Financial Freedumb and Brownie

Yes, I’ve moved beyond dumb, I’m now officially an idiot. Yesterday, I received a cool looking letter from my bank…you know the ones that typically hold some kind of check with the neat little tear off edges. So there I am, opening up this letter thinking, “Money! Money! Money!” Yeah…uhh, not quite. Instead, the tables turned on me those dirty bank bastards I tell ya! Unfortunately, I was the idiot. Insufficient Funds notice.

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Wow, talk about a straight answer.  I recently wrote GMAC and asked them:

Hi, Are you planning to release data for Quicken?  Thanks, Freedumb

And received the following response:

Thank you for contacting GMAC Bank. GMAC Bank will not be offering the Quicken functionality. In order to be compliant with the Intuit packaging, our current infrastructure would require change that is simply prohibitive from a cost benefit analysis. Have a nice day.

xxxxxxxx, GMAC Bank Customer Care

I like straight answers, but wow.  That was as honest as it comes.  Anyway, if you’re considering GMAC, note that they do not have Quicken transaction data.

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!

Hey there, are you interested in an ING Direct savings account?  Yeah, their 4.35% APY is not the greatest, but the real selling point of ING is an easy to use, secure website, and being a pioneer of the online banking craze.  If you do decide to open an ING Orange Savings, please consider signing up through one of the following links.  You’ll get a $25 bonus, and I’ll get a $10 bonus.  Win-win!

• Link 1
• Link 2
• Link 3
• Link 4
• Link 5

If it says that an account has already been opened, please use another link.

Minimum deposit of $250 required in order to qualify for the bonus.

I applied for a GMAC account on July 20, and I sent back their signature card yesterday, July 26.  My account is already funded as well.  So far, the experience with GMAC has been pleasantly simple and straightforward.  I like it.  I’ll let you know when I receive the ATM card, checks, and how long a transfer takes.

So I’m planning on opening a CD ladder…if you can even it call it that.  It’s composed of a 3 month and a 6 month CD.  Interest rates at GMAC are currently at 5.2% (3 month) and 5.5% (6 month) APY.

I’m just waiting to get everything settled.  I haven’t opened a CD at GMAC yet, but it looks like it will be a straightforward process.  I just sent in my signature card, so I’m just waiting for access.  Has anyone gone through the process of opening CDs at GMAC?

By the way, I originally opened the GMAC account to be my “fun fund,” but I don’t think I’m going to do that…one problem with a high interest yield account and the idea of a “fun fund,” is that you start wanting to put more money in it to save again…maybe my account should be at something that doesn’t pay as much interest…I may go back to my credit union.

Yep, I’ve opened my “fun fund” account, and it is at GMAC. Why? Well, it offers check writing, ATM card, a fairly low min ($500), supposed fast online transfers, and a pretty competitive interest rate.

Not to mention the process so far has been amazingly painless. I’ll keep you all posted on the status of my GMAC account opening process.

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So in deciding where to open my “fun fund,” originally Emigrant had been my favored institution, but recently, I read a post on Bank Deals that stated, Emigrant downgraded to 2 stars. No big deal right? They are FDIC insured. Ummm, not completely.

If I have a choice, I’m not going to put my money in a bank that might be insolvent, however unlikely that may be. Of course, I haven’t done a ton of research into Emigrant, but really, I’m not looking to do so. I just want an easy place to put my money to spend, and one that I don’t have to worry about. Even if it’s not completely true, there has to be some truth behind it. That being said, my current consideration list is:

- My current credit union’s savings account.
A fairly low savings rate, but it’s convenient and easily accessible. I can also get traveler’s checks for free.

- Paypal (thanks LAMoneyGuy).
Might be a good mix between a full fledged online bank and my local credit union. Transfer is much quicker than HSBC, that’s for sure. Plus no minimum, and I can use it to buy things online, although I’d still probably use my credit card. So that point is moot. And rates are very competetive…I was surprised actually. At 4.95%, that’s pretty impressive.

I’m going to be out playing a round of golf today (yes, I’m taking a half day from work…I am not play hookie). I haven’t hit a golf ball in over a year, but this will be for a school benefit, which is why I’m going. It should be very interesting. I won’t be posting anymore until later today if anything.