Deposit Rates: ING etc. (2009)

[WishingWealth]

BRIAN5000: "If you sign up with Ally you need to speak french."

Which is weird since I wanted to open an account and clicked on the Quebec Resident button:
Caption reads: "We regret that Ally is not in Quebec, but we are working to bring our products to you. Please check back again"

And not only them, CT and President' Choice HSA and a couple of others are in the same boat.
Different has a price tag; bummer.

WW

[BRIAN5000]

BRIAN5000: "If you sign up with Ally you need to speak french."

LOL, I was trying to link my bank account, stuck in my transit number and it brought up the french name for Scotia Bank, how weird is that. We'll see if the micro deposits work.

[BRIAN5000]

Last night I opened an external account with Ally online. This morning I checked and the micro deposits were in my checking account. Verified those deposit amounts on line with Ally. Seems like we're good to go. They haven't received my check yet so I'll wait.

Account shows as BANQUE NOUVELLE-ECOSSE.

[queerasmoi]

They must have just accidentally set their system to look up the French name. TD Canada Trust comes up as La Banque Toronto-Dominion.

[CROCKD]

I opened an account with ally just after they started up, mailed them a cheque and have had my linked account verified with micro deposits.
Subsequently I made a deposit transfer from my linked account to ally.
Today is day 3 with the money shown in my ally account AND the money is also still in my linked account. Weird!!

[theoldtimer]

I opened an account with ally just after they started up, mailed them a cheque and have had my linked account verified with micro deposits.
Subsequently I made a deposit transfer from my linked account to ally.
Today is day 3 with the money shown in my ally account AND the money is also still in my linked account. Weird!!

Same with me. I have two transfers from Sept 15 and Sept 16 with the amount still in my linked account.

[queerasmoi]

Ally says that they credit immediately to your Ally account in "good faith" (and also in order to earn interest on those days) but in reality there is still a hold of a few business days while they wait for the transfer to go through.

[sydney2]

I decided to post this here rather than start a new thread.

TD alert on my e-mail today for a monthly pay gic from TD...this is a step-up pays monthly and starts @3.10 in the first year and in the 7th year it pays 5.30% withy YTM 3.83.

Would anyone buy this, I wouldn't....the last one they promoted could not be cashed at the decision of the holder, I am not sure about this one.

Until they make these issues more palatable I will remain in the money market fund and probably with Canadian Direct.

[queerasmoi]

Well I now have both Ally and CDF open. I really like the account verification by micro-deposits. The interface is pretty easy to use. A transfer I initiated Friday night from TD vanished on Monday night from my TD account and appeared at Ally on Tuesday afternoon, no hold.

I phoned CDF on Friday morning to initiate a transfer in from HSBC, and it too vanished from HSBC Monday night, and appeared Tuesday afternoon.

Definitely will keep both accounts open for a little while... if I like Ally more overall, I will pull out of CDF - but maybe leave it open in case the banks start playing the interest rate one-upmanship game. I'm also waffling over whether to close ING completely or just leave it dormant... too many institutions is not a good thing. But I've already initiated a transfer of all my remaining ING funds out to Ally.

Still keeping HSBC open too, for access to the bank machines, but I'll probably keep maybe only $500 in there at a time, and top up from Ally as needed.

[qewcool]

BRIAN5000: "If you sign up with Ally you need to speak french."

Which is weird since I wanted to open an account and clicked on the Quebec Resident button:
Caption reads: "We regret that Ally is not in Quebec, but we are working to bring our products to you. Please check back again"

And not only them, CT and President' Choice HSA and a couple of others are in the same boat.
Different has a price tag; bummer.

WW

So why are they not in quebec again ? seems like they are missing on a big market ?

I notice the same thing with ING and their mutual funds as well

[BRIAN5000]

Looks like to me their call center is in Quebec.

I have not sent money yet, I guess I will.They don't seem to be able to answer a secure email correctly or call the right number to get a hold of me.

[newguy]

So why are they not in quebec again ? seems like they are missing on a big market ?

I notice the same thing with ING and their mutual funds as well

Also lots of insurance companies. I've also noticed I can't apply for some banking stuff online. Sigh.. welcome to Que.

newguy

[qewcool]

So why are they not in quebec again ? seems like they are missing on a big market ?

I notice the same thing with ING and their mutual funds as well

Also lots of insurance companies. I've also noticed I can't apply for some banking stuff online. Sigh.. welcome to Que.

newguy

Yes me thinks it is because of some weird retarded provincial regulations ...
If the banks would make more noise about it maybe those regulations could be changed with time but nothing.

