Resource Center
Frequently Asked Questions
Got questions? We’ve got answers! Here are some of our most frequently asked questions about online bill payments, mobile banking, debit chip cards and more.
If you don’t find the answer to your question, feel free to call us or send us an email - getintouch@alterna.ca a representative would be happy to help.
Frequently Asked Questions
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Frequently Asked Questions
The safety and wellbeing of our members and staff has always been our top priority. That is why we have increased cleaning services to our branches, ABM machines, and offices, and our staff have easy access to sanitizers and disinfectant. In addition, staff are now required to wear provided masks for added safety in common spaces. We are also in the process of installing additional plexiglass barriers throughout our branches, so that every branch will have that enhanced level of protection when serving our members.
Our branches are open, and members are welcome to visit for their banking needs. By heeding the social distancing advice of our health officials, you can do your part. Allow for space between yourself, other members, and staff when visiting in person. Staff are encouraged to follow effective hygiene strategies like discouraging handshaking and encouraging frequent handwashing as directed by public health authorities. If you prefer, phone or virtual appointments are also available.
Online, mobile, or telephone banking are the best ways to complete your day-to-day banking and protect yourselves and others from the spread of COVID-19.
In addition to support that is being provided by our government, we recognize that some of you, for personal and/or business reasons, will need additional assistance to help you get through this extraordinary time. Please call your branch to discuss options to help with your cash flow.
On March 18, 2020, as part of Canada’s COVID-19 Economic Response Plan, the Federal Government has proposed a 25% reduction in the mandated annual minimum withdrawals from RRIF contracts for 2020. This Change was passed by the Federal Government on March 25, 2020 and is now in force for 2020 only.
What you need to know
If you have a RRIF you now have the option to have your minimum that must be paid from a RRIF in 2020 reduced by 25%.
If you do not need or want to change your RRIF Annual Minimum Payment amount for 2020 you do not have to and you can still receive your current 2020 RRIF Annual Minimum Payment without any tax implications; however, withholding tax will be applied to any amount in excess of the greater (pre 25% reduction) 2020 annual minimum payment.
The spouse/common-law partner of the RRIF plan holder of a spousal/common-law partner RRIF will not be subject to spousal attribution where the holder receives RRIF payments up to the greater (pre 25% reduction) minimum amount.
Please reach out to your branch or call us at 1.877.560.0100 if you have questions or would like to opt in to changing your RRIF payment for 2020.
To learn more please visit here.
To locate the nearest available branch, you can use our Branch/ATM Finder.
Branch hours will be:
- Monday – Friday from 10:00 am – 4:00 pm
- Saturday from 10:00 am – 1:00 pm
Alterna members have access to the largest surcharge-free ATM network in Canada through THE EXCHANGE® Network, with over 3,700 ATMs to serve them. Find the one closest to you.
Your banking can be done anywhere and at anytime by using our:
- Online Banking service accessible through alterna.ca,
- Mobile Banking App available for download through the Apple IOS App Store or the Google Play Store, and
- Telephone Banking accessible by calling 1-877-560-0100 and press 2
These services allow you to:
- Check balances
- Pay bills
- Send money (mobile and online only)
- Transfer funds between accounts
- Deposit cheques (mobile only)
- Find the nearest Alterna or Exchange Network ABM (mobile and online only)
Not set-up for online or mobile banking? Give us a call at 1-877-560-0100 and we can help set you up.
We’re constantly monitoring developments during this global health situation and will continue to update impacts to your banking experience and ways that we can help support you as the situation evolves.
Our main concern is the health and safety of our members and employees and we are working to ensure that our services continue while supporting your need for safety.
Should we need to contact you, we encourage you to update your contact information by logging into online banking, calling 1.877.560.0100 or by sending an email to getintouch@alterna.ca.
New Contact Centre hours to better serve you are:
Monday to Friday 8:00am - 6:00pm EST
Saturday and Sunday 9:30am - 4:00pm EST
Alterna offers several account package options for members which range from low to high usage, and we provide discounts for seniors and students. Please call your branch or the Contact Centre to discuss which account package would best suit your current banking needs.
Members who use an Alterna Collabria Visa credit card may find that their Contactless Payments “tap” limit has already been increased to $250 for all merchant purchases (wherever merchants have enabled acceptance of contactless transactions), which should make it easier for members to complete transactions. To learn more about Collabria’s response to the COVID-19 crisis you can find more information at their website.
Members who use an Alterna Debit Card can tap their card to complete purchases where point of sales (POS) devices are available. The Tap Limit is $100.00 per purchase.
For more information about the use of the Alterna Debit Card visit our website.
Please note, we recognize that the pandemic may be changing the way you bank and Alterna is continuing to evaluate the needs of our members.
