GMAC Bank Sucks

A few months back I decide to get a bank account with GMAC Bank, due to their reasonable interest rates. Well this month I found out why their so reasonable. They have extorted over $40 dollars from my account.

Here's the deal. There's a federal mandate limiting the number of transactions on money market accounts to 6 per billing cycle. Here is GMAC policy.

Money Market Savings Account Transaction Fees

Transfer from a Money Market account to another account or to third parties by pre-authorized, automatic, or telephone transfer are limited to SIX (6) transactions per statement cycle with no more than three transactions conducted by check, draft, or similar order to third parties. You will be charged $10.00 for each transaction that exceeds the six transaction limits.

I read this when signing up. But I never expected a transfer of funds into the account would count as one of the transactions. Neither did I think a transaction to another GMAC account would count.

Unknowingly I went about my regular business. I do a lot of business with Paypal so I naturally do a lot of withdrawls. Well guess what they count those to.

I checked my account today and I got charged a $10.00 fee for a POS at a Burger King for a couple of Junior whoopers for $2.12. That's right!

This bank is the worst bank I've ever delt with. Their con artist just extorting money. Their accounts are nothing but novelties. You can't really use them for anything. I'm out $40 bucks so far. I'm figuring another $10 because I had to pay property taxes. Hey I had no choice.

Thankfully I have enough in the account, that the Interest will take some of the burden of the fees off. But not all of them. All I can say is, F$%8k GMAC Bank.