Personal Finance

Alterna Bank High Interest eSavings Account

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  • Jan 31st, 2019 9:05 am
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GiOBoY wrote:
May 8th, 2017 1:42 pm
Looks like they reduced it further recently:
LOL.

"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.
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So I recently signed up for an eSavings account with Alterna.

They setup a link between my account and my Tangerine Savings.
I'm going to transfer some money from Tangerine ---> Alterna.

Is it cheaper to initiate a transfer from Alterna (pull)
or should I initiate the transfer from Tangerine (push)?

The reason I ask is I get this message on Alterna's Transfer (doing a pull):
NOTE: If you are transferring funds to or from your accounts at another financial institution, you may incur a fee for this transaction when it is completed.
In addition, the other institution may also impose a transaction fee.
What kind of fees are there?
I can't seem to find any documentation or FAQ on how much they'll be charging me for this transfer.

Also my daily limit on Tangerine seems to be $50k but Alterna daily is $100k
Now I am wondering if I "Pull" the entire amount into Alterna instead of "push" it out of Tangerine, would Tangerine's limit apply? Anybody know?
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GiOBoY wrote:
May 11th, 2017 8:56 am
So I recently signed up for an eSavings account with Alterna.

They setup a link between my account and my Tangerine Savings.
I'm going to transfer some money from Tangerine ---> Alterna.

Is it cheaper to initiate a transfer from Alterna (pull)
or should I initiate the transfer from Tangerine (push)?

The reason I ask is I get this message on Alterna's Transfer (doing a pull):


What kind of fees are there?
I can't seem to find any documentation or FAQ on how much they'll be charging me for this transfer.

Also my daily limit on Tangerine seems to be $50k but Alterna daily is $100k
Now I am wondering if I "Pull" the entire amount into Alterna instead of "push" it out of Tangerine, would Tangerine's limit apply? Anybody know?
There are no fees whether you pull at Alterna or send from Tangerine.

Alterna used to offer other accounts and I think that is a generic message.

I have pulled and sent from both Tangerine and Alterna and there are no fees
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Newbie
Jan 30, 2017
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Is there a way to withdraw from your TFSA Savings account with them directly?

Is the only way to withdraw is to use Me-to-Me transfer from Alterna to other bank?
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xMayyy wrote:
May 22nd, 2017 2:01 pm
Is there a way to withdraw from your TFSA Savings account with them directly?

Is the only way to withdraw is to use Me-to-Me transfer from Alterna to other bank?
They recommend you also open a regular e-savings account as well. You can have a debit card for the e-savings account. But regardless, you have to call (or email) them if you want to withdraw from the TFSA to an e-savings account or to an external bank account
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Oct 18, 2013
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I've had a harrying experience with Alterna, a joint account, and Me2Me that I wanted to share.

My wife and I have set up a joint account. I initially opened an eSavings account, linked it to an account from another bank (Account B). I then wanted to make the account joint, which required my wife to first sign up separately for her own account and then to fill out a form to make my account joint. Once the account was joint, she had access to it from her login. She then set up a link to another of her accounts from yet another financial institution (Account C) and used the Me2Me functionality to transfer money from Account C into our joint account. As she went through the confirmation prompts, everything looked correct, but when the transfer went through, Alterna actually put in a transfer from Account B rather than Account C.

This is not a one-off, and it's something we've been able to reproduce. We've contacted Alterna, who told us Account C was linked to her personal account rather than the joint account, but the fact that the web interface let her initiate a transfer from C to the joint, presenting a confirmation prompt to that effect, no less, and then tried to take the money from B is horrifying. If they've messed this up, what else have they messed up?

EDIT: The latest from Alterna is that this is a bug with the description of the transaction. They claim that the money will come out of Account C, but that the description of the transaction will show it coming out of Account B, because the joint account was originally mine and Account B is my linked account. We'll see how this unfolds. If their latest update is right, then that's at least better than the transaction coming out of the wrong account, but still an utterly baffling bug for a bank to have.
Last edited by raytracer on Jun 14th, 2017 10:40 am, edited 1 time in total.
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raytracer wrote:
Jun 14th, 2017 10:40 am
I've had a harrying experience with Alterna, a joint account, and Me2Me that I wanted to share.

