any word on GMAC bank?

According to Bloomberg, they may not get bank holding status and if they don't they probably fold.

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last i read this am was GM does not have enough capital to be converted to a bank.

was somewhere on MSN site

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GMAC is already a "bank".

[link=(gmacbank.com)]LINK[/link]

They offer FDIC insured accounts.

I've heard they might go under though..not sure I understand the difference in what they are now and a "bank holding company". Anyone care to explain?

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In this scenario the only thing you need to know is only Bank Holding Companies get TARP access....

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I've got a little cash in gmacbank (few grand) in a MM (FDIC insured). Any reason to move it (I don't care if it's not accessible for a few days, but would be pissed if it wasn't for a few months)? Thanks for any help.

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I've got a little cash in gmacbank (few grand) in a MM (FDIC insured). Any reason to move it (I don't care if it's not accessible for a few days, but would be pissed if it wasn't for a few months)? Thanks for any help.

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I am in the same boat as you. I am debating moving it this week.

I think they will probably be the next major bank where the FDIC takes control. No one is going to buy them.

see below about GMAC

The Headline is dead wrong... they are a 'bank' but not a bank holding company (which the article states)

Nothing happens.... you continue to pay... if they fold, the loan will be sold to someone else and you continue to pay