Personal Finance

Alterna Bank High Interest eSavings Account

  • Last Updated:
  • Jan 16th, 2019 1:08 pm
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Member
Jul 18, 2005
313 posts
26 upvotes
Just tried to sign up for a HISA account with them and at the very last step, got this:

"Thank you for completing the application for your new Alterna Bank account.

We’re missing a bit of information from you to finalize your account opening. An Alterna representative will investigate the issue and contact you within 1-2 business days to get your account opened and activated."

Anyone know if this is fairly typical for new account signups? I'm just hoping it won't lead to multiple back and forth calls with incompetent CSAs. Definitely don't want to send a void cheque and sensitive banking information over via e-mail, like one of the posters above.
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
@Constellation all the time.
Plus, what's your so concern regarding emailing void cheque? if you find it particularly unsafe that way, zip them all w/ password.
All they want from me was to verify some credit bureau information.
I know a couple of people got rejected due to wrong DOB.
CAN/USA Cross Border Banking

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Newbie
Dec 4, 2018
4 posts
Constellation wrote:
Dec 30th, 2018 2:37 pm
Just tried to sign up for a HISA account with them and at the very last step, got this:

"Thank you for completing the application for your new Alterna Bank account.

We’re missing a bit of information from you to finalize your account opening. An Alterna representative will investigate the issue and contact you within 1-2 business days to get your account opened and activated."

Anyone know if this is fairly typical for new account signups? I'm just hoping it won't lead to multiple back and forth calls with incompetent CSAs. Definitely don't want to send a void cheque and sensitive banking information over via e-mail, like one of the posters above.
This happened to me. They cited "lack of credit history". By the time they contacted me I moved onto EQ Bank. They're supposed to be able to electronically quiz you based on information associated with your SIN card # during the application process, but I guess they don't have the technology like their competitors. I got the impression I'd have to mail in a lot of forms for things like external account linking, beneficiary information and joint account information, and to be honest it's a bit of a turn off. I want to bank with modern companies. I heard you have to call in to move money from the TFSA HISAs too. Just not for me.
Member
Jul 18, 2005
313 posts
26 upvotes
sarah57 wrote:
Dec 30th, 2018 9:07 pm
This happened to me. They cited "lack of credit history". By the time they contacted me I moved onto EQ Bank. They're supposed to be able to electronically quiz you based on information associated with your SIN card # during the application process, but I guess they don't have the technology like their competitors. I got the impression I'd have to mail in a lot of forms for things like external account linking, beneficiary information and joint account information, and to be honest it's a bit of a turn off. I want to bank with modern companies. I heard you have to call in to move money from the TFSA HISAs too. Just not for me.
Damn, that doesn't sound good. I guess I'll wait and see. It'll be New year's so likely won't be for a couple more days. If that's the case though, I'll just go ahead with EQ Bank as well.
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
Constellation wrote:
Dec 31st, 2018 1:10 am
Damn, that doesn't sound good. I guess I'll wait and see. It'll be New year's so likely won't be for a couple more days. If that's the case though, I'll just go ahead with EQ Bank as well.
do you happen to know your credit report by Equifax and Transunion? shouldn't have much problem.
CAN/USA Cross Border Banking

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Jr. Member
User avatar
Nov 3, 2010
102 posts
116 upvotes
Niagara Falls
Thinking of moving my TFSA from TD to Alterna.
Seems like they have some of the best rates and lack of fees.
Is the me2me the best way to transfer a decently large amount of funds without having to deal with cheques or living near a branch?
Anyone else in a similar situation or recently switched?

I've done a fair share of research and I was nearly convinced on Meridian, but 1.5% sucks and the 3.2% promo for 6 months is over.
Member
Jul 18, 2005
313 posts
26 upvotes
dekvitaly wrote:
Dec 31st, 2018 1:21 am
do you happen to know your credit report by Equifax and Transunion? shouldn't have much problem.
I'm familiar with them via CreditKarma and Borrowell. (although the Borrowell/Equifax one is super sparse)
Newbie
Dec 4, 2018
4 posts
dekvitaly wrote:
Dec 31st, 2018 1:21 am
do you happen to know your credit report by Equifax and Transunion? shouldn't have much problem.
They said I had a lack of credit history but I definitely don't, and my scores are emailed to me monthly. My credit history should go back decades. They might have looked at the wrong file but I was already mentally checked out by the time they called me so I didn't think much of it.
Deal Addict
Feb 3, 2006
1077 posts
29 upvotes
A word of warning regarding Alterna.
It's 6:32 pm and I was about to transfer the money I have in my TFSA into my Alterna esavings account.
Something that I've done with other banks multiple times.
I have two possible accounts to transfer to, my Simplii account and the Alterna esavings account.
Well to my surprise, when I try to transfer I get the message: No valid account available, from the drop down menu.

Is anyone else getting this message? Am I doing anything wrong?
Deal Addict
User avatar
Dec 17, 2008
2246 posts
1046 upvotes
Winnipeg
fogo wrote:
Dec 31st, 2018 6:37 pm
A word of warning regarding Alterna.
It's 6:32 pm and I was about to transfer the money I have in my TFSA into my Alterna esavings account.
Something that I've done with other banks multiple times.
I have two possible accounts to transfer to, my Simplii account and the Alterna esavings account.
Well to my surprise, when I try to transfer I get the message: No valid account available, from the drop down menu.

Is anyone else getting this message? Am I doing anything wrong?
You have to call them to transfer out of the TFSA savings account. You waited too late.... Won't happen now till 2019.
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Deal Addict
Feb 3, 2006
1077 posts
29 upvotes
Why do you have to call them?
Is it simply the way they do things?
Deal Addict
User avatar
Dec 17, 2008
2246 posts
1046 upvotes
Winnipeg
fogo wrote:
Dec 31st, 2018 6:44 pm
Why do you have to call them?
Is it simply the way they do things?
You can transfer money into the TFSA savings but yes only a phone representive can transfer out of the TFSA savings account. That is the way they have chosen to do it. There are a couple other banks that do it this way as well.
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Deal Addict
Feb 3, 2006
1077 posts
29 upvotes
How backwards is that!

Live and learn, live and learn.
Deal Addict
User avatar
Jul 22, 2015
4404 posts
2008 upvotes
Saint-Hubert, QC
fogo wrote:
Dec 31st, 2018 6:49 pm
How backwards is that!

Live and learn, live and learn.
Their answer:
Thank you for contacting Alterna.

In response to your email, we sincerely apologize for the inconvenience. We must say that we have had many such requests and that while this possibility is definitely being considered, we have no indication yet of when it might be implemented. Once again, our sincere apologies for this.

Should you have any further questions or concerns please do not hesitate to contact us. For your reference, our Contact Centre can be reached via any of the following numbers and is available to assist you during the following hours:
Deal Addict
Dec 16, 2017
1746 posts
676 upvotes
Raincouver
Alterna Bank is relatively backward not sure why, I do cash deposit regularly with slight touch over $100 so hopefully over time they'd remove the dumb 5 business day fund holding.
CAN/USA Cross Border Banking

Netflix? Bill me in Turkish Lira, Watch Me around the world.

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