Frequently Asked Questions
To become a member online you will need to:
- Be 18 years and over
- Be an Ontario resident
- Have your address, contact details and Social Insurance Number (SIN) handy
- Have an account at another Canadian financial institution so that we can confirm your identity
- Open an a personal account for personal use
- Make a on-time membership share investment of $15 CAD (funded from your first deposit)
If you have all of the required information on hand it should take under 10 minutes to complete the application!
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
Yes, you can by selecting your Chequing or Savings account at another Canadian financial institution.
Yes, you can still apply by choosing our two other funding methods,
- Remote cheque deposit through our Mobile app
- Mail in a cheque
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.
We are confirming the information you provided. Please allow up 1-2 business days for an Alterna Savings Representative to connect with you.
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.
A “soft” credit check may be pulled as part of our account opening process.
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.
We do not allow third party applications.
We do not allow third party applications. We will need to book you an appointment at one of our local branches.
If the $15 membership share required to join Alterna is not funded within 30 days, your account will be closed.
If the $15 membership share was not funded or initial deposit was charged back, your account was closed.
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.
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.
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.
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.
You can find your account information by signing in to our mobile app, click account and account details.
Frequently Asked Questions
There are two options to view cheques online, you can view a single cheque or you can choose to view multiple cheques at once.
- Click on the account link within the ‘My Accounts’ section or click on the ‘View Account Activity’ link under the ‘My Accounts’ dropdown in the orange box on the upper left of your screen.
- Select the account that you want to view the cheque image from by using the dropdown box
- Choose your search parameters. For example, show 50 most recent transactions, date range or use the advanced search options and select ‘cheques only’ from the dropdown menu.
- Click the ‘Search’ button
- Click on the ‘Cheque Clearing’ link that is displayed within the ‘Account Activity’ breakdown.
- The cheque number, clearing date and account from which the cheque was written are displayed within the ‘Account Activity’ screen of online banking.
- When you click on the ‘Cheque Clearing’ link you will see a picture of the front of your cheque and you will also have the option to click on the ‘Show Back’ button which will display the back of the cheque.
- The cheque images from your search criteria will be presented and you will see either the front or the front and back of the cheques depending on your search criteria selection.
- The cheque number, clearing date and account from which the cheque was written are displayed within the ‘Account Activity’ section of online banking.
- If you click on the ‘Cheque Clearing’ link you will see a picture of the front of your cheque and you will also have the option to click on the ‘Show Back’ button which will display the back of the cheque.
Yes, if you have searched for a single cheque and clicked on the ‘Cheque Clearing’ link you will automatically be displayed the front of the cheque. You have the option to see the back of the cheque by clicking on the ‘Show Back’ button. For multiple cheques you have the option to view the front and back by selecting this in your search criteria or you can follow the ‘Cheque Clearing’ link and utilize the ‘Show Back’ button.
Yes, you can right click your cheque image and select ‘Save As’. This action needs to be performed when viewing the front of the cheque image and when viewing the back of the cheque image if you wish to save the front and back of the cheque image to your computer.
Cheque image history currently goes back to April 2012 and will extend to a total of 24 months once we reach April 2014. After April 2014 history will be a rolling 24 months.
- If you’re currently or in the past were using old style cheques which do not include your account suffix within the MICR (number coding on the bottom of your cheque) you will be unable to view the cheque images online.
- To view a copy of one of these cheques please contact your branch and they will retrieve a copy internally for you.
Frequently Asked Questions
60 Day Term Deposit - For funds to qualify as new money and be considered for promotional rates, the funds need to be deposited on or after the start date of the promotional offer.
Funds cannot be withdrawn and re-deposited nor can they be transferred from an existing deposit account to another. Only new deposits that raise a member’s overall deposit balance with Alterna from what it was on the Promotional Start Date will be considered for promotional rates.
There is no specific number of days; it is dependent on the Promotional Start Date. If a member has deposited money for the purpose of purchasing an investment with Alterna, then those funds would be considered new as long as the deposit was made on or after the corresponding promotional start date.
Yes, if you’re depositing funds with Alterna for the purpose of investing but for whatever reason you’re unavailable to meet right away, these funds would be eligible. Again, as long as the funds are deposited on or after the Promotional Start Date. On a best effort you should be making an appointment with one of our bankers at the time of the deposit to indicate that the deposit was for investment purposes.
- Deposit such as cash, cheque, PAD, Interac e-Transfer etc.
- Payroll
- Pension
- Severance funds
- Funds from another FI
Yes, funds advanced from an Alterna loan or line of credit for the purpose of investing are eligible for the new money promotional term deposits.
No, money withdrawn and re-deposited will not count as a new deposit. Only new deposits that raise your overall deposit balance with Alterna above what it was on the Promotional Start Date will be eligible to receive the promotional interest rates.
Promotional rates are subject to change without notice and are valid for the campaign period and are only guaranteed for a period of 30 days for investments transferred to Alterna (T2033).
Your financial well-being comes first
Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.
1.877.560.0100
Find a Branch/ATM
getintouch@alterna.ca