GMAC Launches Online Only Bank

Here at Auto Credit Express, we wrote an article last year when General Motors Acceptance Corporation – known by its initials “GMAC” to most consumers – applied for and was granted status as a bank holding company in order to receive federal bailout money.

On Friday, May 15th, GMAC, which has operations in North America, South America, Europe and in the Asia-Pacific region, announced that a newly formed unit of the company, called Ally Bank, will begin offering a variety of savings products, including no-penalty CD’s (certificates of deposit), online savings accounts and money market accounts.

The key phrase here is “online”, as there will be no brick-and-mortar branches, although the company hasn’t ruled out the possibility of future physical locations. According to bank officials, the transition for current GMAC Bank customers to Ally Bank will be “seamless.” The new bank also promises to avoid teaser tactics and offer rates “among the best in the country for all of our savings products, “ according to GMAC CEO Al de Molina.

Services offered

According to information from Ally, the bank will offer:

• No-Penalty CDs with No Strings Attached - Customers can withdraw funds prior to the maturity date without a fee and transfer the funds to any account at any bank without penalty.

•    Sleeping Money Alerts - While most banks are happy to let customer deposits earn minimum interest, Ally Bank will send an email to customers when funds have been idle for three months and when the customer can be earning a higher rate of return.

•    No Teaser Rates - Ally Bank will not “bait and switch” depositors with teaser rates that later change on CDs or other products.

•    Leading Bank Rates - Ally Bank is committed to always offering rates among the best in the country across all savings products. The Ally Bank Website clearly posts a rate comparison tool, enabling customers to check out the competition.

•    No Sneaky Disclaimers - Ally Bank provides complete transparency on rates and terms, and won’t hide behind legalese and jargon.

•    24/7 Customer Service - Recognizing that not all questions can be answered by an automated system or during traditional business hours, Ally Bank offers around-the-clock access to a call center agent for customer assistance.

•    No Minimums - There are no minimum deposits or minimum balances required at Ally Bank.

Why the name “Ally”?

While there’s no question that the General Motors tie-in with the name GMAC gave the lender a boost in the past, the constant negative publicity the automaker has received in the past few months certainly would seem to have played a part in the decision to establish a separate identity for the new bank.

The word ally, according to Webster, means “to unite or form a relationship between.” According to Sanjay Gupta, chief marketing officer, “The Ally brand is founded on three principles: Talking straight, doing what is right for the customer, and being obviously better than the competition…The name Ally aptly fits the character of the brand.”

PACIFIC UPDATE: Online initiative to compare money transfer costs

Concerted efforts and wide consultations by the World Bank, the central banks of various Pacific Islands countries and commercial banks in New Zealand and Australia that have operations in the Pacific Islands have finally borne fruit: the cost of remittances and money transfers between the two ANZAC nations and the rest of the Pacific Islands has now become far cheaper than it was ever before.

Last month, the New Zealand Government’s Minister for Pacific Islands Affairs, Georgina Te Heuheu, launched an online initiative that does not directly reduce costs of such money transfers, but compares the costs charged by different money transfer companies. 

A team monitors the costs being charged by all companies in the business of money transfers and gives people a choice besides giving them a fund of information and advice relating to the activity at no charge.

The website address is www.sendmoneypacific.org.

Money transfer costs have been among the highest in the Pacific Islands region. While these costs have been plummeting elsewhere across the world with the rise of volumes and competition between firms engaged in the business, the Pacific has seen the opposite happen. 

This has been of great concern to the World Bank and it has been working in the region through its Sydney office over the past couple of years to reverse this trend. 

Remittances are now the biggest source of income for several Pacific Islands like for many other countries around the world. Some US$425 million comes into the islands every year according to the New Zealand Government estimates. At the high commissions that are being charged by money transfer firms, an estimated US$80 million, on an average, is lost.

Such a loss has been particularly distressing as the effects of the economic meltdown begin to bite. Job losses in New Zealand and Australia as well as the United States will see a drop in remittances from people of Pacific Islands origin living and working in those countries. 

Any measures to save up on commissions and costs of transfers would be a valuable effort.

The website promotes a free flow of information, choice and gives a fair go to Pacific Islanders wishing to transfer funds to their families in the islands, the minister said during the launch of the website in the Auckland suburb of Otahuhu which is heavily populated by Pacific Islanders.

