in your Deposit Agreement and deducted from interest first and then principal, if necessary.

Allowable Early Withdrawals. Withdrawals from time deposit accounts will be permitted before maturity without an interest penalty as outlined in the previous paragraph for the following circumstances: (1) when requested, upon the death of any account owner; or (2) when requested, when the account owner is determined to be legally incompetent by a court or other administrative body of competent jurisdiction.

Withdrawal at Maturity and Grace Period. If you do not want your account to automatically renew, simply notify us in writing or by telephone before the maturity date. You have 10 days after the maturity date to withdraw funds without penalty. This time period is known as a grace period.

When is interest posted?

Interest on a CD is posted on the date of maturity. However, interest can also be posted monthly, quarterly, semi-annually or annually and dispersed to you in one of the following ways:

By official check
By internal transfer to another GMAC Bank account
By external transfer to an account held with another bank

This request can be made by calling our Customer Care Department at 1-866-2GMBANK (1-866-246-2265) or by writing to GMAC Bank Customer Care Dept., P.O. Box 951, Horsham, PA 19044.

How do I receive my funds at maturity?

CDs are automatically renewable at maturity. However, if you do not wish to renew your CD, simply notify us by telephone or in writing, and a check will be mailed to your attention.

Do you offer IRA CDs?

No, we do not offer IRAs.

Is GMAC Bank Insured by the FDIC?

Yes