Personal Finance

Alterna Bank High Interest eSavings Account

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  • Nov 12th, 2017 5:17 pm
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Newbie
Mar 13, 2016
39 posts
7 upvotes
here2day wrote:
Apr 2nd, 2016 3:02 pm
Are the debt card limits reasonable? I.e. Do they hold an entire deposit or do they give you access to more than the $100 release.
I've only deposited 2 cheques (mobile deposit) so far. Deposited $300 to the eChequing with a hold of $200 on the 28th of March, and it was cleared this past Friday. Deposited a $10000 cheque the same day (March 28th) to the eSavings with a hold of $7000. It is still on hold (but I believe the standard is 5 business days for most banks on holds). The first cheque is much smaller in amount so I'm guessing that probably has something to do with the shorter hold times. Other than that, I made a payment to my Tangerine MasterCard and it went thru fine. Will move my payroll deposit over as well this coming week.

I received the debit card, but cannot use it yet. Still waiting for the PIN to arrive before I can call in to activate. I will have to ask what the debit card limit is at that time.
Deal Addict
Aug 29, 2012
3884 posts
983 upvotes
banknerd wrote:
Apr 2nd, 2016 3:06 pm
One thing I forgot to mention is that they do not offer free cheques. Not even for the first set to 50 like Tangerine. They cost roughly $40 to $43 for 50 cheques. But I believe there is a thread on here that has information on where to go to get cheques at reasonable costs if I'm not mistaken.
Or you can keep a PC Financial account with free cheques for the rare occasions where you have to make one.
As we all know, the Greater Toronto Area is the center of the universe!
Newbie
Mar 13, 2016
39 posts
7 upvotes
Poutinesauce wrote:
Apr 2nd, 2016 4:52 pm
Or you can keep a PC Financial account with free cheques for the rare occasions where you have to make one.
Way ahead of you ;) . My primary chequing is currently PCF, but decided to move my payroll deposit to this eChequing due to the 2 free interac e-transfers per month...which I can use one of them to transfer to PCF if/when for that rare occasion I need to write a cheque.
Deal Addict
Aug 29, 2012
3884 posts
983 upvotes
banknerd wrote:
Apr 2nd, 2016 5:04 pm
Way ahead of you ;) . My primary chequing is currently PCF, but decided to move my payroll deposit to this eChequing due to the 2 free interac e-transfers per month...which I can use one of them to transfer to PCF if/when for that rare occasion I need to write a cheque.
Mine is with PCF too. I think I will keep it as primary, because my payroll deposit is there and my rent PAD is there too and I don't feel like changing them. I'll just deposit PCF cheques to myself though a National Bank ATM every now and then.
As we all know, the Greater Toronto Area is the center of the universe!
Newbie
Mar 13, 2016
39 posts
7 upvotes
Poutinesauce wrote:
Apr 2nd, 2016 5:07 pm
Mine is with PCF too. I think I will keep it as primary, because my payroll deposit is there and my rent PAD is there too and I don't feel like changing them. I'll just deposit PCF cheques to myself though a National Bank ATM every now and then.
Yeah PCF has been good to me too. Been with them since the year 2000. Will give Alterna Bank a try because of the flexibility of the Interac e-transfers. I can always switch back to PCF if I don't like it as I don't have anything else going in and out other than the payroll.
Deal Addict
User avatar
Aug 18, 2008
2413 posts
419 upvotes
Ottawa
How did you even get to the info page for the eSavings?

Their accounts page has no links to it :/


But anyways, if we're already a Credit Union member, and we sign up for this eSavings or eChequing through Alterna bank, does anyone happen to know if the accounts will be on the same debit card, so we can make transfers between the accounts online?


And when opening these accounts, does that basically mean there's no banking package associated with them?
[OP]
Member
Aug 9, 2014
468 posts
94 upvotes
Toronto, ON
Akitakara wrote:
Apr 2nd, 2016 10:54 pm
How did you even get to the info page for the eSavings?

Their accounts page has no links to it :/


But anyways, if we're already a Credit Union member, and we sign up for this eSavings or eChequing through Alterna bank, does anyone happen to know if the accounts will be on the same debit card, so we can make transfers between the accounts online?