The website, jointly funded by NZAid and AusAID, not only compares commissions charged by different companies but also details the comparison of time it would take the money to reach different destinations through different operators. 

A cursory comparison soon after the launch of the website showed stark contrasts in the way different companies operated. For instance, sending NZ$200 to Fiji from Auckland showed commission and other costs of NZ$5.98 using a Westpac pre-paid card as against NZ$34.13 through Western Union. These are based on figures updated on the website on April 8.

Incidentally, products like the Westpac pre-paid card have become quite popular particularly with the temporary migrant workers from the Pacific Islands working in New Zealand under the Registered Seasonal Employer (RSE) scheme since their launch last year. 

Currency firm launches new online money transfer facility

Brits about to jet off on holiday may like to take advantage of a new online currency facility which has been launched by CaxtonFX.

FastPay allows those holidaying abroad to make payments in 17 different currencies without having to pay any fees or commissions. 

Account holders with CaxtonFX can log on and use the service 24 hours a day every day to conduct a variety of financial transactions. It could also prove to be useful for expats living abroad who have to pay bills, mortgages or fees in a different country. 

James Hickman, managing director of CaxtonFX, stated: "It is early days but the feedback on this new service has been extremely positive. FastPay offers the best in flexibility and convenience while still offering CaxtonFX's unbeatable rates."

Among the currencies that can be transferred online are euros and Australian, American and Canadian dollars.

In other currency news, FairFX revealed last week that it is currently offering one of the best pound-to-dollar exchange rates on the market. 

Schools transfer money to buy laptops

The School Committee handled the following business during its meeting Thursday, April 16:

· Voted 4-0 to transfer $35,400 from professional salaries to purchase Netbooks — small portable laptop computers designed for web-based applications — and ancillary computer hardware for all four elementary schools.

Under the plan, approximately 25 Netbooks will be distributed to each elementary school, according to Superintendent of Schools Richard Langlois.

* The School Committee also approved a request from Langlois to transfer $55,00 from professional salaries to buy two vans for student transportation.

Langlois said the vans would be used for athletic events and other student-based activities. Bringing the vehicles online will actually reduce transportation costs for the school district, he added.

“We want to save dollars by investing dollars,” Langlois explained.

By cutting back on line items such as contracted services and realizing savings on special education costs, Langlois reported he managed to free up $13,662 to upgrade the outdated classroom equipment and furniture at the High School.

Committee members unanimously supported the superintendent’s transfer request to buy new desks, chairs and other furniture for high school students.

· The committee voted 4-0 to approve High School Spanish teacher Gabriel Valerio’s request for a field trip to Peru in February 2010.

· Langlois informed the committee he hired Judy Eldridge as the School Department’s human resources manager. She starts her new job on May 1. Earlier this year committee members added the position of human resources manager to the school district’s organizational chart.

· Langlois reported that Belmonte Middle School teacher Myra Monto’s submission for the Jordan Fundamentals Innovation Grant has been chosen as a finalist.

The grant seeks $5,000 to purchase new books as part of an effort to restore the library at Belmonte. A plan is also in the works to improve technology and furniture at the library, according to Langlois.

The district will find out in June if it is a recipient of the grant, Langlois said.

· The superintendent praised High School teacher Laurie Golan for coordinating another successful Shadow Day initiative this month.

Golan places students with mentors throughout the community for a day to provide them an understanding of what different professions are all about.

· School Committee member Rick Doucette credited Langlois with putting together an excellent budget presentation in front of an estimated 20 Town Meeting members on April 7.

“The Town Meeting members were amazed at the level of detail and the quality of the presentation,” Doucette said.

Langlois said the objective was to provide town officials with a deeper level of understanding about the budgetary pressures facing the school district.

· After April vacation a screening committee will take up the task of filling the Belmonte Middle School assistant principal post currently held by Linda Gaieski, Langlois said.

Gaieski is retiring at the end of June following a lengthy career as an educator in the school district.

· Langlois reported that all student/parent handbooks are being revised to include mandated policy and procedure to fulfill district obligations and legal responsibilities.

The goal is to make the handbooks as comprehensive as possible in part to cut down on the number of notices that need to be sent home to parents annually, Langlois said.

Duales – A Smooth Way For Money Transfer Anywhere On The Globe!

