GMAC Bank
Customer Service (Un-) Reliability - 12-Month CD

In early March, I looked up CD rates on Bankrate.com and decided to open an account with GMAC at the APY of 2.95%.

A week later, I still did not see the money transferred between my accounts so I called customer service. After we found out that a mistake had happened with the account number, the information was corrected and the service agent told me that I would still get the same rate that I originally signed up for.

In April, I received a letter from GMAC listing an APY of 2.85%. When I called customer serivce again, I was told that the rates at the time of deposit apply. Makes sense. But why would the customer service agent promise the same rate on my first call mid March?

I got a runaround on that question. Since the lady I spoke to back then had not documented her words, I have a lower APY now and learned that if you need reliable information, communicate through paper...

Company: GMAC Bank
Country: USA

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