Alterna Savings Service Fee Changes
At Alterna Savings, we work hard to keep your day-to-day banking fees low while providing exceptional products and services to offer you the best banking experience possible. That's part of the Good in Banking™.
Over the past few years, Alterna Savings has limited service fee changes by absorbing increasing industry expenses and operating fees. To continue to meet our high service standards and offset some of these increased expenses, we are updating the fees on a few of our personal and business account services effective January 1, 2023. Despite this increase, Alterna's fees are still positioned competitively within the market, and we remain committed to providing exceptional value for your daily banking needs.
Please refer to the chart below for details on the new fees. Updated service fee schedules can be found here for Personal and Business accounts.
Personal and Business member fee changes
|Coverdraft||Current Fee||New Fee|
|Safety Deposit Boxes||Box Size||Current Fee||New Fee|
|• Annual rental fees are changing for the following sizes|| 1.5" x 5"|
2.5" x 5"
|Outgoing Wire Transfer||Amount||Current Fee||New Fee|
|• Moving to a tiered fee structure|| $9,999 and under|
$10,000 - $49,999
$50,000 and over
|Incoming Wire Transfer||Amount||Current Fee||New Fee|
|• Flat Fee|| Any||$10||$15|
Additional Personal members changes:
- Interac® ATM withdrawal fee will be increased from $1.90 to $2.00 per transaction, based on your banking package. This is the fee charged for withdrawals at another financial institution's ATM. Withdrawals at an Alterna, ACCULINK® and THE EXCHANGE® Network ATM remain included in your monthly package.
- Senior Discount eligibility will now apply to members 60 years of age and older. Previously the age of eligibility was 59. If you are 59 and already receiving the senior discount, you will continue to receive that discount.
- Personalized cheques - Orders for cheques will be reduced from 50 cheques to one book of 25 cheques per calendar year. This change applies to members of the GoodLife, Value, or Unlimited banking packages.
Additional Business member fee changes
|Service||Current Fee||New Fee|
Frequently Asked Questions (FAQs)
You've got questions.
We've got answers.
These changes are being made to allow us to invest in new products, services, and technologies to offer you the best banking experiences possible.
Coverdraft enables members to link accounts, including Lines of Credit, to cover for transactions in the event of insufficient funds. This feature allows members to avoid non-sufficient funds (NSFs) and returns if they don't have funds available in their primary account.
Many Credit Unions offer Coverdraft, while other financial institutions do not provide this service. Overdraft protection, another service that helps account holders avoid declined transactions, is the most common service offered by financial institutions. Alterna's Overdraft protection is offered for a monthly fee, with the account holder responsible for covering interest charges for the funds in use.
We are reasonably priced compared to other Credit Unions. Many Credit Unions offer Coverdraft on a per-use basis. The fees can be as high as $5.00 per usage.
The Coverdraft fee of $2.50 will be charged on the last day of the month if you have completed one or more Coverdraft transactions during the month. This is a flat monthly fee of $2.50, not a per-transaction fee. The Coverdraft fee will be charged to the subaccount(s) that receive the Coverdraft transfer.
Canada's population is in the midst of a fundamental shift. In 2012, almost one in seven Canadians was a senior; by 2030, that number will jump to nearly one in four. We have decided to increase the eligibility age for the senior discount from 59 to 60 years to continue to share the administrative costs of banking amongst a more significant number of members who benefit from our products and services.
The age of eligibility for a senior discount at most Banks and Credit Unions in Canada is 60 years old. This change aligns Alterna's services with the current marketplace.
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