Deposit Rates: ING etc. (2009)
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The email to Ally accomplished nothing.
They said:
Please be assured we are still researching your case and are working hard to find a solution for you. You should be receiving a call within the next 3-5 business days if there is an update for your case. At this time, we would like to apologize for this continued delay and we thank you for your patience.
Your funds are not available to you at present as they are on a hold until we can clear the funds from the external account. They will be immediately available to you upon the resolution of this case. Even though the funds are on hold, you are still earning interest on them.
They said:
Please be assured we are still researching your case and are working hard to find a solution for you. You should be receiving a call within the next 3-5 business days if there is an update for your case. At this time, we would like to apologize for this continued delay and we thank you for your patience.
Your funds are not available to you at present as they are on a hold until we can clear the funds from the external account. They will be immediately available to you upon the resolution of this case. Even though the funds are on hold, you are still earning interest on them.
- Peculiar_Investor
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From the National Post, Survey finds a quarter of Canadians looking beyond banks for higher-interest savings vehicles
based on the experiences reported on FWF. Maybe someone needs to educate Mr. Spero."Customers are looking for not only high interest rates, but also excellent customer service and a reduction in the pain points generally associated with banking," said Ally managing director Mike Spero
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Normal people… believe that if it ain’t broke, don’t fix it. Engineers believe that if it ain’t broke, it doesn’t have enough features yet. – Scott Adams
Anyone know how long Ally takes to cash a cheque!! I posted mine 10 days ago and hasn't shown up on the account -- or in my bank account.
I had even checked with them beforehand that the address on the post-paid envelope was ok as it was completely different than their main Box 350 address (that the paperwork indicates) and in a different part of town! The CR didn't seem to realize their instructions were completely contradictory. Sounds like teething pains.
Mind you compared to some of the stuff with ICICI .... my favourite was when they decided to change everyone's login id a few years back -- without telling them -- and so no web access -- and the wait on the phone line was literally 4+ hrs before you gave up. Cleared up in a week.
They've still got this glitch in their system that may give you a shock if you're not prepared. If you happen to login late at night, you are quite likely to see a list of your GICs but some with a surprising value of $0. Haven't a clue why -- but they'll be fine by the next day.
The one really good thing about them is their transfer out speed -- put in a transfer in the morning and its back in TD by that evening -- no messing at all.
I had even checked with them beforehand that the address on the post-paid envelope was ok as it was completely different than their main Box 350 address (that the paperwork indicates) and in a different part of town! The CR didn't seem to realize their instructions were completely contradictory. Sounds like teething pains.
Mind you compared to some of the stuff with ICICI .... my favourite was when they decided to change everyone's login id a few years back -- without telling them -- and so no web access -- and the wait on the phone line was literally 4+ hrs before you gave up. Cleared up in a week.
They've still got this glitch in their system that may give you a shock if you're not prepared. If you happen to login late at night, you are quite likely to see a list of your GICs but some with a surprising value of $0. Haven't a clue why -- but they'll be fine by the next day.
The one really good thing about them is their transfer out speed -- put in a transfer in the morning and its back in TD by that evening -- no messing at all.
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Update for thegov on the time to cash cheque.
Just saw this on another forum
Unfortunately, some of the earlier pre-paid envelopes included in our Welcome Kits were incorrectly addressed. We are currently working with Canada Post to correct the issue and have had the mail forwarded to us. In the mean time, we suggest for faster processing you can mail in a new funding cheque to:
Ally Canada
PO BOX 350 STN C
TORONTO ON M6J 3N1
If you would like a new Welcome Kit sent to you with an updated pre-paid envelope, please give us a call at 1-866-247-ALLY or reply to this message with your request.
My son is in the same position having mailed in his PCF cheque the week of Sept.21 using their prepaid envelope and it has not shown up.
I usually make my cheque for a nominal amount in these situations, such as $10 or even $1 but his is for $100.
I feel bad having recommended he investigate ally in the first place.
Fortunately he is much more laid back than I am.
How many more things can this new financial entity FU.
Just saw this on another forum
Unfortunately, some of the earlier pre-paid envelopes included in our Welcome Kits were incorrectly addressed. We are currently working with Canada Post to correct the issue and have had the mail forwarded to us. In the mean time, we suggest for faster processing you can mail in a new funding cheque to:
Ally Canada
PO BOX 350 STN C
TORONTO ON M6J 3N1
If you would like a new Welcome Kit sent to you with an updated pre-paid envelope, please give us a call at 1-866-247-ALLY or reply to this message with your request.
My son is in the same position having mailed in his PCF cheque the week of Sept.21 using their prepaid envelope and it has not shown up.
I usually make my cheque for a nominal amount in these situations, such as $10 or even $1 but his is for $100.
I feel bad having recommended he investigate ally in the first place.
Fortunately he is much more laid back than I am.
