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Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor.
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bogleheads.org
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Yes, GMAC Bank is insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. On October 3,2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
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matt1 said:GMAC = junk rating. Although BONDS issued by GMAC certainly have a junk rating, DEPOSITS with its subsidiary GMAC BANK are FDIC insured to $100k. So your principal is perfectly safe, regardless of whatever happens to GMAC or GM.
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fatwallet.com
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Is GMAC Bank FDIC-insured?
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