NEW SHERIFF IN TOWN........ALLY.CA!!!! | Page 3 | Ally | Discussion forum

Well I see there is a lot of concern about Ally. A new place to invest in Canada. Apparently covered by CDIC by ResMor Trust. Resmor Trust is selling Ally as their product and therefore covered by CDIC. See this URL about Resmor and Ally which is a good overview http://www.resmor.com/html/pub...../NEWS.html We see here in this blog that Canadian Tire and Presidents Choice are also products of other banks with CDIC coverage. See this URL about President's Choice Financial and CIBC operating very similar to Ally with Resmor backing Ally...you will need to look several pages down to find http://www.cibc.com/ca/cibc-an.....-info.html . I am still leery of Ally being covered by CDIC as they are not showing as being covered on the CDIC web site but if they and others are products of some one else...I guess they are covered. Here is another URL that tells about who owns Resmor and that is GMAC (General Motors Acceptance) https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20090903/RCARRICK03ART1941 You will see overall similarity of names of companys that GMAC owns and operates in the US along with similar named companys in Canada. They offer higher rates by what appears to be in the business of lending money for mortgages and car loans. Makes sense. GMAC is one third owned by the US Treasury, which offers good stability, along with CDIC coverage. After looking at what rates banks and credit unions are offering for GICS I narrowed down two potential financial institutions to deal with, Ally and Outlook Financial (covered by Credit Union Deposit Guarantee Corporation). Rates are similar for GIC's but Ally has a higher rate for savings account. BUT if you are an investor only and not looking for day to day banking Outlook has benefits not to overlook. Outlook GIC's are ALL redeemable at 2% while Ally one year is guaranteed to maturity or if redeemed early. Any other Ally GIC can be redeemed early but at 1.5%. So basically Outlook offers 2%..you just have to put it into one of their GIC's which I believe there is a minimum deposit of $1000.00. You might want to do the math on daily compounding...you do receive more interest, but when you weigh out all of your options the bit extra may or may not be a major factor in your final decision to bank at one of the financial intuitions in Canada offering High Interest Savings Accounts and above average GIC rates. So if you want to ladder your GIC's and the rates go up....who is the better choice? Here are a couple of good URL's to look at for rates being offered in Canada http://www.baystreet.ca/intere....._rates.cfm and http://www.bankrate.com/can/se.....avings.asp GOOD LUCK IN YOUR FINAL DECISIONS !!!

Well I see there is a lot of concern about Ally. A new place to invest in Canada. Apparently covered by CDIC by ResMor Trust. Resmor Trust is selling Ally as their product and therefore covered by CDIC. See this URL about Resmor and Ally which is a good overview We see here in this blog that Canadian Tire and Presidents Choice are also products of other banks with CDIC coverage. See this URL about President's Choice Financial and CIBC operating very similar to Ally with Resmor backing Ally...you will need to look several pages down to find . I am still leery of Ally being covered by CDIC as they are not showing as being covered on the CDIC web site but if they and others are products of some one else...I guess they are covered. Here is another URL that tells about who owns Resmor and that is GMAC (General Motors Acceptance) and another URL that shows who owns a good one third of GMAC, the US Treasury You will see overall similarity of names of companys that GMAC owns and operates in the US along with similar named companys in Canada. They offer higher rates by what appears to be in the business of lending money for mortgages and car loans. Makes sense. GMAC is one third owned by the US Treasury, which offers good stability, along with CDIC coverage. After looking at what rates banks and credit unions are offering for GICS I narrowed down two potential financial institutions to deal with, Ally and Outlook Financial (covered by Credit Union Deposit Guarantee Corporation). Rates are similar for GIC's but Ally has a higher rate for savings account. BUT if you are an investor only and not looking for day to day banking Outlook has benefits not to overlook. Outlook GIC's are ALL redeemable at 2% while Ally one year is guaranteed to maturity or if redeemed early. Any other Ally GIC can be redeemed early but at 1.5%. So basically Outlook offers 2%..you just have to put it into one of their GIC's which I believe there is a minimum deposit of $1000.00. You might want to do the math on daily compounding...you do receive more interest, but when you weigh out all of your options the bit extra may or may not be a major factor in your final decision to bank at one of the financial intuitions in Canada offering High Interest Savings Accounts and above average GIC rates. So if you want to ladder your GIC's and the rates go up....who is the better choice? Here are a couple of good URL's to look at for rates being offered in Canada and GOOD LUCK IN YOUR FINAL DECISIONS !!!

GMAC is one third owned by US treasury because it was about to declare bankruptcy and received TARP (Welfare) from US Gov't. In return the Gov't got a third of the company. That's not very reassuring. I wonder if Obama cares about those Canuck depositors. The main business of GMAC-lending money for cars.
However, ALL deposits in Canada are required to be insured either federally (CDIC - up to 100K)or provincially (Credit union -CUDG no limit). So pick any bank with the highest interest and the features that are important to you (accessibility, ATM's, on-line transactions, hold periods etc).

