Service fees changes

POSTPONED UNTIL FURTHER NOTICE


At Alterna, we work hard to keep your day-to-day banking fees low while investing in new products, services and technologies to offer you the best banking experiences possible. That’s the Good in Banking.

Over the past few years, Alterna has absorbed increasing industry expenses and operating fees. In order to continue to innovate, meet our high standards of service, and offset some of these increased expenses we are updating the fees on a few of our personal and business account services effective May 1st, 2020. Please refer to the below chart for details on the new applicable fees.



*Coverdraft is an automated movement of funds from one account to another, designated by our members, to cover their account if it goes below $0.00. This feature allows members to avoid a Non-Sufficient Funds fee (NSF) or make payments from their accounts if they do not have the full amount of funds available in the account they are using without experiencing a disruption in service.

We’re always here to help you review your current package choice and help you decide what’s best for you based on your recent account usage. Come talk to us in branch or call us at 1.877.560.0100.

Updated fee schedules can be found here: personal, business.

Q&A

Q1. Why is Alterna changing some of their fees? Expand/Collapse

These changes are being made to allow us to invest in new products, services and technologies to offer you the best banking experiences possible.

Q2. What is Coverdraft? Expand/Collapse

Coverdraft is a service that we currently offer to our members at no cost. It is the automated movement of funds from one account to another, designated by our members, to cover their account if it goes below $0.00. This feature allows members to avoid NSFs or make payments from their accounts if they do not have the full amount of funds available in the account they are using.

Q3. How does the Alterna Coverdraft fee compare to other Financial Institutions? Expand/Collapse

  • Banks do not provide this service and to cover an account that goes below zero overdraft protection must on the account in which case an overdraft fee and interest rate charges apply
  • Many Credit Unions apply this fee on a pay per use basis for each time it is used. Some charge as much as $5 per use.

Q4. How will the Coverdraft fee be charged? Expand/Collapse

  • Pay per use – if the service is not used within the month you will not be charged.
  • If a Coverdraft transaction occurs during the month you will be charged $2.50 for the month. It doesn’t matter how many transactions were made (e.g. one or twelve), the fee is monthly and fixed at $2.50 for members who made at least one transaction of this type.
  • The fee will be applied at month end.

Q5. Why has Alterna increased the eligibility age for a senior discount? Expand/Collapse

The age of eligibility for a senior discount at most Banks and Credit Unions in Canada is 60. This change aligns Alterna with this standard.