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Email this4:32 pm
December 20, 2016
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I opened an online account at the beginning of the year, with high hopes of taking advantage of the 1.95% rate.
When calling customer service to assist in creating an accompanying joint account, I found the knowledge of the individual lacking.
Subsequent calls for assistance and support have resulted in general dissatisfaction with the quality of information and knowledge of their call center people.
I find their fee schedule to be ambiguous in connection with routine incoming and outgoing electronic transfers.
Is this the price (in frustration) to be paid for Alterna's higher interest virtual operation?
Would you recommend depositing substantial amounts to get a few extra points compared to other tried and true institutions?
Are you aware of fees that can be unexpected surprises at Alterna?
5:47 pm
October 27, 2013
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Is circa 35 bp on $100k ($350/yr before tax) worth the hassle? Maybe... but how about $35/yr on $10k? That is one pizza night out at BP for the family, or a partial tank of gas, or a few cable tv channels off the package.
There are CDIC offerings in the 1.6% range. I don't understand taking so much abuse for such lousy amounts of interest.
5:59 pm
October 21, 2013
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I don't really understand what OP is getting at.
What are the problems exactly?
And are the questions posed rhetorical or do you really want an answer?
6:42 pm
October 21, 2016
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Opened two saving accounts last December. Recently transferred 50K from Tang. Overall, very happy with Alterna Bank. Find me someone else offering 1.95% on ordinary accounts with no strings attached...
3:13 am
April 7, 2016
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I certainly have no problems with Alterna.
4:37 am
December 13, 2015
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I have been with Alterna for over a year with no problems
8:00 am
December 20, 2016
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Loonie said
I don't really understand what OP is getting at.
What are the problems exactly?
And are the questions posed rhetorical or do you really want an answer?
No, not rhetorical nor theoretical, but practical and factual.
Agreed that the difference in a few basis points might hardly be worth the bother, but isn't that what a lot of discussion on this Forum is all about?..Squeezing the last bit of available interest we can get in Canada to our own advantage?
I was hoping to gain some insights from experienced Forum members about Alterna...maybe my own experience with poor customer service happened to be calls on "bad days".
My experience with other institutions such as Meridian and Hubert, for example, has been excellent with each contact, which is why I'm looking for input from the Forum.
On the other hand, despite the 2% offered by EQ Bank, under no circumstances would I do business with them, after the games they played with "applications" for an account, holding funds for an inordinate amount of time before recording the deposit and delays in processing withdrawls, not to mention inability to receive written confirmation on transactions.
There are things I am unwilling to up with put...
10:12 am
September 11, 2013
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Nehpets, you say "I find their fee schedule to be ambiguous in connection with routine incoming and outgoing electronic transfers." Can you list the specific ambiguities you are referring to in Alterna's fee schedule?
I've had no issues with Alterna in all my dealings with them, they've been just fine.
10:47 am
December 20, 2016
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Bill said
Can you list the specific ambiguities you are referring to in Alterna's fee schedule?
I originally made a mistake by reading the fee schedule for "in house" accounts, which I found to be confusing; however, I located the relevant information on fees in the following which is quoted from their website
https://www.alternabank.ca/Personal/EverydayBanking/Accounts/eSavings/
High Interest eSavings Account
Offering a high interest rate on every dollar
No minimum balance required
Unlimited free bill Payments, transfers and debits
2 Free Interac® e-Transfers (only $0.95 after)
Easy access with Online and Mobile Banking, Android and iPhone App.
Safe and secure – deposits are insured through the Canada Deposit Insurance Corporation (CDIC)
Ambiguity is now clarified with the pertinent information!
I do stand by my comments about inconsistent customer service contact.
Stephen
1:14 pm
April 16, 2017
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I'm confused. Are there fees such as account closing fees or is the $0.95 e-Transfer for 3+ the only one? The link has the statement "A free online savings account offering high interest on every dollar."
I've encountered fees on closing a Tangerine account where supposedly there was none on it when it was ING, so call me wary.
2:00 pm
December 20, 2016
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Spanky said
I'm confused. Are there fees such as account closing fees
I believe they charge a closing fee $25 if the account is closed within 90 days of opening according to the personal service fee listing found here: https://www.alterna.ca/Personal/EverydayBanking/ServiceFees/
2:54 pm
October 27, 2013
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Spanky said
I'm confused. Are there fees such as account closing fees or is the $0.95 e-Transfer for 3+ the only one? The link has the statement "A free online savings account offering high interest on every dollar."
The $0.95 reference is for Interac e-transfers. Has nothing to do with regular EFT transfers between accounts or for account closing fees.
3:57 pm
October 21, 2013
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A 90day closing fee is standard; some charge more.
I had a problem with opening the account but have not had any problems since then. I find their staff to be pleasant and conscientious.
The issues I do have are their policy on limited withdrawals and the confusion as to what is available to online customers at the CU branches. I inquired in-branch and there is essentially nothing available at their CU branches except an ATM. Some of the things they have posted imply otherwise. I also wish they had 24/7 telephone service. However, the interest rate compensates.
5:10 pm
April 6, 2013
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Nehpets said
Spanky said
I'm confused. Are there fees such as account closing feesI believe they charge a closing fee $25 if the account is closed within 90 days of opening according to the personal service fee listing found here: https://www.alterna.ca/Personal/EverydayBanking/ServiceFees/
Those links are for Alterna Bank's parent, Alterna Savings CU.
The service fees schedule for Alterna Bank is at
https://www.AlternaBank.ca/Personal/EverydayBanking/ServiceFees
Yes, Alterna Bank also has a $25 fee for closing an account within 90 days of opening.
6:26 pm
October 21, 2013
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Yes, that is the other nuisance factor about Alterna. You must distinguish between the two websites. It can be confusing. They should rename one of them
7:11 am
December 20, 2016
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Loonie said
The issues I do have are their policy on limited withdrawals
What is their withdrawal policy, Loonie?
Stephen
1:33 pm
October 21, 2013
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I forget the specifics, but you can probably find it on their website. I believe it's 50K per week, spread over two days; and there are other details as well. I think you can't get more than 25K at once.
5:41 pm
April 6, 2013
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An earlier post has details about the limits on Alterna Bank's Me-to-Me transfers.
9:50 pm
October 21, 2016
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At least those of us who have two accounts (husband/wife) can double the transfer limits. It makes the limits somewhat more tolerable.
11:32 pm
April 6, 2013
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Loonie said
Yes, that is the other nuisance factor about Alterna. You must distinguish between the two websites. It can be confusing. They should rename one of them
They did change the colour scheme of the two sites.
Alterna Bank now has a cyan décor. That's in contrast to the orange of the parent Alterna Savings.
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