Simple Bank Is Closing

Re:Simple Bank Is Closing by __david__ on Thursday January 07, 2021 @02:55PM (#25676398)

FYI Ally is just a marketing rebrand of GMAC, one of the financial giants involved in the 2008 housing crash. That alone makes me steer clear of them.

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Re:Simple Bank Is Closing by therealrootuser on Thursday January 07, 2021 @09:27PM (#25680731)

Well, there are some nuances you're skating over here.

Remember that GMAC Bank (the direct banking company) and GMAC ResCap (the mortgage/real-estate company) were two different entities owned by the industrial loan company GMAC. GMAC Bank was spun off as Ally Bank. Ally Bank (until 2014) was not even in the mortgage business.

I can tell you that as an actual customer of (the now former) GMAC Bank, I didn't feel like I got short changed in any way. They had good interest rates, and I'm glad they survived through hook, crook, and some TARP money (which was ultimately paid back with interest).

Just my perspective, it doesn't affect me in any way who you bank with.

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Re:Simple Bank Is Closing by misframer on Thursday January 07, 2021 @04:45PM (#25677980)

I switched from Simple to Ally a few years ago and had 0 problems. I recommend them all the time.

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Re:Simple Bank Is Closing by tanseydavid on Thursday January 07, 2021 @06:17PM (#25679015)

Just curious: which financial giants were NOT involved in the 2008 housing crash? Serious question.

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Re:Simple Bank Is Closing by CincinnatiMan on Thursday January 07, 2021 @09:04PM (#25680527)

Was the GMAC that became Ally involved in mortgages? I thought it wasn't.

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