How many more things can this new financial entity FU.
No kidding. I wonder who will receive all those cheques with peoples' names. addresses and account numbers?CROCKD wrote:
Just saw this on another forum
Unfortunately, some of the earlier pre-paid envelopes included in our Welcome Kits were incorrectly addressed. We are currently working with Canada Post to correct the issue and have had the mail forwarded to us. In the mean time, we suggest for faster processing you can mail in a new funding cheque to:
Ally Canada
PO BOX 350 STN C
TORONTO ON M6J 3N1
My son is in the same position having mailed in his PCF cheque the week of Sept.21 using their prepaid envelope and it has not shown up.
I usually make my cheque for a nominal amount in these situations, such as $10 or even $1 but his is for $100.
I feel bad having recommended he investigate ally in the first place.
Fortunately he is much more laid back than I am.
How many more things can this new financial entity FU.
Regards,
Pickles
Pickles
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When you login and click on Open a 2010 TFSA Kick Start Account, you can find out what bonus interest actually means:ING Direct wrote:In 2010 Canadians can save an additional $5,000 without being taxed on the interest they earn in a Tax-Free Savings Account. But why wait until 2010?
We created the new 2010 TFSA Kick Start Account so you can make next year's contribution today!
We want to reward you for contributing early by giving you a bonus interest on any contributions you make between October 1st and December 31st, 2009. On January 1st, 2010 we'll make sure your money is deposited into your official Tax-Free Investment Savings Account with ING DIRECT.
Not too shabby, 2.1% annually until the end of the year, but even contributing the max of $5k gets you about the lucky amount ING used to offer new clients, around $13 bonus. Better than nothing I guess.ING Direct wrote:Step 1: Tell us the amount you want to set aside today to get ready for your 2010 Tax-Free Savings Account contribution. We'll move this amount into your new 2010 TFSA Kick Start Account right away so you get bonus interest to cover the taxes at the end of the year, doubling the interest you earn.
Step 2: On January 1st, 2010, we'll make sure your 2010 contribution (up to $5,000) is deposited into your existing Tax-Free Investment Savings Account so you'll start earning tax-free interest immediately.
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My Canadian Direct Financial Accounts has been opened and all papers faxed to them for direct transfers from my TD account.
I initiated the first telephone transfer today and the funds will be in the account in 2 days. The rep told me it will be some time before we will be able to do transfers on line.
Opening the account was a breeze and I am impressed with everyone I spoke with at CDF. I chose this over Ally as CDF are affiliated with Canadian Western Bank and this just made me feel a little bit more confident doing business with them.
2% is a whole lot better for cash available funds than what I was getting at Manulife (0.75). We have another mm deposit at TDW with Renaissance, they are paying .95%. We would have transferred everything, but would have been over the limits for CDIC.
I initiated the first telephone transfer today and the funds will be in the account in 2 days. The rep told me it will be some time before we will be able to do transfers on line.
Opening the account was a breeze and I am impressed with everyone I spoke with at CDF. I chose this over Ally as CDF are affiliated with Canadian Western Bank and this just made me feel a little bit more confident doing business with them.
2% is a whole lot better for cash available funds than what I was getting at Manulife (0.75). We have another mm deposit at TDW with Renaissance, they are paying .95%. We would have transferred everything, but would have been over the limits for CDIC.
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In what way? I've been with them for years and never had a problem.Clock Watcher wrote:But then ING sc**ws you after that. I learned my lesson.adrian2 wrote:Not too shabby, 2.1% annually until the end of the year, but even contributing the max of $5k gets you about the lucky amount ING used to offer new clients, around $13 bonus. Better than nothing I guess.
ltr
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What ING is currently paying me in my TFSA is less than what I can get at Canadian Tire, and about half of what Ally & CDF are paying. Actually, I am starting to regret getting a TFSA - you can effectively only do one withdraw a year, whereas in a non-registered plan, I can chase the yields by freely switching between the various high-interest institutions. Even paying the tax on the 2% is better than 1% tax sheltered.like_to_retire wrote:In what way? I've been with them for years and never had a problem.Clock Watcher wrote:But then ING sc**ws you after that. I learned my lesson.adrian2 wrote:Not too shabby, 2.1% annually until the end of the year, but even contributing the max of $5k gets you about the lucky amount ING used to offer new clients, around $13 bonus. Better than nothing I guess.
ltr
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ING has had one of the best TFSA offerings available in my opinion. Last year they paid double interst of 6% from Oct to Dec.What ING is currently paying me in my TFSA is less than what I can get at Canadian Tire
Then ING has been paying 3% on its TFSA up until this October 1st. I don't think that's been too bad a rate.
After October 1st they offer 2.1% (double the standard interest).
