Expired Hot Deals

Get upto $150 for opening a Chq acct & setting up PADs & DD

  • Last Updated:
  • Jul 7th, 2017 12:08 pm
[OP]
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Apr 2, 2010
2158 posts
1669 upvotes
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Get upto $150 for opening a Chq acct & setting up PADs & DD

Deal Link:
Expiry:
July 31, 2016
Ontario only

There are two offers:
Offer 1 is $100 cash reward open to new Alterna members/clients with the potential for an additional $50 bonus.
Offer 2 is a $50 cash reward open to existing Alterna members/clients that do not have an existing monthly direct deposit and/or monthly pre-authorized debit.

FAQ: https://www.alterna.ca/AboutUs/Promotio ... eChequing/
Fees: https://www.alterna.ca/SharedContent/do ... rsonal.pdf
T&C: https://www.alterna.ca/AboutUs/Promotio ... itions.pdf
Please read.

Here's how I can see this plan working for non-existing customers:
-Find out if you have a branch nearby (to see if closing will be an issue).
-Open a 'Basic' Chequing Account
-Deposit $1000(to waive monthly fees)+15(CU membership share purchase)+(additional amount for the next steps)
-Setup/Do 2 of the below 3 tasks within 3 months:
--Bill pay
--"Deposit via Deposit Anywhere through the Alterna mobile app" Not sure what that means
--Pre Authorized Debit
-Choosing to have (an eligible) Direct Deposit will get you the $50 bonus. (making it $100+$50)
-"Members’ will receive their cash reward payment 12 to 14 weeks after all conditions have been met. The cash reward will be deposited into the Eligible Chequing Account or Existing Chequing Account."
-Kill the PAD/DD/etc after getting the bonus.
-Close the account (if necessary) after a year. This kinda makes it a warm deal?

Interesting quotes off the T&C listed below:
Step 1: The Eligible Member must open a new chequing account on the Basic, Value or Unlimited
banking package (an “Eligible Chequing Account”) during the Offer Period. The Eligible Chequing
Account must be opened either:
a. at an Alterna branch; OR
b. through the Alterna Contact Centre; OR
c. Online at www.alterna.ca or www.alternabank.ca.

Step 2: Within three (3) calendar months following the end of the calendar month during which the
Eligible Member opened the Eligible Chequing Account, the Eligible Member must complete any two (2)
of the following activities to or from the Eligible Chequing Account:
(1) Monthly pre-authorized debit*/**
(2) Online bill payment through online banking or the Alterna mobile app**
(3) Deposit via Deposit Anywhere through the Alterna mobile app**

Eligible Members who have qualified for Offer 1 will receive a $50 bonus if, within three (3) calendar
months following the end of the calendar month during which the Eligible Member opened his/her Eligible
Chequing Account, the Eligible Member sets up and completes a monthly direct deposit*/** to the Eligible
Chequing Account. Limit one (1) $50 bonus per Eligible Member or per account (including joint
accounts).
The Eligible Chequing must remain open and active for at least one (1) calendar year from the end of the
month during which the Eligible Chequing Account was opened, and the Account or Existing Chequing
Account must remain open and active for one (1) calendar year from the date that the Offer Period began.

I have searched the forums and could not find this offer, forgive me if this is a duplicate post or not 'hot' enough.

Also please let me know if I missed something.
82 replies
[OP]
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Apr 2, 2010
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I have started to determine the value. Here's what I see.

If you Dont keep the min balance.
Expense = $4x12 = $48
Gain = $100 (w/o DD)
$150 (with DD)

Potential profit = $52 (w/o DD)
$102 (with DD)

Benefit of keeping the min balance of $1000 = $48 (i.e. 4.80% which is tax free)
Deal Addict
Feb 24, 2008
2021 posts
585 upvotes
Do you have to keep the account open for 1 year?

Can this only be opened in branch?
[OP]
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Apr 2, 2010
2158 posts
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Can someone please let us know if they pull a hard hit for account opening, I know we are giving them our money but some banks are really careless/dumb and I have actually had hard hits for account opening for other banks.
[OP]
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Apr 2, 2010
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kulb wrote: Do you have to keep the account open for 1 year?
(similar to the CIBC promo) - Yes, as per the T&C:
The Eligible Chequing must remain open and active for at least one (1) calendar year from the end of the
month during which the Eligible Chequing Account was opened, and the Account or Existing Chequing
Account must remain open and active for one (1) calendar year from the date that the Offer Period began.
Failing this, such Eligible Member will be a “Disqualified Reward Member” and will not qualify for the
Cash Reward or bonus. If the Cash Reward or bonus has already been provided to a Disqualified Reward
Member, Alterna reserves the right, in its sole and absolute discretion, to charge the Member’s chequing
account, or send an invoice to the Disqualified Reward Member, for the Cash Reward or bonus (as
applicable).
kulb wrote: Can this only be opened in branch?
No, the T&C reads:
The Eligible Chequing Account must be opened either:
a. at an Alterna branch; OR
b. through the Alterna Contact Centre; OR
c. Online at www.alterna.ca or www.alternabank.ca
Deal Fanatic
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Jan 31, 2006
7164 posts
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Toronto
martydxb wrote: Can someone please let us know if they pull a hard hit for account opening, I know we are giving them our money but some banks are really careless/dumb and I have actually had hard hits for account opening for other banks.
You are the Op's of this thread, therefore you have to be the one to tell us if its a hard or soft pull. hehehe...
Deal Fanatic
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Jan 31, 2006
7164 posts
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Toronto
martydxb wrote: I have started to determine the value. Here's what I see.

