Access to Funds
Alterna has been keeping your money safe for more than 110 years, and an effective policy regarding Access to Funds helps ensure we continue to do so.
When you deposit a cheque in a personal account at Alterna, either in-branch, or through an automated teller machine (ATM), through your mobile device using Deposit AnywhereTM or by mail, we may put a hold on your funds. This means you will not be able to access the bulk of that cash for a limited period of time.
ATM deposits are treated the same whether they are cash, cheque or other type of payment. All deposits at an ATM follow our Access to Funds policy.
The hold periods vary depending on the type of cheque you’re depositing, however, in most cases access to at least $100 of the deposit will be provided to you for your immediate use1.
Cheques will be held for the following maximum number of business days:
| Item | Amount | Max. Days Held |
| Cheques, drawn on Canadian financial institution, deposited in person | Up to, and including, $1,500 | 4 |
| Cheques, drawn on Canadian financial institution, deposited in person | Greater than $1,500 | 7 |
| Cheques, deposited through ATM | Up to, and including, $1,500 | 5 |
| Cheques, deposited through ATM | Greater than $1,500 | 8 |
| Cheques, drawn on Canadian financial institution, deposited through Deposit Anywhere | Any Amount | 5 |
| Cheques, drawn on Canadian financial institution, received by mail | Greater than $1,500 | 8 |
| Alterna Savings/Alterna Bank cheques, deposited to an Alterna Savings/Alterna Bank account (retail & business) | Any Amount | 3 |
| Foreign cheques, including United States | Any Amount | 30 |
The length of time you’ve dealt with Alterna and your present account standing may also have an impact on whether your deposited funds will be held. Please note that some cheques may require further confirmation. This means that the funds will be credited to your account only if and when we confirm that the funds to cover the deposited cheque have been received.
Questions? Contact us.
