"For accounts opened before April 28, 2017, the maximum balance per customer is $1,000,000. For accounts opened on or after April 28, 2017 the maximum balance per customer is $500,000."
"For accounts opened before May 1, 2017, the maximum balance per customer is $1,000,000 (plus accrued interest).
For accounts opened on or after May 1, 2017 the maximum balance per customer is $250,000 (plus accrued interest)."
That is a quick change. What if you opened your account on April 29 or 30th (weekend)
It's funny that people fleeing other places for CDIC fears are obviously not keeping their deposits to within CDIC covered limits otherwise Alterna wouldn't have to lower their account limits.
What's the thought process for these people?
"I'm scared Oaken will collapse and I won't be protected by CDIC on my $500k ... quick, let's send ALL $500k to Alterna" ?!
You'd think they would learn their lesson and split up their deposits.
Unless the Alterna term changes are purely proactive. I gotta think they were reactive though when they saw the "scared money" coming in at ridiculously over the CDIC limits per account.