Financial Freedumb and Brownie

Well, I opened my GMAC account on July 20, 2006.  Received my checks, ATM Card, about 1 week after.  Also had to send a signed “signature card” back to them, but all materials were sent out before they received the card.

Transfer performance analysis:  All transfers were initiated from the GMAC website.

GMAC -> HSBC
Requested on July 31, 2006.
Depositted into HSBC on August 2, 2006.

GMAC -> ING
Requested on July 31, 2006.
Depositted into ING on August 2, 2006.

ING -> GMAC
Requested on August 2, 2006
Depositted into GMAC on August 4, 2006 (But not available until:  August 7, 2006)

HSBC -> GMAC
Requested on August 2, 2006
Depositted into GMAC on August 4, 2006 (But not available until:  August 7, 2006)

Pretty cool!  No lost days of interest due to “float.”  I will be using GMAC to handle all my transfers.  Also, because of their pretty solid CD rates, I’m going to start a CD Ladder with 3 and 6 month CDs.  9+ month CDs don’t really offer much of a benefit over the 6 month CDs.  Hah, by the time I decided to post this, the rates are gone!  Grrrr.  So, I decided to open 9 & 12 month CDs, 2 of each.  I was impressed by the ease of opening CDs @ GMAC!  It’s almost just as simple as ING’s process.  If not easier.

The picture shows my 4 CDs opened.  I’ve named the accounts according to what they are and the APY.  You do need to know your routing and account number in order to initiate the transfer, even if you already have a savings at GMAC.  That’s odd.  So far so good…GMAC get a thumbs up!