 Duales, a privately owned Canadian Corporation founded in 1994, is a licensee of the McAfee Privacy Program. It has got itself licensed to add the trust mark of Mcafee for assuring it’s users of safe and secure use of their personal information. 

Duales is a committed team with the best combined banking and trust experience coupled with a growing network of first order international and national banks and alternative finance companies. It offers a prepaid Duales Globalcard which is universal; you may use it anywhere in the world to withdraw money from banks, ATM machines or at Point of Sales. Leave your personal high limit credit cards at home and simply use the Duales secure PIN based prepaid debit when traveling overseas. Use it to control your expenses or for budgeting purposes. The Duales Globalcard can be a perfect gift too. Load as little or as much funds as your wish and present it to your friend or loved ones!

Currently providing services to a fast growing number of agencies, Duales claim to have an online technology that second to none with a capacity to process a very large number of transactions per hour. They also provide service to merchants, e-commerce sites and exchange traded companies. 

The world is growing smaller. Quick completion with best quality work is the need of the hour. Simultaneously, fast money payments have become extremely essential for businesses. “Duales has caught the pulse of the end users by understanding this requirement of the current scenario”, states a customer using the Duales facility for past 4 years. “This card has freed me of the daily headaches caused due to hindrances in money transfers!” commented another customer. 

With a large number of agencies/organizations engaged in this kind of a business, “Why” prefer Duales over others, is an important question to be addressed. With 14 years in this business, Duales is the very first organization to accept Credit Cards in money transfers over the internet. It provides the facility of checking yours and your beneficiary’s Globalcard card account balance online any time any day without cost. You can send up to 5000.00 cad and withdraw up to 3000.00 cad daily. Also, they are the only company in the industry providing reverse transfers, refunds, letters of credit and other services.

Duales Globalcard does not involve any cost except for some minimal charges to be paid while usage of the card. “We offer a special after hour service to our customers, where they just need to type in their message and mail across to us with their call back number mentioned in it. This helps us stay connected to our consumers even after office hours”, stated the Duales committee. The website provides full information on how, why, where these costs would be levied along with answers to all other FAQs. 

Since, Duales is a Mcafee licensee, Mcafee is actively involved in solving of any complaints or queries by the end users, in case, Duales

Is it time to transfer your ISA: Your money

It’s crucial not to let your savings linger in an unprofitable account. 
Harriet Meyer explains how you can transfer your money into a new cash ISA or a stocks and shares option.

It comes as little surprise these days to hear of drastic interest rate cuts and a stockmarket in the doldrums, but the gloomy financial climate makes it more important than ever to make your money work as hard as possible.
So, if you want to be a canny saver, it’s vital to regularly review your savings and investments, including your ISA pots. You can save up to £3,600 in a cash ISA each tax year (or £5,100 for people aged over 50 from 6 October 2009).
But rather than keeping all your ISA savings from each tax year in seperate pots, you could take advantage of transfer rules and move the money into one account without losing your current tax year ISA allowance.
At the same time, since April 2008 savers have been able to transfer their cash ISA savings into a stocks and shares ISA.
The ins and outs of transfering ISAs can leave some people confused - to help you on your way, we answer some of the most commonly asked questions about transferring ISAs.

Q: With rates on cash ISAs dropping, is it worth considering a transfer?
A: As interest rates plummet towards zero it’s a struggle to make any money on savings accounts such as cash ISAs. However, if you find your ISA rate is lower than those in the best buy tables, it’s probably worthwhile switching to a new deal.
Although spending a Sunday afternoon filling in forms may sound tedious, this task will be particularly beneficial if you’ve built up a substantial sum in ISAs over the years.
“A lot will depend on how much you have accumulated,” says Andrew Hagger, spokesman for comparison site moneynet.co.uk. “If you had started saving when these accounts were introduced [in 1999], you might well have around £40,000 in ISAs now.”
According to figures from moneynet.co.uk, an extra 0.2% on savings of £20,000 held in a cash ISA would give you an extra £40 in interest over a year.
While rates are generally pretty dismal at present, there are a few decent deals that are worth switching to. “It’s particularly worthwhile switching if you have an old ISA and the rate you’re getting is variable, which means it’s sinking along with interest rates,” says Rachel Thrussell, analyst at moneyfacts.co.uk.