But what does this have to do with ING? This is a function of TFSA's that you must wait until the following year to redeposit. The reward for this is that the moneys are tax free.I am starting to regret getting a TFSA - you can effectively only do one withdraw a year, whereas in a non-registered plan, I can chase the yields by freely switching between the various high-interest institutions.
I'm not sure this qualifies as ING "screwing" you........
ltr
- Bylo Selhi
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So transfer your existing TFSA to another financial institution. ING, unlike most other FIs, doesn't charge any fees for transfers out.like_to_retire wrote:This is a function of TFSA's that you must wait until the following year to redeposit.
In any case, we're talking about $5k. A 1% interest differential is only $50 a year. Not that I believe ING is screwing anyone with their TFSAs, but even if they are, it's not much of a screw in the grand scheme of things.
(If you want to see a real screw by ING, read this and subsequent posts.)
Sedulously eschew obfuscatory hyperverbosity and prolixity.
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Even simpler, withdraw $5000, leaving the interest, in late December. Deposit $10000 in early January in the new provider. (That's what I'm thinking of doing because $5k is too small to be workable on a brokerage account if I want to transfer securities around.)So transfer your existing TFSA to another financial institution. ING, unlike most other FIs, doesn't charge any fees for transfers out.
Sic transit gloria mundi. Tuesday is usually worse. - Robert A. Heinlein, Starman Jones
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I'm just glad I locked in a 5 yr gic at the cibc at upwards of 5% in Jan.
Am looking at options for a just turned 18 offspring. Sounds like canadian tire is the place to go? With any luck, he will be needing his money for furthur education next year, so will need access to this cash.
Any other ideas?
Suzy
Am looking at options for a just turned 18 offspring. Sounds like canadian tire is the place to go? With any luck, he will be needing his money for furthur education next year, so will need access to this cash.
Any other ideas?
Suzy
suzy
- Norbert Schlenker
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Well, the offer is worded rather more openly than that. If someone has already tried this, I'd like to know if there's anything preventing a deposit of, say, $25k into the Kick Start account. May as well collect 2.1% on a bigger chunk of otherwise idle cash if they'll let you.adrian2 wrote:Not too shabby, 2.1% annually until the end of the year, but even contributing the max of $5k gets you about the lucky amount ING used to offer new clients, around $13 bonus. Better than nothing I guess.ING Direct wrote:Step 1: Tell us the amount you want to set aside today to get ready for your 2010 Tax-Free Savings Account contribution. We'll move this amount into your new 2010 TFSA Kick Start Account right away so you get bonus interest to cover the taxes at the end of the year, doubling the interest you earn.
Step 2: On January 1st, 2010, we'll make sure your 2010 contribution (up to $5,000) is deposited into your existing Tax-Free Investment Savings Account so you'll start earning tax-free interest immediately.
Nothing can protect people who want to buy the Brooklyn Bridge.
The big graphic ad on their site says "Contribute up to $5,000 NOW".Norbert Schlenker wrote:Well, the offer is worded rather more openly than that. If someone has already tried this, I'd like to know if there's anything preventing a deposit of, say, $25k into the Kick Start account. May as well collect 2.1% on a bigger chunk of otherwise idle cash if they'll let you.
Norbert, these people see you coming from afarTo be clearer, in the T&C, ING wrote:Some important things to remember:
•You may only enroll for one 2010 TFSA Kick Start Account during the promotion.
•The maximum deposit amount is $5,000.
- Norbert Schlenker
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Presumably ING would expect a person that hasn't opend a TFSA yet to open one with the first $5k and a kickstart account with the second $5k. Yes, I know it's not exactly one go, but I would assume if you give them $10k they make it rather painless to open the two accounts.Norbert Schlenker wrote:They're missing an opportunity to collect $10k at one go from a person who hasn't yet opened an account.
Well my cheque finally showed up in my account tonight (though they didn't call me on Tues or Thu as promised). At least they had it in the company somewhere! They even added 99c to the account -- about a weeks interest LOL! Hope the transfer setups now work ok and did doesn't take 5 days to get the micro-deposits.CROCKD wrote:Update for thegov on the time to cash cheque.
Unfortunately, some of the earlier pre-paid envelopes included in our Welcome Kits were incorrectly addressed. We are currently working with Canada Post to correct the issue and have had the mail forwarded to us. In the mean time, we suggest for faster processing you can mail in a new funding cheque to:
Ally Canada
PO BOX 350 STN C
TORONTO ON M6J 3N1
If you would like a new Welcome Kit sent to you with an updated pre-paid envelope, please give us a call at 1-866-247-ALLY or reply to this message with your request.
My son is in the same position having mailed in his PCF cheque the week of Sept.21 using their prepaid envelope and it has not shown up.
I usually make my cheque for a nominal amount in these situations, such as $10 or even $1 but his is for $100.
I feel bad having recommended he investigate ally in the first place.
Fortunately he is much more laid back than I am.
How many more things can this new financial entity FU.