Alterna - Alterna Savings Service Fee Changes

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
An automatic transfer of funds from one account to another to cover any overdrawn balance in your account. New monthly fee will be charged only if you have completed one or more Coverdraft transactions during the month	$0.00	$2.50 per month

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" 10" x10"	$35 $47 $220	$45 $65 $260

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	$30 $30 $30	$30 $40 $70

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
Paper Statements e-Statements are available at no charge In-branch Cash Deposit Fee per $1,000 Note: Alterna's Business Basic, Value, Premium and Prestige packages allow free in-branch deposits of up to $1,000 per day	$1.00 $2.00	$3.00 $2.50

You've got questions.

We've got answers.

Why is Alterna making changes to some of our fees?

What is Coverdraft?

Do other financial institutions offer Coverdraft?

How do our Coverdraft fees compare to other Credit Unions?

How will the Coverdraft fee be charged?

Why has Alterna increased the eligibility age for a senior discount?

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.

Frequently Asked Questions (FAQs)