GMAC Inc., the lender that received two U.S. bailouts, has attracted $2.9 billion of new deposits and riled its rivals by offering the highest interest rates and running advertisements that portray bankers as deceptive.
Ally Bank, GMAC’s Internet arm, boosted deposits 13 percent to $25.4 billion in the second quarter, according to regulatory filings, enabling the Detroit-based company to help the U.S. prop up automakers by funding car loans. Analysts say Ally is attracting “hot money” from depositors concerned only about yield who will pull out as soon as someone else offers more.
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