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Q: How do I transfer my account?
A: Transferring your ISA is a simple task, but be careful how you do it. Whatever you do, don’t close your existing ISA and then move the money or you will lose the tax break.
“The scary thing is quite a few people try and simply withdraw the money and take it somewhere else, which defeats the whole purpose,” says Hagger.
This is because you can only save up to £3,600 in cash in an ISA each tax year (or £5,100 for people aged over 50 from 6 October 2009). Withdrawing the money from an old ISA and depositing it in a new one means the money will count as part of your current tax year allowance.
Instead, once you’ve chosen an attractive account, ask the new provider for a cash ISA transfer form. Around 84% of all cash ISAs accept transfers of funds from other accounts.
You will need to give your new provider the details of your current ISA, but your existing and new providers should do the actual legwork when it comes to making the transfer.
Bear in mind that while the majority of ISA providers do accept transfers, often the best paying accounts don't - so it's vital you look to see if ISA transfers are accepted before you apply for a new deal.

Q: How can I find a provider that lets me do a transfer?
A: Use comparison sites such as Moneywise's Compare & Buy tool, or on websites such as moneyfacts.co.uk and moneysupermarket.com. Just make sure you either click on ‘more information’ or tick the box for ISAs that accept transfers when comparing rates. If you’re in any doubt, call the provider directly and ask before making an application.

Q: I’ve already chosen an ISA for this year - can I still transfer to another one?
A: "You can still transfer to another account, as long as you don’t put more than your annual allowance of £3,600 into a cash ISA for the current tax year,” says Thrussell.
So, if you opened an account last April, for example, you can shift your money as often as you like to take advantage of the best rates, just as with ordinary savings accounts. The difference is that moving your ISA fund may involve some time and effort, so you’re unlikely to want to make a habit of it.

Q: What about ISA funds from previous years?
A: If you have several ISAs in place from previous years, you can choose to move them all to another provider, and your new provider will deal with the process of gathering the various funds into one account for you.
“Just tell them that you need to transfer several ISAs, and fill in the relevant forms,” advises Thrussell. “However, bear in mind that moving several accounts may slow down the process.”
How speedy this process will be depends on the organisational skills of the new provider.Q: Is it true that none of the best-rate cash ISAs offer transfers?
A: It is often the case that some of the best-buy cash ISAs don’t accept transfers; if you’re shopping around for a new home for last year’s cash ISA you need to make sure you read the small print before comparing rates.

Q: Will I be charged a penalty for transferring?
A: You shouldn't be charged for transfering your ISA savings. The only penalty is that it takes some time to complete the form and process the transfer.
However, Hagger says that there have been accounts in the past that have required you to give a certain amount of notice before shifting your cash.

Q: Will I earn any interest while the funds are being transferred?
A: Yes, says Thrussell: “The money remains with your existing provider rather than in limbo until it appears in the new account, and it will earn interest, albeit at your old rate, until the new provider receives the money.”
Even if there’s a technical glitch and the money takes months to transfer, you will still be earning interest, though the rate may be pitiful.
Liz Neild, a spokeswoman for M&S Money, says: “As soon as the transfer cheque is received by us, it’s date-stamped and interest is paid from this date.”

Q: How long will the whole process take?
A: It usually takes about a week for transfers to complete. But bear in mind that switching accounts can take longer – up to 30 days – towards the end of the tax year, particularly if you are switching to a popular provider.
Last year saw many ISA providers fumbling in the dark to process ISA transfers, resulting in a nightmare for thousands of investors keen to make the most of their cash. Many waited months to transfer their ISAs to 
top-paying accounts on offer from high street names such as Barclays. This led to a number of problems, including exclusion from newly expired rates thanks to administrative chaos – and even the threat that the tax-free status on accounts might be lost.
In response, the British Bankers' Association introduced a new 23-day target for transfers to complete - it also developed a new electronic system for transfering ISA savings via BACS rather than the 'cheque in the post' method currently used.
So far only a small number of banks have signed up to the electronic scheme, and experts say it will take some time before ISA transfers are speedier for all.
If you do experience problems with your transfers, you can refer your case to the Financial Ombudsman Service, which has pressed providers in the past to compensate customers for severe delays.

