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Email thisWebsite: https://www.alternabank.ca
Headquarters: Ottawa, Ontario
Parent company: Alterna Savings
Credit union? No
Available to Quebec residents? Yes
Founded in: 2000
Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.
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Latest discussions about Alterna Bank -- view all
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Alterna Bank |
March 5, 2024 |
May 12, 2024 |
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Alterna Bank ALTERNA BANK change 25$ fee when you withdraw from RRSP account! |
December 4, 2023 |
December 5, 2023 |
16 |
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Alterna Bank |
June 17, 2022 |
June 7, 2023 |
16 |
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Alterna Bank |
December 3, 2022 |
December 3, 2022 |
1 |
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Alterna Bank |
August 31, 2021 |
May 26, 2022 |
12 |
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 2 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: 5 years
Why do you bank with them?: Owned by Alterna Savings a very large Credit Union
What do you like about this bank / credit union?: They’re owned by a large CU and are not a bank.
What could be improved about this bank / credit union?: Better interface, higher rates
General comments: A very solid if boring online bank account. I mostly just wish their rates were higher but they don’t play rate games like some.
Review by ABClink — November 21, 2022 @ 7:11 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 months
Why do you bank with them?: I won't be anymore
What do you like about this bank / credit union?: Fees are reasonable
What could be improved about this bank / credit union?: Customer service, confidentiality, policy, tact, professionalism.
General comments: After being approved for a small business chequing account, I started receiving upwards of 20 spam/junk/phasing emails PER DAY. Before signing on with them, I was receiving 2 or 3 PER WEEK. It seems more than coincidental that the emails started the day I signed on with alterna. Also, they put a 5 day hold on deposited cheques, which I understand is necessary to make sure the cheque clears. But every time I deposit a cheque, the hold stays on until I either call in to complain, which LITERALLY takes hours of being on hold, or I email support, in which case I have NEVER received a reply from support regarding any tickets i have open, other than the auto reply that their system received my email. Alterna bank is a joke, and they are even worse than REAL banks. I will be transferring my business to another bank and will never use alterna for anything, nor will I be recommending them to anyone I care about. However, to anyone I actually hate, I highly recommend alterna, I give them 5 stars for pain and suffering.
Review by Joe Shmoe — September 11, 2022 @ 3:14 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 1 yr
Why do you bank with them?: Rates and ease of doing business
What do you like about this bank / credit union?: As above
What could be improved about this bank / credit union?: Increase their rates again
General comments: A bit difficult to get started due to paperwork but great to see my money grow
Review by V keaney — July 11, 2020 @ 2:24 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.):
How long have you banked with them?: 2 1/2 yrs
Why do you bank with them?: Use to be the highest interest, no fee online bank.
What do you like about this bank / credit union?: Consistently high or medium high interest rate, free service, ATMs (laurentian and national bank) are everywhere.
What could be improved about this bank / credit union?: Offers competitive rated credit card, ATM locator on app easier to navigate, can withdraw from TFSA without calling in
General comments: Good, reliable, easy to use, free
Review by chris — June 23, 2020 @ 9:43 am
Customer service: Rated 1 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Have been trying to set up an account. They are too ANAL to think outside the box and stray from the norm based on individual circumstances.
Why do you bank with them?: I am not and will never approach them again.
What do you like about this bank / credit union?: NOTHING
What could be improved about this bank / credit union?: CUSTOMER SERVICE
General comments: These people are so ANAL and unable to think outside the box..OMG. After multiple emails and documents to support identity, they still cannot put two & two together to figure out that I am one and the same. There system doesn't acknowledge / accept PO Boxes whereas our community operates under a PO Box system; PEOPLE WAKE UP! Obviously your hiring practices do not focus on a person's common sense because you certainly haven't shown ANY in your dealings with me. I am moving on to a bank that wants my business!! Glad I discovered your ignorance before transferring my money.
Review by Sandra Y Plouffe — June 17, 2020 @ 1:51 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Trying to start
Why do you bank with them?: RRSP
What do you like about this bank / credit union?: Nothing
What could be improved about this bank / credit union?: Customer service
General comments: The Alterna Bank rates appear to be very good, however their incompetence and lack of concern for customer service outweighs any seemingly “good deals”. They completely wasted my time with no regard for my concerns and there was no consistency with the responses and information I received from their employees! NEVER will I deal with this Bank or recommend them to others! There’s many more institutions that my money is better invested in, and that care enough to be professional and consistent
Review by Steve — February 26, 2020 @ 6:39 am
Customer service: Rated 4 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 1 year
Why do you bank with them?: I can do all my daily banking (pay bills etc) directly from my HISA
What do you like about this bank / credit union?: I fully recommend this bank
What could be improved about this bank / credit union?: Linking to another bank F.I. is done via blank check, it would be nice to proceed with 2 verified small deposit. They can provide the equivalent of a blank check for your HISA, but it's not obvious.
