On February 1, 2013, Royal Bank of Canada announced the acquisition of Ally Financial Inc.’s Canadian auto finance business (Ally Credit Canada Limited) and Canadian deposit business (ResMor Trust Company).
As a part of the integration of ResMor Trust Company, please be advised your ResMor‡ account(s) will be assumed by Royal Bank of Canada on September 21, 2013. Once your account(s) have been transferred, you will have the choice of managing your account(s) in RBC Online Banking, by phone or by visiting your nearest RBC Royal Bank branch .
Please see below for important dates and information regarding the transfer of your account(s). If you have any questions or for any available updates, please call 1-866-247-2559.
The transfer of your account(s) from ResMor Trust Company to RBC will take place from September 21, 2013 to September 22, 2013.
Effective September 20, 2013 at 11 p.m. ET, you will no longer have access to ally.ca.
If you would like access to your funds between September 21, 2013 and September 22, 2013, please contact 1-866-247-2559 and our Customer Service Representatives will be happy to assist you.
After September 22, 2013 you will be able to access your accounts through Online Banking.
Existing RBC® clients will be able to use their RBC client identification number and Online Banking password to access their newly transferred account(s). If you are an existing RBC client, and do not have access to Online Banking, please call 1-866-220-7532 or visit the nearest RBC Royal Bank branch and our Customer Service Representatives will be happy to assist you.
New clients to RBC will be provided with a client identification number by mail before September 21, 2013. After September 22, 2013 please call 1-866-220-7532 or visit the nearest RBC Royal Bank branch and our Customer Service Representatives will assist you to set up your Online Banking password to access your account. You will not be able to set up your Online Banking password if you contact us before September 22, 2013. Please have your client identification number when calling to set up your Online Banking password.
All clients will receive a separate mailing containing their new RBC account number(s) by October 18, 2013.
For specific product details select one of the following:
Your TFSA trustee will change from ResMor Trust Company to The Royal Trust Company on September 21 2013.
The ResMor Trust Company agreements governing your TFSA will be replaced with the Royal Bank of Canada Tax-Free Savings Account Trust Agreement and Summary of Fees .
The current term, interest rate and terms and conditions governing your existing GIC will continue until maturity.
If your GIC is maturing on or before September 20, 2013 you will continue to have the option to reinvest in an Ally‡ GIC. For information on current rates, please visit ally.ca or contact 1-866-247-2559. Non-Registered GIC clients will also have an option to invest in any RBC savings or investment product. Please visit the RBC Royal Bank branch nearest you to take advantage of our competitive rates.
If your GIC is maturing after September 20, 2013 please note that at maturity the GIC will be governed by the RBC Client Agreement – Non-Registered Guaranteed Investment Certificate and RBC Client Agreement – TFSA Guaranteed Investment Certificate including the conditions of renewal.
We will notify you prior to the maturity of your GIC, and you will have time to provide us with maturity instructions. In case we do not receive any maturity instructions from you, your GIC will be renewed under the RBC Client Agreement into a redeemable GIC with a term of one year for a TFSA GIC or one year or the same term as the original deposit, whichever is less, for a Non-Registered GIC at the interest rate posted at that time on www.rbcroyalbank.com/products/gic/gic-interest-rates.html.
If you have invested in an Ally Raise Your Rate GIC, please note that RBC will honour the terms and conditions of this product, including the ability for a one-time interest rate increase. After the transition to RBC, the posted interest rate for this product will be benchmarked to the RBC 2 Year Redeemable GIC. If you wish to exercise this option you can call 1-866-220-7532 and request the one-time interest rate adjustment.
Upon transfer to RBC, your Ally TFSA HISA account balances will be transferred into an RBC TFSA Savings Deposit account. Once transitioned to the RBC TFSA Savings Deposit account, your account will be governed by RBC terms and conditions including the interest rate.
The interest for the RBC TFSA Savings Deposit account is calculated differently than at Ally. For the RBC TFSA Savings Deposit account, interest is calculated daily on the closing balance and added to the principal at the end of June and December or when the savings deposit balance is fully redeemed. The interest rate is an annual rate, posted on www.rbcroyalbank.com/products/gic/gic-interest-rates.html and subject to change without notice.
Any pre-authorized contributions or withdrawals linked to your Ally TFSA HISA will no longer be operational after your account has been transferred to RBC. Please contact the entities involved in, or affected by, your pre-authorized withdrawals to make the necessary updates. Please visit the RBC Royal Bank branch nearest you or call 1-866-220-7532 to set up a pre-authorized contribution on your new RBC TFSA.
RBC is committed to make this transition as smooth as possible for you. The timelines and transfer steps outlined above are subject to the receipt of government and regulatory approvals, and are subject to change. If you have any questions or for more up-to-date information, please call 1-866-247-2559.
RBC Royal Bank is committed to helping you grow your savings with our extensive range of products and services. To find out more: