Personal Finance

Alterna Bank/Alterna Savings make Interac Etransfers free

  • Last Updated:
  • Apr 18th, 2018 6:38 pm
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Alterna Bank/Alterna Savings make Interac Etransfers free

Saw a post on reddit today that said that Alterna Bank is going to offer unlimited Interac Etransfers on June 1st (for their eChequing at least). I did a bit more digging at it seems that Etransfers will now be just another day to day transaction (like bill payments) for both Alterna Bank and Alterna Savings, which means alternas unlimited accounts will now have unlimited free Etransfers. This is pretty good as it will make Alterna Bank more competitive with Simplii Financial.

Here’s Alterna Bank’s statement on the change and Alterna Savings new fee book with the change.
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It already used to be free but I think only upto 2 per month... So now its unlimited.. thats good change for customers...
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mrtrump wrote:
Apr 8th, 2018 10:04 pm
It already used to be free but I think only upto 2 per month... So now its unlimited.. thats good change for customers...
Correct, plus Alterna Savings customers don’t have to pay anymore.
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Which abm can be used for e chequing?

Average holding period when externaly transfering?
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GreenFinGirl wrote:
Apr 8th, 2018 10:19 pm
Which abm can be used for e chequing?

Average holding period when externaly transfering?
Any Exchange Network atm can be used for free, and I think it takes a few days to transfer out money.
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According to the fee schedule, esavings is included...yea!


also it looks like they're getting rid of the Good Life package (for seniors), which was free/unlimited. So in some respects, this is worse than before
Last edited by Sauerkraut on Apr 9th, 2018 7:09 am, edited 2 times in total.
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titaniumtux wrote:
Apr 9th, 2018 12:09 am
@jacnel please explain the difference between Alterna bank and Alterna CU.
They used to offer the same accounts but the main difference now is that the Alterna Credit union has branches you can go to while Alterna Bank is the direct banking service of Alterna. Also Alterna Bank has better savings account rates and Alterna Savings has great GIC rates and credit cards.
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jacnel wrote:
Apr 9th, 2018 7:13 am
They used to offer the same accounts but the main difference now is that the Alterna Credit union has branches you can go to while Alterna Bank is the direct banking service of Alterna. Also Alterna Bank has better savings account rates and Alterna Savings has great GIC rates and credit cards.
So go to the Alterna Bank for savings account and to Alterna CU for credit cards?
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titaniumtux wrote:
Apr 9th, 2018 10:35 am
So go to the Alterna Bank for savings account and to Alterna CU for credit cards?
If you don't want in branch transactions I'd go with Alterna Bank since they offer great rates and no monthly fees, I think alterna bank also has some branch based accounts too but they don't advertise them on their website. Alterna on the other hand has more services like GICs, Mutual Funds and credit cards so you could go through them to get that. Personally I wish they would offer the alterna bank accounts to those with the credit union since DICO insures more than CIDC and I prefer credit unions over banks.
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jacnel wrote:
Apr 9th, 2018 11:56 am
If you don't want in branch transactions I'd go with Alterna Bank since they offer great rates and no monthly fees, I think alterna bank also has some branch based accounts too but they don't advertise them on their website. Alterna on the other hand has more services like GICs, Mutual Funds and credit cards so you could go through them to get that. Personally I wish they would offer the alterna bank accounts to those with the credit union since DICO insures more than CIDC and I prefer credit unions over banks.
+1

Except I prefer the option of never having to step into a branch if I can avoid it.
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I'v been with them for over 2 years. The perfect alternative (fitting name!) bank account. I recommend it!
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titaniumtux wrote:
Apr 9th, 2018 12:41 pm
+1

Except I prefer the option of never having to step into a branch if I can avoid it.
I'm weird and I like to deposit rolls of change and get $10 bills
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jacnel wrote:
Apr 9th, 2018 2:32 pm
I'm weird and I like to deposit rolls of change and get $10 bills
In Ottawa, exchange paper notes for coins and coins for notes at any lotto centre. Don't need a brick and mortar for that.
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