My wife and I have set up a joint account. I initially opened an eSavings account, linked it to an account from another bank (Account B). I then wanted to make the account joint, which required my wife to first sign up separately for her own account and then to fill out a form to make my account joint. Once the account was joint, she had access to it from her login. She then set up a link to another of her accounts from yet another financial institution (Account C) and used the Me2Me functionality to transfer money from Account C into our joint account. As she went through the confirmation prompts, everything looked correct, but when the transfer went through, Alterna actually put in a transfer from Account B rather than Account C.

This is not a one-off, and it's something we've been able to reproduce. We've contacted Alterna, who told us Account C was linked to her personal account rather than the joint account, but the fact that the web interface let her initiate a transfer from C to the joint, presenting a confirmation prompt to that effect, no less, and then tried to take the money from B is horrifying. If they've messed this up, what else have they messed up?
That sounds like a serious bug.

If she wanted to transfer from account B intentionally, could she? Does it show your links as options to her? Even doing that seems like it would be a bug.
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Oct 18, 2013
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ace604 wrote:
Jun 14th, 2017 12:35 pm
If she wanted to transfer from account B intentionally, could she? Does it show your links as options to her? Even doing that seems like it would be a bug.
No, Account B does not show up her in her list of linked accounts at all. She cannot select it even by accident.

I've spoken to Alterna again, and the latest is that this is a bug with the description of the transaction. They claim that the money will come out of Account C, but that the description of the transaction will show it coming out of Account B, because the joint account was originally mine and Account B is my linked account. This is different from what they said this morning, and we'll see how this unfolds. If their latest update is right, then that's at least better than the transaction coming out of the wrong account, but still an utterly baffling bug for a bank to have.
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raytracer wrote:
Jun 14th, 2017 12:58 pm
No, Account B does not show up her in her list of linked accounts at all. She cannot select it even by accident.

I've spoken to Alterna again, and the latest is that this is a bug with the description of the transaction. They claim that the money will come out of Account C, but that the description of the transaction will show it coming out of Account B, because the joint account was originally mine and Account B is my linked account. This is different from what they said this morning, and we'll see how this unfolds. If their latest update is right, then that's at least better than the transaction coming out of the wrong account, but still an utterly baffling bug for a bank to have.
That's an excuse. A poor one. You made your Alterna account joint. You didn't grant access rights to account B to the other party and they should have no access to it at all.
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How long does it take to move money out Alterna Bank to Tangerine

Login Tangerine moved money from Alterna -->Tangerine on Jun 15 actual date Jun 16 money still in alterna
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agit wrote:
Jun 17th, 2017 9:18 am
How long does it take to move money out Alterna Bank to Tangerine

Login Tangerine moved money from Alterna -->Tangerine on Jun 15 actual date Jun 16 money still in alterna
Alterna doesn't process direct deposits or pre-authorized withdrawals on weekends, so you will see it by the end of the day on June 19, or early June 20 (with a backdate of June 19)
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agit wrote:
Jun 17th, 2017 9:18 am
How long does it take to move money out Alterna Bank to Tangerine

Login Tangerine moved money from Alterna -->Tangerine on Jun 15 actual date Jun 16 money still in alterna
Tangerine always schedules external transfers for the next day at the earliest and credits/debits your account on that date. Enjoy the double interest from both banks for the weekend and for however longer it lasts :)
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Shawguy wrote:
Jun 17th, 2017 11:26 am
Alterna doesn't process direct deposits or pre-authorized withdrawals on weekends, so you will see it by the end of the day on June 19, or early June 20 (with a backdate of June 19)
Thanks
ace604 wrote:
Jun 17th, 2017 12:08 pm
Tangerine always schedules external transfers for the next day at the earliest and credits/debits your account on that date. Enjoy the double interest from both banks for the weekend and for however longer it lasts :)
Thanks

Yes that what on my mind double interest :) but was worried cause i withdrew over Alterna weekly 50k limit and usually with tangerine when I moved money to TD next business day in this case Friday was next business day
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agit wrote:
Jun 17th, 2017 12:21 pm
Thanks



Thanks

Yes that what on my mind double interest :) but was worried cause i withdrew over Alterna weekly 50k limit and usually with tangerine when I moved money to TD next business day in this case Friday was next business day
They have a weekly limit for PADs??
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