General comments: I’m in Hull and I’ve been with Alterna for a while now, for me there perfect! I was looking for a full service bank, you know, where I can pay all my bills including city & school taxes in Qc ! Features: Free e-checking Free e-savings account, RRSP or RRIF (2,20% interest at time of writing) Free Interac e-transfers Can link to external accounts (me-to-me transfers for free) Debit card can be linked to e-savings instead of e-checking! (not like Tangerine or most banks) GIC’s are not the greatest, but I don’t need those No fee access via ATM’s to your funds in many institutions, including all National Bank branches. CIDC insured Owned by Alterna Savings (1908), the second largest credit union in Ontario Over the phone service is great.
Review by picassocat — February 11, 2020 @ 8:59 am
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 years.
Why do you bank with them?: Initially for the high interest on savings
What do you like about this bank / credit union?: Initially the high interest rate.
What could be improved about this bank / credit union?: Online banking service and account opening.
General comments: Very poor customer service. Online banking service seems antiquated.
Review by John S — August 20, 2019 @ 3:54 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: Good and steady interest rates. Good customer service.
What do you like about this bank / credit union?: Moving in a right direction.
What could be improved about this bank / credit union?: .
General comments: .
Review by Ian De Jolles — July 22, 2019 @ 6:50 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: Need for a no fee, no minimum balance bank
What do you like about this bank / credit union?: no fee, minimum balance, short service waiting time (2-10 min on the phone, same day email response, etc), ATMs everywhere in town, free Interac transaction (4/month), free all other transaction
What could be improved about this bank / credit union?: Map is shitty on mobile Account transaction history is unwieldy Void cheque requires a bit of digging and self-assembly
General comments: 9/10 would recommend
Review by Chris — March 22, 2019 @ 5:42 am
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: A few years now
Why do you bank with them?: I was attracted by higher interest rates. But this is more of a game since the rates are changing. Need to keep less that 100,000 in one bank.
What do you like about this bank / credit union?: They were responding to my need to link this account with other institutions by providing additional information
What could be improved about this bank / credit union?: Two experiences get me wondering about this bank ability to provide good service. 1. I have moved my money to other institution because of a better interest rate. Then I received a phone call from Alterna saying that they have increased they interest rates. 2. Recently, I have changes my address on line with them and got e-mail that they need to verify my address so they locked my account. Now I have no access and calling them is long wait. They respond is unacceptable. Changing address did not create any issues with other finical institutions.
General comments: In Canada you are stuck with banks. All big bank impose fees giving you in exchange nothing for lending them your money. Sometimes you see promotions but this is just to get you into corner and control you. Once, you commit with your money to the bank, the bank have you in control. So called security regulations that benefit bank only leaving the public working and paying fees on saved money The government stands by the banks and does not protect the public.
Review by Les — March 2, 2019 @ 11:16 am
Customer service: Rated 4 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: Over a year
Why do you bank with them?: High TFSA interest rate
What do you like about this bank / credit union?: High TFSA interest rate
What could be improved about this bank / credit union?: Add online banking option to transfer funds from TFSA account.
General comments: There is no option to transfer funds from TFSA account. Funds can only be transferred via call the customer service. I have been told repeatedly that the option will be added in the future, but was not give an exact date.
Review by em — August 12, 2018 @ 4:57 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 2 / 5 stars
Fees: Rated 3 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: Initial promo offer
What do you like about this bank / credit union?: Not much
What could be improved about this bank / credit union?: Online credit/mortgage application is terrible.
General comments: Very poor customer service and confusing website.
Review by Bill — June 4, 2018 @ 12:49 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: Almost 2 years
Why do you bank with them?: High interest rates, no fee for debit transactions, great customer service, trustworthy
What do you like about this bank / credit union?: Trustworthy, Customer services
What could be improved about this bank / credit union?: Some things like T5 delivery and direct deposit documents could be made available online
General comments: Great overall experience
Review by Chinmaya — May 1, 2018 @ 1:36 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees: Rated 3 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 2 years
Why do you bank with them?: Looking for higher savings rate
What do you like about this bank / credit union?: Not much!
What could be improved about this bank / credit union?: Improve customer service.
General comments: Terrible customer service.