Well I see there is a lot of concern about Ally. A new place to invest in Canada. Apparently covered by CDIC by ResMor Trust. Resmor Trust is selling Ally as their product and therefore covered by CDIC. See this URL about Resmor and Ally which is a good overview We see here in this blog that Canadian Tire and Presidents Choice are also products of other banks with CDIC coverage. See this URL about President's Choice Financial and CIBC operating very similar to Ally with Resmor backing Ally...you will need to look several pages down to find . I am still leery of Ally being covered by CDIC as they are not showing as being covered on the CDIC web site but if they and others are products of some one else...I guess they are covered. Here is another URL that tells about who owns Resmor and that is GMAC (General Motors Acceptance) and another URL that shows who owns a good one third of GMAC, the US Treasury You will see overall similarity of names of companys that GMAC owns and operates in the US along with similar named companys in Canada. They offer higher rates by what appears to be in the business of lending money for mortgages and car loans. Makes sense. GMAC is one third owned by the US Treasury, which offers good stability, along with CDIC coverage. After looking at what rates banks and credit unions are offering for GICS I narrowed down two potential financial institutions to deal with, Ally and Outlook Financial (covered by Credit Union Deposit Guarantee Corporation). Rates are similar for GIC's but Ally has a higher rate for savings account. BUT if you are an investor only and not looking for day to day banking Outlook has benefits not to overlook. Outlook GIC's are ALL redeemable at 2% while Ally one year is guaranteed to maturity or if redeemed early. Any other Ally GIC can be redeemed early but at 1.5%. So basically Outlook offers 2%..you just have to put it into one of their GIC's which I believe there is a minimum deposit of $1000.00. You might want to do the math on daily compounding...you do receive more interest, but when you weigh out all of your options the bit extra may or may not be a major factor in your final decision to bank at one of the financial intuitions in Canada offering High Interest Savings Accounts and above average GIC rates. So if you want to ladder your GIC's and the rates go up....who is the better choice? Here are a couple of good URL's to look at for rates being offered in Canada and GOOD LUCK IN YOUR FINAL DECISIONS !!!

GMAC is one third owned by US treasury because it was about to declare bankruptcy and received TARP (Welfare) from US Gov't. In return the Gov't got a third of the company. That's not very reassuring. I wonder if Obama cares about those Canuck depositors. The main business of GMAC-lending money for cars.
However, ALL deposits in Canada are required to be insured either federally (CDIC -- up to 100K)or provincially (Credit union -CUDG no limit). So pick any bank with the highest interest and the features that are important to you (accessibility, ATM's, on-line transactions, hold periods etc).

NOT EVERY deposit at a Bank, Trust Company or Credit Union is covered by CDIC, CUDG or in the case of Credit Unions in BC with the BC Provincial Govt. insurance, are covered. Make sure you clarify what deposits are covered before you invest at ANY financial institution.

@88kanaka
Name me one savings or checking product that is not covered either provincially or federally. The LAW states all "deposit taking institutions" must be insured! The only exceptions are brokerages (they may have CIPF), private funds (Earl Jones) or outright fraudulent or criminal activity ("12% no risk" ads in the paper). So once again: Pick the highest interest with the features that are important to you.

I was just in a chat online with an Ally rep. Seemed reasonable and similar to other reports here. Then I did a whois on ally.ca.

whois ally.ca
Domain name: ally.ca
Domain status: EXIST
Domain number: 2308674
Approval date: 2008/05/07
Renewal date: 2015/05/07
Updated date: 2009/07/23

Registrar:
Name: CSC Corporate Domains (Canada) Company
Number: 2397937

Registrant:
Name: CSC Corporate Domains Inc.
Number: 1755578

Administrative contact:
Name: Jack Spurr
Job Title:
Postal address: CSC Corporate Domains
Po Box 597
Yarmouth NS B5A 4B4 Canada
Phone: 1 902 7465201
Fax: 1 902 7465252
Email: admin@internationaladmin.com

Technical contact:
Name: Domain Registrar
Job Title:
Postal address: Corporation Service Company
PO Box 597
Yarmouth NS B5A 4B4 Canada
Phone: 1 902 7465201
Fax: 1 902 7465252
Email: admin@internationaladmin.com

Name servers:
ns1.ally.com 199.68.81.81
ns2.ally.com 199.68.81.82
ns3.ally.com 199.68.65.10
ns4.ally.com 199.68.65.11

% WHOIS look-up made at 2009-12-12 03:12:09 (GMT)
%
% Use of CIRA's WHOIS service is governed by the Terms of Use in its Legal
% Notice, available at http://www.cira.ca/legal-notice/?lang=en
%
% (c) 2007 Canadian Internet Registration Authority, (http://www.cira.ca/)

I told the rep. over chat that ally.ca is fully owned by CSC Corporate Domains Inc. and asked who are they?

Maricris: I do not know who CSC Corporate Domains. As Ally is a product of Resmor Trust, the website and marketing are done by Resmor Trust.

I then pasted the whois back to Maricris, and they have yet to respond after about 30 minutes. Did a bit of searching and found this site so figured I'd guest post it.

I called the CIDC (1-800-461-2342) and they confimed that Ally is a product of ResMor Trust and therefore covered by the CIDC thru ResMor (the same as President's Choice and CIBC).

So is there anyone using Ally? If not Ally who else, I have ING but they have no interest now......

Personally I am turned off of opening an account with Ally, it's just too much of a hassle. I filled out the application, mailed my cheque and was refused because the cheque had my older address on it. I moved to Ontario from Quebec last year and still using old cheques. No other online bank (ING, peoples trust, canadian financial) had a problem with the old address appearing on my cheque but Ally gave me a big headache about this. Went to my branch (CIBC) to ask for the required info to verify my identity to Ally and even the rep told me it was strange....?? Apparently all you have to do is cross off the old address, initialize and replace with your new address as the account holder according to CIBC. Anyway after numerous trips to my current bank I am fed up with Ally and not opening an account with them after all. So that's my two cents 🙂