Ally.ca, ResMor Trust, US parent, bailouts, etc. | Ally | Discussion forum

Questions about Ally.ca pop up from time to time, so here's my best shot at untangling things:

• Ally.ca is a division of Resmor Trust, a Canadian trust company. If you see "ResMor" attached to things relating to Ally.ca this is the reason. For instance, it is "ResMor", not "Ally" that is on the CDIC list of members, but nonetheless Ally.ca is fully covered by CDIC insurance. Ally.ca also uses the ResMor transit number, so you may see "ResMor" when doing transfers to other banks, etc. There was some indication awhile back that ResMor was going to get renamed something like "Ally Bank Canada", but so far it hasn't happened.
• ResMor is in turn owned by Ally Financial, the US parent. However, ResMor is regulated by Canadian banking authorities as a separate Canadian entity, and has to maintain suitable capital just as any other bank does. Its capital is separate from US operations, and probably from a lot of the Canadian auto loan business as well.
• Ally.com (the US version) is a separate entity run by Ally Bank, which is a US subsidiary of Ally Financial, and separate from ResMor/Ally.ca, just as ING Direct Canada is separate from ING Direct USA, even though they are both owned by the same Dutch ING parent.
• Ally Financial (the US parent) is what was formerly GMAC in the US (originally GM's financing arm, but GM sold off a majority in 2006). GMAC's Canadian operations are now called Ally Credit Canada, and are a different Ally Financial subsidiary from ResMor.
• GMAC/Ally was hard hit by the 2008 financial crisis, and has received substantial TARP funding (the US "bailout" program). The US government currently holds a majority stake in Ally Financial, although plans are in the works to do an initial public offering and get it off the government's hands. ResMor/Ally.ca, as a separate Canadian subsidiary, hasn't received (and presumptively never needed) any bailout funding.