Q: With rates being so low on cash ISAs, can I transfer my money into a stocks and shares ISA?
A: When ISAs were first introduced, you 
couldn’t move money from cash ISAs into stocks and shares ISAs. However, in April 2008 the rules changed and these days you are able to transfer money from a cash ISA into a stocks and shares one.
This means you can start your savings off in a cash ISA and then to roll them over into a stocks and shares ISA when you feel confident that the time is right. Otherwise, if you’re fed up with paltry rates and happy to take some risk for long-term investment purposes, you can move them immediately into the stockmarket.
Unfortunately, this won’t work the other way round, so you can’t move your money back into cash. This means that you should take time to consider your decision – see our checklist below to help make the right choice for you.

Q: Do the same rules apply to stocks and shares ISA transfers and cash ISA transfers?
A: The process of switching between cash and stocks and shares ISAs is similar – just contact the new provider and ask them for the relevant forms.
“You can transfer previous years’ subscriptions to cash ISAs, or stocks and shares ISAs in whole or in part,” says Gavin Haynes, investment director at Whitechurch Securities.
However, he adds: “It’s very important to be aware that once you’ve converted to a stocks and shares ISA you can’t move your money back into a cash ISA in the future.”
If you have built up a nest egg by using your ISA allowance, you may want to move all your holdings under one roof by transferring your money to a fund supermarket. This would make it easier for you to manage your money while still allowing you access to a wide range of investment options.

Q: What are the charges for transferring your stocks and shares ISA?
A: “It’s important to check with your current ISA manager if there are any exit charges when transferring to another provider,” explains Haynes. This will depend upon the fund and provider that you have used.
When selecting a new ISA provider to transfer to, it’s likely that the initial charge will be the same as for new subscriptions. However, in most cases, it’s cheaper to go through an IFA or a discount broker than to go direct to the ISA provider. Many discount brokers can reduce the charge to 1% or less for transfers and new ISAs.

Q: Is my money safe when being transferred, and who is responsible for it?
A: Your money should be safe as long as the provider is covered by the Financial Services Compensation Scheme. Thrussell adds: “Your money is the responsibility of the old provider until it arrives in the new provider’s account.”
Checklist
Questions to ask yourself before transferring your cash ISA into a stocks and shares one:
1. Are you saving for the long term?2. Can you tie up your money for at least five years?3. Are you prepared to take some risk with your money?4. Have you already got cash savings in place for a rainy day?5. Do you understand that markets go down as well as up, so you may lose money?
If you have answered yes to more than three out of the five questions, you should probably consider transferring into a stocks and shares ISA.

Global Money Transfer company offering free membership to send money to the Caribbean

A Canadian membership-based organization providing FREE GLOBAL MONEY TRANSFERS, is temporarily waiving its annual membership fee of $59. Quantum Express is offering free membership to all who register prior to May 31, 2009. By registering, individuals can send money to their loved ones at absolutely no-cost for one year. There’s ‘no catch’, no hidden fees and no obligation to renew membership.“Quantum is not only the least expensive Money Transfer Company, it is also the safest, easiest and most convenient way to remit money. The FREE MEMBERSHIP is another way to give back to those who selflessly send money to their family and friends, even in these tough economic times,” says Quantum President/CEO, David Singh.The Canadian business magnate created Quantum Express Money Services to serve those who regularly send funds to family and friends and are forced to pay high-fees for remittance. Singh came to Canada, over 30 years ago, with only $22 in his pocket and a passion and will to succeed in his new country. He is a self-made millionaire, building numerous companies in Canada, the Caribbean and the United States, and the author of six highly acclaimed books. He has never forgotten his humble beginnings and has donated millions to the less fortunate. His philosophy of ‘giving back’ is one that prompted his creation of Quantum Express.David Singh knew there “had to be a better and less expensive way” for people to remit money to their friends and family. He researched and worked with industry professionals for over three years, until he found it; and then established Quantum Money Services and Quantum Foundation (the philanthropic arm of Quantum Express).For the month of May 2009, only, Singh has waived the nominal annual membership fee of $59 U.S. Those who register now can send and receive money at no cost for the next 12 months-on an unlimited basis, anywhere in the world. Quantum Express members send funds 24/7 from the privacy and convenience from any internet source. The recipients immediately receive the money on a Quantum Debit Card and can retrieve the funds from any of over 1,000,000 ATMS worldwide. Quantum Money Services eliminates the need to travel to and from an agent location and the funds are protected with a Personal Identification Number (PIN).Quantum Express is currently based in Canada and launching in the United States in July 2009.