Ally Bank claimed that the new checking account offers free access to any ATM nationwide, free online bill pay, unlimited check writing and free checks, round the clock customer service – by online chat, e-mail or phone, free electronic fund transfers, overdraft service transfers and cashier’s checks.

Sanjay Gupta, chief marketing officer at Ally Bank, said: “Our interest checking account is another significant step as we evolve a new business model that we hope encourages customers to expect more from their bank. We’re developing our products with the philosophy that we are a financial partner with our customers and we’re making money with them-not off them.

“With Ally’s excellent customer service history and with the response we’ve gotten to our savings accounts, we’re eager to add more members to the Ally family and want them to expect more as we work to reinvent the retail banking experience.”

GMAC is a bank holding company with 15 million customers worldwide. As a global, independent financial services institution, GMAC’s diversified business operations include automotive finance, mortgage operations, insurance, commercial finance and online banking.