GMAC Bank : Frequently Asked Questions

Quick answers to your questions. Choose a category below.

What is the difference between your Online Savings account and your Money Market Savings account?

The way you are able to withdraw your funds is the only difference. With an Online Savings account, withdrawals can be made by bank-to-bank electronic funds transfer (ACH) only. With a Money Market Savings account, you can also access your account via checks and a check card, in addition to being able to make bank-to-bank transfers via ACH. You can make unlimited deposits to both types of accounts, via ACH, wire or by mailing us a check.

How do I apply for an Online Savings account?

Simply apply online or call our Customer Care Department at 1-866-246-BANK (1-866-246-2265) to submit an application. You may also download a printable application from this website and mail it to the address specified. Please chose from Single/Joint Application, Custodial Application, or Trust Application.

How do I make the initial deposit to fund my account?

There are several ways to fund your GMAC Bank Online Savings account:

Electronic FundsTransfer

When you open an account online, you may fund your account immediately at the time of account opening. Simply provide the routing and account numbers of an external bank account of your choice and we will initiate a Collection Order to fund your account. If you miss the opportunity to fund your account at opening, you can call our Customer Care department at 1-866-246-2265 and place a one-time funding request through an Electronic Funds Transfer.
Wire Transfer

Once your account has been opened, you can contact us and we will provide you with our incoming wire instructions that you would need to provide to the other financial institution.
Send in your Deposit

Place an endorsed check, made payable to you, with "Deposit Only" and your account number written on the back, in an envelope and mail it to: GMAC Bank, PO Box 13625, Philadelphia, PA 19101-3625. Cash deposits will not be accepted.

When will I start earning interest?

Interest begins to accrue on your account no later than the business day on which we receive your deposit.

How do I make deposits to my account?

There are several ways to deposit money into your Online Savings Account:

Electronic Funds Transfer

Transfers can be made from internal accounts or external accounts. You may make an electronic transfer only after you have registered an external account with GMAC Bank. To complete an electronic transfer, simply login with the ID and password that you created. Transfers can be setup as a one-time event or recurring. Our Customer Care Department (1-866-246-2265) can also process electronic transfers. You’ll need to provide your bank’s routing number and your account number from where you will be transferring funds. Once your account is verified, your funds will be transferred immediately. They will be available upon GMAC Bank’s receipt of the deposit. As an added feature, you can use this service for a one-time transfer or set it up for recurring payments at intervals of your choice.
Wire Transfer

To wire money to your account, provide the name of the institution from which the funds will transfer, along with the GMAC Bank routing number (031176136) and your GMAC Bank account number. Wired funds are available immediately.
Send in your Deposit

Fill out the deposit slip with the date and amount of your deposit. Then place the deposit slip and endorsed check in an envelope and mail to: GMAC Bank P.O. Box 13625, Philadelphia, PA 19101–3625. Please do not send cash.

How many deposits can I make each month?

You are permitted to make unlimited deposits into your Online Savings account.

How can I make withdrawals from my Online Savings account?

You can withdraw funds from your Online Savings account via electronic funds transfer only (ACH). However, federal regulations limit the number of withdrawals you may make.

How many withdrawals can I make each month?

Federal regulations limit the number of withdrawals you may make from your Online Savings account during each statement cycle. You are limited to a total of six (6) withdrawal transactions via electronic funds transfer per statement cycle. Each transfer from your GMAC Bank Online Savings account is counted as one of the six limited transfers that you are permitted each statement cycle. GMAC Bank will charge a fee for each transaction in excess of this limit.

How do I change my address?

You can change your address online or send your request to: GMAC Bank Customer Care Dept., P.O. Box 951, Horsham, PA 19044.

How do I close my account?

Call our Customer Care Department at 1-866-246-BANK (1-866-246-2265) for assistance or send your written request to: GMAC Bank Customer Care Dept., P.O. Box 951, Horsham, PA 19044.

How can I get current rate information on my Online Savings Account?

View current rates by visiting the GMAC Bank Rates section of our Web site.

What is the minimum deposit for opening an Online Savings account?

The minimum opening deposit is $1. There are no monthly service fees.

What is the monthly maintenance fee on the Online Savings account?

There is no monthly maintenance fee. Please view the complete Schedule of Fees and Service Charges by visiting the Products & Services/Fee Schedule section of our Web site.

Is my deposit insured?

Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation insured for up to $250,000 per depositor. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.

Frequently Asked Questions