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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
To become a member online you will need to:
- Be 18 years and over
- Be an Ontario resident
- Have your address, contact details, Social Insurance Number (SIN), and government-issued identification handy.
* (Eligible forms of ID: Canadian Passport, Canadian Permanent Resident Card, Canadian Driver’s License.) - Open a personal account
- Make a one-time membership share investment of $15 CAD (funded from your first deposit)
Applying is quick and easy! If you have all the required documents and information on hand, it should take between 5-10 minutes to complete the application.
Please give our Contact Centre a call at 1.877.560.0100 so we can discuss your options.
Alterna Savings is a cooperative financial institution, collectively owned by its clients. When you open an account at Alterna Savings, you become a member and owner. The $15.00 deposit covers your membership share. As a member, you have the opportunity to vote for the Alterna Savings Board of Directors and participate in decisions about how Alterna Savings is run. Your membership share is fully refundable if you ever decide to end your relationship with Alterna.
A member of our team will be in touch within 1-2 business days regarding the additional information we need to open your account
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 scan. You will receive an email from a member of our team with additional information
A “soft” credit check may be done as part of our account opening process.
A “soft” credit check is a tool many financial institutions use when opening a new account. 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. Please book an appointment at one of our 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 the initial deposit was charged back, your account was closed. If you have questions about your account, please call our Contact Centre at 1.877.560.0100.
A One-Time Passcode (OTP) is a unique, time-sensitive code sent to your mobile phone during the digital onboarding process. It is used to verify that the phone number you provided belongs to you. This added layer of security helps protect your personal information and ensures that only you can access and complete your application.
Trulioo is a partner service we use for identification verification. This helps us securely and efficiently confirm your identity during the account opening process, ensuring compliance with regulatory requirements and enhancing your overall security.
Identification verification is a regulatory requirement designed to prevent fraud, money laundering, and other financial crimes. By confirming your identity, we help protect both you and the financial system, ensuring your personal information and funds remain secure.
Yes. Each person on the joint application must have an Alterna Savings account. Once both accounts have been opened and fully funded, please complete the joint agreement form to create a joint account.
Our online application only allows you to open one account. Once your first account has been opened and you have funded your membership share, you can open additional accounts through digital banking, by calling our Contact Centre 1.877.560.0100 or by visiting any branch.
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.
If you are logging in to online or mobile banking for the first time, you will need to follow the one-time authentication process detailed HERE.
Download and fill in our Direct Deposit/Pre-Authorized Debit form. This form can be used in place of a void cheque for setting up or modifying direct deposit, pre-authorized debit or payment transactions. You can find the Identifier, Sub, and Account number by logging in to digital banking, selecting the appropriate account, and then clicking on account details.
You can find your account information by logging in to digital banking, clicking on the account you need the information for, and then selecting “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
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).
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