Online Account Application FAQs

Are there any requirements to open account online with Alterna Savings? Expand/Collapse

To become a member online you will need to:
  1. Be 18 years and over
  2. Be an Ontario resident
  3. Have your address, contact details and Social Insurance Number (SIN) handy
  4. Have an account at another Canadian financial institution so that we can confirm your identity
  5. Open an a personal account for personal use
  6. Make a on-time membership share investment of $15 CAD (funded from your first deposit)

How long does it take to complete the online application? Expand/Collapse

If you have all of the required information on hand it should take under 10 minutes to complete the application!

What if I don’t have an account at another financial institution? Expand/Collapse

Please give our Contact Centre a call at 1-877-560-0100 so we can book you an appointment at one of our local branches

I don’t have any cheques in my name, can I still apply? Expand/Collapse

Yes, you can by selecting your Chequing or Savings account at another Canadian financial institution.

I’m trying to open an account however the institution I use isn’t listed? Can I still apply? Expand/Collapse

Yes, you can still apply by choosing our two other funding methods,
  1. Remote cheque deposit through our Mobile app
  2. Mail in a cheque

Why is the minimum initial deposit $15.00 CAD? Expand/Collapse

When you bank with Alterna Savings, you are also a member. This $15.00 deposit covers the membership share which you will get back should you ever leave. As a member, you have the right to vote for the Alterna Savings Board of Directors and have a say in the way Alterna Savings operates.

I completed my online application but I did not get any type of confirmation? Expand/Collapse

If you received a reference number, then your application was completed successfully and an email would have been sent.  Please check your spam or junk folder.

I received an email that my application was missing a bit of information? What is missing? Expand/Collapse

We are confirming the information you provided. Please allow up 1-2 business days for an Alterna Savings Representative to connect with you.

I was asked to forward additional documentation for my online application, what should I do? Expand/Collapse

In order to meet all FINTRAC requirements, we require additional information from other reliable sources.  All documents must be in their original format therefore we cannot accept pictures or scanned documents.

Does Alterna Savings do a credit check? Expand/Collapse

A “soft” credit check may be pulled as part of our account opening process.

What is a soft credit check? Expand/Collapse

A “soft” credit check is a tool many FIs use when opening an account which serves as a background check on an individual. A soft credit check doesn’t impact your credit score and won’t be visible to other third parties who view your credit report.

Can I open an account on behalf of someone? Expand/Collapse

We do not allow third party applications.

I am the Power of Attorney (POA) for the applicant – can I open an account for them online? Expand/Collapse

We do not allow third party applications. We will need to book you an appointment at one of our local branches.

What happens if I don’t fund my account? Expand/Collapse

If the $15 membership share required to join Alterna is not funded within 30 days, your account will be closed.

I noticed my account was closed, was something wrong? Expand/Collapse

If the $15 membership share was not funded or initial deposit was charged back, your account was closed.

Does Alterna Savings offer joint applications? Expand/Collapse

Yes. Each person is required to open an account online and once accounts have been opened and fully funded, you may complete the joint agreement form.

I want to apply for a chequing and savings account however I can only choose one product? Expand/Collapse

Our online application only allows you to open one product.  Once your account has been opened and you have funded your membership share, you can give our Contact Centre a call at 1.877.560.0100 and we can open additional products for you.

When will I receive my debit card for my Chequing or Savings account that I applied for online? Expand/Collapse

If you applied for a Chequing account, you will automatically receive your debit card by mail 5-10 business days after your account is opened.

If you applied for an Investment Savings Account and requested a debit card during the application process, you will receive it by mail 5-10 business days after your account is opened.

How do I set-up a direct deposit or pre-authorized debit? Expand/Collapse

Download and fill in the form. This form can be used in place of a void cheque for setting up or modifying direct deposit or pre-authorized debit or payment transactions. You can find the Identifier, Sub and Account number by logging in to mobile banking App, select Accounts, then the sub account (you are looking to get the full account number for) and click on account details.

How can I find my account information to fill in the Direct Deposit form? Expand/Collapse

You can find your account information by signing in to our mobile app,  click account and account details.