Neither Ally or Canadian Direct Financial (CDF) are available in quebec.

[WishingWealth]

Some explanations I've seen (not an all inclusive answer) is the cost of the extra regulation/translation of documents, dealing with different consumer rights etc...
For some business, it's just not worth it.

The unification of the regulatory agencies* at the country level was supposed to solve some of them issues but there are some bumps on the road: AB, QC...

WW

* forgot the name of the proposed legislation...

[qewcool]

language laws again ? ....

Even Canadian Tire banking is not available in Quebec... Even Thinkorswim which is a US company can open accounts for quebec.

Actually what are the choices for high interest, no minimum, anytime withdrawal, online banking account available in quebec aside from ING ?

I was looking to open another account since im hitting the CDIC insurance limit.

[rhenderson]

http://www.nbc.ca/bnc/files/bncmisc/en/ ... ormer.html

[queerasmoi]

The interface is pretty easy to use. A transfer I initiated Friday night from TD vanished on Monday night from my TD account and appeared at Ally on Tuesday afternoon, no hold.

Okay so this is weird: I initiated 2 more transfers to Ally last Tuesday (the same day I received the first transfer), one from HSBC and one from TD. Both amounts are showing in my Ally account but it's now the following Monday and neither bank is showing a debit. I e-mailed Ally and they said they would look into it - but they guarantee I'm earning interest on the money in the meanwhile.

[jonathan]

Same thing happened with me and they are showing the funds available.

[ig17]

Same story here. Initiated a transfer from PCF to Ally on Friday, Sept 18th. Ally account shows the funds. PCF account has not been debited.

[queerasmoi]

Wow, clearly something weird is going on. The transfer that worked quickly was a $100 test transfer; this one is more like $1000. Ally suggested over the phone that large transfers are taking longer to clear than small ones. They suggested to ask them once 5 business days have elapsed and see if there is still a problem.

ig17 - you're clearly more than 5 business days now so you should give them a call and ask.

I wonder if large transfers *out* will be this problematic too.

[Subby]

Yup, me too. It seems as though the larger amounts are not clearing on time. In my case, it's been 6 business days.

I called them last Friday and they stated they are looking into it. Well, I'm going to try the secure email route instead as it should force them to provide me with a more appropriate response.

[BRIAN5000]

Yup, me too. It seems as though the larger amounts are not clearing on time. In my case, it's been 6 business days.

I called them last Friday and they stated they are looking into it. Well, I'm going to try the secure email route instead as it should force them to provide me with a more appropriate response.

I tried the secure email and their phone service both are crappy. Best rate poor service you rarely get both.

[theoldtimer]

Since my two transfers from Sept 15 and 16 are still outstanding, I have sent a secure email.

Speaking to them directly on three occasions did not produce any results.

Also, my Ally statement dated Sept.25, while it shows the correct balance. the summary section shows Deposits and Other Credits of over $300,000.

Not a pleasant experience.

[queerasmoi]

Started a thread here for Ally Bank and transfers: http://www.financialwebring.org/forum/v ... 350#339350

[CROCKD]

Good luck with secure email. I had several telephone calls and have exchanged 5 secure emails with Ally and am no further towards a resolution.
I have suggested that they have a problem with their system.
Just get the usual platitudes from their 'associates'.

I have three transfers outstanding from Sept.15, Sept. 17 and Sept 19.
My credit union confirms that they have not received any EFT's for transfers.
Like others my Ally account is credited with the amounts I nominated to transfer.

One wonders if when they get your funds, is it going to be this difficult to get them back?

From the G & M article by Rob Carrick referenced above in this thread

"We're not going to hide behind asterisks and fine print and any sort of sneaky teaser campaigns," said Mr. Spero, managing director of Canadian deposits for ResMor Trust.

I have sent an email to the ombudsman@resmor.com to the attention of
Mr. Mike Spero to see if that will get any action.

A quote from the email

'What bothers me in this ongoing saga is that there is a credibility issue for Ally as a new financial entity and a question of competence to manage people’s money.
Minor glitsches such as your transfer software showing linked institutions by their French names has already appeared on the Financial Forums.
Other contributors on the Financial Forum I read regularly are starting to comment on this same phenomenon of delayed transfers. I am sure that Ally does not wish a more serious defect such as this one to find its way online or into the financial media.'