And when opening these accounts, does that basically mean there's no banking package associated with them?

Go to Www.alternabank.ca and click on "becoming a client"

The accounts will be seperate from your credit union dealings so you will get a new bank card. I believe you can tell the different between the two cards as the Bank ones are grey and the Credit Union ones are Orange.
Deal Addict
User avatar
Aug 18, 2008
2413 posts
419 upvotes
Ottawa
here2day wrote:
Apr 2nd, 2016 11:08 pm
Go to Www.alternabank.ca and click on "becoming a client"

The accounts will be seperate from your credit union dealings so you will get a new bank card. I believe you can tell the different between the two cards as the Bank ones are grey and the Credit Union ones are Orange.
Actually, I was more curious on how you found the page https://www.alternabank.ca/Personal/Eve ... /eSavings/ since it doesn't look like there's a direct link to that anywhere on their site.

But thank you for your answer about it being 2 separate debit cards / online accounts. :)
Sr. Member
Nov 28, 2013
974 posts
276 upvotes
London, ON
and also CDIC insured. nice stuff!
[OP]
Member
Aug 9, 2014
468 posts
94 upvotes
Toronto, ON
banknerd wrote:
Apr 2nd, 2016 3:16 pm
I've only deposited 2 cheques (mobile deposit) so far. Deposited $300 to the eChequing with a hold of $200 on the 28th of March, and it was cleared this past Friday. Deposited a $10000 cheque the same day (March 28th) to the eSavings with a hold of $7000. It is still on hold (but I believe the standard is 5 business days for most banks on holds). The first cheque is much smaller in amount so I'm guessing that probably has something to do with the shorter hold times. Other than that, I made a payment to my Tangerine MasterCard and it went thru fine. Will move my payroll deposit over as well this coming week.

I received the debit card, but cannot use it yet. Still waiting for the PIN to arrive before I can call in to activate. I will have to ask what the debit card limit is at that time.
Was it a hard inquiry on your credit report?
Newbie
Mar 13, 2016
39 posts
7 upvotes
here2day wrote:
Apr 11th, 2016 11:29 am
Was it a hard inquiry on your credit report?
Yes, it was a hard inquiry
Newbie
Mar 13, 2016
39 posts
7 upvotes
here2day wrote:
Apr 11th, 2016 11:29 am
Was it a hard inquiry on your credit report?
Also want to point out that I haven't really had a chance to use it much yet and most of my banking is still with Tangerine. But I'm sure it will be fine.
Newbie
Aug 14, 2010
57 posts
9 upvotes
So I opened the eSavings and eChequing account last Monday and I called in Friday to find out the status of it and the guy told me that someone would call me Monday to confirm everything and I would get an email.

Today's Tuesday and none of that happened.

So I just called in and spoke to a lady and she told me she was scheduled to call me Wednesday morning.

That's 8 business days once I opened the acccount.

I already have an EQ account and that took a while to open.

I think it's rich that Alterna takes a shot at EQ on their page and then does this.

I'll be getting a debit card in the mail soon she said and an email so I can register for online banking.

Nice to have all this choice: PC, Tangerine, EQ, and now Alterna.
Deal Addict
User avatar
Feb 25, 2014
2157 posts
314 upvotes
Mississauga
sdg wrote:
Apr 12th, 2016 5:55 pm
So I opened the eSavings and eChequing account last Monday and I called in Friday to find out the status of it and the guy told me that someone would call me Monday to confirm everything and I would get an email.

Today's Tuesday and none of that happened.

So I just called in and spoke to a lady and she told me she was scheduled to call me Wednesday morning.

That's 8 business days once I opened the acccount.

I already have an EQ account and that took a while to open.

I think it's rich that Alterna takes a shot at EQ on their page and then does this.

I'll be getting a debit card in the mail soon she said and an email so I can register for online banking.

Nice to have all this choice: PC, Tangerine, EQ, and now Alterna.
It takes even longer than EQbank but I am happy with the result over all.
Oh sada kehra bapu karda black nee, Jehra tere shahir (Toronto), Le lawan flat nee

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