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Email this12:30 am
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 !!!
7:05 pm
Are trying to say that the following is not valid?
Ally is a product of
ResMor Trust Company, a member of CDIC.
©2009 ResMor Trust Company.
All rights Reserved.
10:28 pm
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).
2:12 am
Ronnie said:
Are trying to say that the following is not valid?
Ally is a product of
ResMor Trust Company, a member of CDIC.
©2009 ResMor Trust Company.
All rights Reserved.
No I am not. While it appears that President's Choice Banking and Canadian Tire Banking are run in a similar fashion but none are mentioned as members on the CDIC web site makes me wonder if they are really fully covered by CDIC. Maybe it is just me being overly cautious I don't know!
2:19 am
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.
4:48 pm
88kanaka said:
Ronnie said:
Are trying to say that the following is not valid?
Ally is a product of
ResMor Trust Company, a member of CDIC.
©2009 ResMor Trust Company.
All rights Reserved.
No I am not. While it appears that President's Choice Banking and Canadian Tire Banking are run in a similar fashion but none are mentioned as members on the CDIC web site makes me wonder if they are really fully covered by CDIC. Maybe it is just me being overly cautious I don't know!
Valid point. I believe CDIC should include all subsidiary institutions that are insured for clarity.
8:49 pm
@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.
4:51 pm
This is getting off topic of Ally. You originally said........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)..........and did NOT specify a chequing or savings account thus my comments....never the less one should always check with CUDG or CIDC or what ever...what they do NOT cover!
3:50 am
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.
9:21 am
This is a bit silly, as domains often have their owners cloaked, or registered to an administrative service. In this case, CSC appears to be a large firm which does brand managing, including domain management, for corporations:
https://www.cscglobal.com/global/web/csc/domain-name-management.html
They appear in the registration information for many companies, including ing-usa.com and (this is no Whopper) burgerking.ca. A frontline customer-service rep rightfully isn't going to have a clue who the administration contacts for the domain registration are.
7:42 pm
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).
1:26 am
December 12, 2009
Offline
88kanaka said:
Ronnie said:
Are trying to say that the following is not valid?
Ally is a product of
ResMor Trust Company, a member of CDIC.
©2009 ResMor Trust Company.
All rights Reserved.
Canadian Tire Bank is a Member of CDIC. President's Choice Bank, operated by the direct banking division of CIBC, deposits are CDIC insured under CIBC's deposit register. Now, if you hold deposits at CIBC and President's Choice Bank, you may have to take those combined deposits into consideration if they're the same legal name and not a joint account or what have you.
Cheers,
DougNo I am not. While it appears that President's Choice Banking and Canadian Tire Banking are run in a similar fashion but none are mentioned as members on the CDIC web site makes me wonder if they are really fully covered by CDIC. Maybe it is just me being overly cautious I don't know!
7:23 pm
So is there anyone using Ally? If not Ally who else, I have ING but they have no interest now......
8:39 pm
I used to have accounts with PC , ING , CTFS and now use both ALLY (hisa & tfsa) and Canadian Direct Financial (hisa). Currently these two have much better rates.
Check them out !
Perhaps Peter will one day add Ally to the comparison chart for all website visitors to see.
7:51 pm
December 12, 2009
Offline
You cannot rely on the WHOIS database as a de-facto method of verifying company ownership. There exists such things as domain name privacy registrations where the registrar registers it in their name as a proxy for the domain name owner and routes all correspondence to the beneficial owner (similar to when a brokerage holds stock certificates in its name in trust for the beneficial owner, being you). The company you identified is much like a similar company, only in Canada, called MarkMonitor that registers and administers domain names for large corporations. Given that GMAC LLC is the parent company of ResMor Trust Company, I think that qualifies ResMor as a large corporation. The own the domain - they just own it via proxy so people can't sniff out their ownership structure via WHOIS.
With banks and trust companies though, you have a better way of confirming if they're a CDIC member. Simply to the CDIC website, confirm ResMor is a member and then visit ResMor's website via the CDIC link and confirm that Ally is a product of ResMor. It's that easy. I question why you would go to the WHOIS database on this? This is only logical in unregulated industries that don't have multiple regulatory databases.
I can also confirm ResMor is in the process of converting to a Schedule II (foreign-owned) Chartered Bank as Ally Canada Bank or Ally Bank Canada (can't remember which). The Office of Superintendent of Financial Institutions confirmed this to me. See my prior post on the matter by doing a forum search.
Cheers,
Doug
4:40 pm
About the Quebec residents. They can bank online or by phone only. ING direct is available and also PC Financial. So don't know why Ally not yet. Ally offers the French option on their web site, and you can speak to someone in French, but if an english speaking agent is available first they will answer you. Or they have people that don't speak french well who will answer you in english and tell you that they don't speak french that much... that is weird. I am from Quebec but live in Ontario. I always try to get french agents on the phone but can speak english just the same. I am sure Ally will become available in Quebec soon enough.
Salut!
Suzanne
4:34 pm
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 🙂
11:20 pm
If you are looking at investing only and not day to day banking. Take a look at Outlook Financial in Winnipeg. Fully insured, redeemable GIC's, partially too. They do not have packages for their banking so everything is fee based so that is why I would recommend only for investing unless you dont mind the fees.
1:11 am
November 8, 2009
Offline
I used old cheques too with a different address on them and it was no big deal. You have to send a current utility bill to prove you live where you say you do. They checked the info and returned the bill promptly. I have had no problems with Ally except when transferring money it takes a bit longer than ING. It was nice to find out their call center is in kitchener just down the 401 from me. I am glad they are employing canadians locally!
2:44 pm
It was nice to find out their call center is in kitchener just down the 401 from me. I am glad they are employing canadians locally!
Cool! I live in Kitchener and will keep Ally in mind if I'm looking for a new job. I'm quite pleased to learn their call center is here. So many big companies (including a large company where I work) are gutting their Canadian call centers and IT staff and replacing them with overseas people. Invariably when they do that, half the time you can't understand a word they're saying, or it takes the outsourced staff two weeks to resolve something that used to take two days.
I've had accounts open at Ally since early last Fall and have had zero issues so far -- other than that one instance early on where a statement printing error resulting in it showing I had over a million dollars in my account, which was an amusement.
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