Review by Bill — April 23, 2018 @ 4:33 am
Customer service: Rated 1 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees: Rated 2 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: not long
Why do you bank with them?: not anymore
What do you like about this bank / credit union?: like very little about it
What could be improved about this bank / credit union?: To much to list...Client services, on line services cannot use bill payment for Hydro Quebec or Quebec gov.Taxes The bank doesn't offer same product as the credit union sister company. Practically no branch in Quebec to serve you.
General comments: Any bank or credit union is better don't waste your energies or time.
Review by J.D — February 15, 2018 @ 9:27 am
Customer service:
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: One month.
Why do you bank with them?: High interest rates especially with TFSA.
What do you like about this bank / credit union?: Funds are CDIC insured. Appears to be a well run organization and there’s a corporate attitude, noticeable in their phone representatives, which attempts to treat their customers in the best way possible.
What could be improved about this bank / credit union?: Their opening an account process could be perfected and made easier to understand. I ran into a few glitches. Although bank to bank transfers are easy on a computer, they should expand that capability to their mobile app.
General comments: I’m very happy with this bank. I’m glad I found it.
Review by Joe — January 27, 2018 @ 8:19 am
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 1 year
Why do you bank with them?: Best rate and easy to do business with
What do you like about this bank / credit union?: Online banking at it best!
What could be improved about this bank / credit union?: Easier and faster transfer from other bank
General comments: Nice surprise to find them
Review by Norm — August 16, 2017 @ 10:37 am
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: 1 year
Why do you bank with them?: high interest rate, close to a physical location
What do you like about this bank / credit union?: Very high interest rate. Customer service in-branch has been very helpful, even though I've only ever had an online account. I had to set up the account completely online and through email, but the branch was able to give me and my wife our debit cards and have been very helpful.
What could be improved about this bank / credit union?: Customer service on the phone and in branch were very helpful, but not at all knowledgable about the online banking products. I had to direct them to their own website to convince them there was an e-savings account offering 1.9% interest.
General comments: worth the trouble of moving some money to get that sweet, sweet interest rate.
Review by Matthew — July 21, 2017 @ 6:54 am
Customer service: Rated 5 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 5 / 5 stars
How long have you banked with them?: Almost 40 years (they were once the government employee credit union based in Ottawa) About 20 years in Toronto, starting with Metro Credit Union before the merger.
Why do you bank with them?: They are NOT a big bank. I prefer credit unions.
What do you like about this bank / credit union?: Friendly, welcoming, great service.
What could be improved about this bank / credit union?: They meet all of my needs so I can't think of anything.
General comments: I left a big bank and moved everything to Alterna years ago. I've never regretted it.
Review by Julie Biddle — July 15, 2017 @ 2:37 pm
Customer service: Rated 3 / 5 stars
Account features: Rated 5 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: 4 months
Why do you bank with them?: high interest rate
What do you like about this bank / credit union?: high interest rate
What could be improved about this bank / credit union?: better online interface
General comments: laid back bank
Review by lou — April 9, 2017 @ 4:06 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: not able to open account
Why do you bank with them?: would like to but they don't seem to want my money
What do you like about this bank / credit union?: interest rates
What could be improved about this bank / credit union?: setting up an account process. I applied for a savings account on line. They sent me an email telling me to send them a cheque so they could link the account, so I did. They kept sending me emails requesting a cheque and one day I got a letter back from them with my cheque (and no account set up). Not sure I want to bank with an institution that doesn't even know how to set up an account.
General comments: At first I was blaming Canada post but obviously they got my cheque. I had even put the REF number for my application on the cheque.
Review by Steven — February 11, 2017 @ 12:17 pm
Customer service: Rated 5 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees:
Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars
How long have you banked with them?: 1 month
Why do you bank with them?: high interest account
What do you like about this bank / credit union?: no fees, high interest account
What could be improved about this bank / credit union?: Mobile app
General comments: n/a
Review by Spazz — September 29, 2016 @ 3:01 pm
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: No thanks
Why do you bank with them?: No way
What do you like about this bank / credit union?: Nothing at all. Dangerous
What could be improved about this bank / credit union?: Close doors
General comments: This bank is dishonest. Watch out. Do not deposit your money. Won't get it back. They take it and you have little or no access to it.
Review by Louise — August 25, 2016 @ 7:08 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 4 / 5 stars
How long have you banked with them?: Not banked very long, only a few weeks.
Why do you bank with them?: High interest rate on savings
What do you like about this bank / credit union?: They have high interest rates
What could be improved about this bank / credit union?: Need to have ability to transfer funds electronically directly through other financial institutions instead of going through e transfers.
General comments: Other on line financial institutions can transfer seamlessly between each other without incurring e transfer fees. Wish Alterna would do that.
Review by Herb — April 15, 2016 @ 12:08 pm