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June 4, 2009 2:16 PM

GMAC's Ally Bank Snubbed By Established Banks

By
David Hamilton
(MoneyWatch)  GMAC's new retail-banking operation, Ally Bank, isn't exactly getting a warm welcome from the rest of the banking industry. The American Banking Association has already complained about the high rates Ally is paying on CD and savings deposits, moaning that Ally is getting a pass from federal regulators.

BNET Auto blogger Jim Henry has the full story.

© 2009 CBS Interactive Inc.. All Rights Reserved.

  • David Hamilton is the assistant managing editor of CNET News. He has been writing and editing business and tech coverage for about two decades -- the majority of that at the Wall Street Journal in both Tokyo and San Francisco.

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