8:31 pm
December 23, 2011
Atlas, if you are a BMO customer...sign on to your online banking then send a secure message. They may answer and or only give you a phone number to call. Oh those phone numbers ...press 1, press 3, wait wait wait....then an answer....we are busy...please hold for next agent...wait time 25 minutes.
Try iTrade too....they answer emails but I think they put all their rookies on that job......so press for answers if you feel a level of incompetence.
12:25 pm
April 1, 2016
Well, I will chime in with my experience with Alterna Bank thus far. I received a phone call that the account was open yesterday. I was impressed that they take the time to actually contact a new client to advise them of the opening. That is not a personal touch I received from other online banks I've recently dealt with.
About the bank EFT transfer which I know that some here are disappointed with, but I called Alterna this morning to arrange a transfer from my PC Financial to my Alterna saving account. It should take about 3 business days. I will post the results next week. If the Bank is going through growing pains I am patience enough if they are making a good effort, especially since they are offering a more reasonable return. I would like to have a long term relationship with them. So we will see.
1:01 pm
April 1, 2016
It depends on the other bank. I can establish a link through PC Financial since I have been given a deposit form by Alterna. Should only take a couple of days. The downside is I have to send the form via regular mail. It would be worth it to me since I am not sure when in May the EFT system will take affect.
5:39 pm
April 6, 2013
So, direct deposit and pre-authorized debit are allowed by the Alterna Bank High Interest eSavings account? Their fee schedule says cheques and Interac Debit are not.
The account does come with two free Interac e-Transfers per month. One could transfer modest amounts out that way.
7:58 pm
April 1, 2016
Yes, I can confirm that they are allowed since a pre-authorization deposit form was attached to my welcome e-mail. I spoke to a representative this evening and I confirmed it again just to make sure.
The scheduled transfer I did over the phone is list on my account activity. So its ready to go.
As per their website:
- 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.
6:43 pm
December 12, 2015
7:42 pm
April 6, 2013
The unlimited me-to-me transfers with several days holds sound like me-to-me transfers to pull funds into the eSavings account. It sounds odd that Alterna Bank would allow funds to be pulled in from only Tangerine Bank, PC Financial, and DUCA. What about from other Canadian Payment Association members like Royal Bank, TD Bank, and so on?
The $3,000 limit sounds like a limit on pushing funds out using one of those two-free-per-month Interac e-Transfers.
6:56 am
April 1, 2016
It doesn't make sense that Alterna would only push and pull from only a limited amoun of on-line banks. Maybe there was a confusion when there was talk about using a pull from PC Financial. The cheque I used to deposit the funds was from PC Fin. It just happens to be that PC Fin has the option of adding an external account link. I did this years ago between TD and PC Fin. and it is still active. I bank with TD and RBC and neither of them have the option to add an external link. I thought RBC had this feature when I was browsing their site. Unfortunately, its just a Tracker where you can list accounts you have with other institutions and "Track" your finances as a whole; you can't push and pull.
From what I gather is that once a link is established with Alterna it can be from any financial institution that you have a deposit form or void cheque from that bank.
I agree with Norman1, $3000 limit sounds like e-Transfers. The rep probably was offering other options to transfer money into the account until the EFT system is implemented.
7:53 am
April 1, 2016
7:34 pm
April 1, 2016
So far so good with Alterna. I got a promised courtesy call yesterday as a follow up to my transfer of funds to let me know it went through without a problem.
I initiated a cheque deposit (with their "anywhere" feature) from my TD account after speaking with a rep this afternoon. The rep confirmed for me that once the deposit is registered, the balance reflects the deposit and interest is being earned immediately. From what I was told, there may be a hold depending if you have enough funds to cover that deposit.
Sounds like they are doing well to take their corner of the market.
It is the next morning and the cheque was shown to be removed the same day. This is the quickest I've ever seen a withdrawal.
5:49 pm
April 7, 2016
12:58 pm
April 1, 2016
MarkFog said
It depends on the other bank. I can establish a link through PC Financial since I have been given a deposit form by Alterna. Should only take a couple of days. The downside is I have to send the form via regular mail. It would be worth it to me since I am not sure when in May the EFT system will take affect.
A follow up to the process I spoke about earlier. Today, I received a letter from PC Financial explaining why they returned my Pre-Authorization form from Alterna. Apparently it has to be stamped by the "other Financial Institution" or I send a "Void" cheque. I only opened a savings account and it doesn't make sense for me to open a chequing account at Alterna Bank just to create a link between the two. The process will probably take longer than Alterna establishing their own electronic funds transfer system (I hope it is in May). I always paid my purchases with a credit card so I can add as a payee.
8:52 am
April 7, 2016
On April 21 I sent them an email with pictures of the front and back of a cheque. They immediately deposited it and on April 27 I got a call to explain their ways to me. Very pleasant and informative conversation.
I have also deposited another cheque via the phone app which went very well. I just checked my account and it shows the new deposit as of Apr. 27, of course it is on hold for 3 days but the interest will accumulate as of the day I sent it.
So far seems like a good company.
6:57 pm
September 15, 2013
Started my account application last week and got the confirmation
e-mail on April 22. Sent a cheque by mail on Monday and last night
I got a call from them to verify my info ( well done Canada Post- they
received my letter the next day). After everything was verified I did
mention about the lack of me-to-me transfers for online banking
( which I only learned about on this site) and the rep was somewhat
skittish about when it would become available.
I know the " friendly rep" on the other thread mentioned a May launch
but the person I spoke with didn't seem too certain. I'm not really too
concerned because I will wait until their system is up and running.
All in all, getting a phone call from a real person was nice. I have to agree
with threeoakwest, they seem to trying to be better than most online banks.
4:18 am
January 9, 2011
Follow up to my post about 3 weeks ago. Equifax posted the data breach at People's on 11/13 in response to People's advising them of everyone who had accounts with them, even though I wasn't affected. I have written to have this removed from my record and await Equifax confirming this was done.
I noted the Alterna rep's post saying it will be OK in a few days from then to not be affected by the People's Equifax message when opening an account. I haven't proceeded yet to try again to open an account as having fast transfers to and from my linked 'A' bank chequing account is a minimum requirement, like most of the other (CDIC insured anyway) online banks have. Its unclear to me with all the talk of push/pull/me to me exactly what Alterna can and can't do right now, and it would be nice if they could state both. Its almost the month of May, so perhaps they will solve whatever the problem is and be competitive with the rest.
" It wouldn't take much for me to up and run, to another life somewhere in the sun. " - Kenny Chesney
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