May 16, 2009

The banking arm of ailing auto finance company GMAC is taking on a new name, hoping to smooth its image and entice new customers as it works to drive deposit growth.As of Friday, GMAC Bank has become Ally Bank, which will offer a variety of savings products, including no-penalty certificates of deposits, online savings accounts and money market accounts.

"We are launching a new brand with a new approach of treating customers with total transparency," said GMAC Chief Executive Al de Molina.The company settled on the name Ally after extensive interviews with customers. "The name Ally aptly fit the character of the brand," said Sanjay Gupta, chief marketing officer.The company has launched a new website, allybank.com, where customers can open accounts.