If you Dont keep the min balance.
Expense = $4x12 = $48
Gain = $100 (w/o DD)

$150 (with DD)

Potential profit = $52 (w/o DD)
$102 (with DD)

Benefit of keeping the min balance of $1000 = $48 (i.e. 4.80% which is tax free)
If that is the case, I deposit $48 and they gave me $52 or i pay them $48 to gave me $52
[OP]
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Apr 2, 2010
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cgtlky wrote: You are the Op's of this thread, therefore you have to be the one to tell us if its a hard or soft pull. hehehe...
Lol & Ouch, dont think I can risk another hard hit, took too many hits already with a couple of CC sign up offers...
[OP]
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Apr 2, 2010
2158 posts
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cgtlky wrote: If that is the case, I deposit $48 and they gave me $52 or i pay them $48 to gave me $52
Hmm.. When you put it like that and I think about it, yes, if you dont put the 1k balance, you should expect to pay $48 to get $52 :(
At this point it does not make sense to do this without the 1k balance.
Deal Addict
Dec 25, 2013
1027 posts
637 upvotes
Toronto
Can anyone find out if this is a hard check or a soft check? I'd do it for the initial $100 if it's a soft check..
[OP]
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User avatar
Apr 2, 2010
2158 posts
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GTA
cgtlky wrote: You are the Op's of this thread, therefore you have to be the one to tell us if its a hard or soft pull. hehehe...
Ychanceit wrote: Can anyone find out if this is a hard check or a soft check? I'd do it for the initial $100 if it's a soft check..
I cant tell for sure but I just signed up. During the process it did ask to check with the Credit Bureau but it the text in the application emphasises that 'This wont affect your credit score, etc...'
It makes me believe these guys are doing a soft hit on the profile but no one will know till its too late.

I don' have any paid credit monitoring thing to pull a report to be sure to YMMY.
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Jan 31, 2006
7164 posts
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martydxb wrote: There are two offers:
Offer 1 is $100 cash reward open to new Alterna members/clients with the potential for an additional $50 bonus.
Offer 2 is a $50 cash reward open to existing Alterna members/clients that do not have an existing monthly direct deposit and/or monthly pre-authorized debit.

FAQ: https://www.alterna.ca/AboutUs/Promotio ... eChequing/
Fees: https://www.alterna.ca/SharedContent/do ... rsonal.pdf
T&C: https://www.alterna.ca/AboutUs/Promotio ... itions.pdf
Please read.

Here's how I can see this plan working for non-existing customers:
-Find out if you have a branch nearby (to see if closing will be an issue).
-Open a 'Basic' Chequing Account
-Deposit $1000(to waive monthly fees)+15(CU membership share purchase)+(additional amount for the next steps)
-Setup/Do 2 of the below 3 tasks within 3 months:
--Bill pay
--"Deposit via Deposit Anywhere through the Alterna mobile app" Not sure what that means
--Pre Authorized Debit

-Choosing to have (an eligible) Direct Deposit will get you the $50 bonus. (making it $100+$50)
-"Members’ will receive their cash reward payment 12 to 14 weeks after all conditions have been met. The cash reward will be deposited into the Eligible Chequing Account or Existing Chequing Account."
-Kill the PAD/DD/etc after getting the bonus.
-Close the account (if necessary) after a year. This kinda makes it a warm deal?

Interesting quotes off the T&C listed below:





I have searched the forums and could not find this offer, forgive me if this is a duplicate post or not 'hot' enough.

Also please let me know if I missed something.
Bill payment ,PAD, and deposit via deposit anywhere minimum amount is $50. So basically you need to put $1.1K (PAD and bill payment) when you open the account. Or do $1K then do deposit via deposit anywhere using the mobile app (deposit using picture cheque) of $50, then do a PAD to get back the $50 (PAD it back to the bank where the cheque come from.
Deal Addict
Jan 31, 2016
1807 posts
1819 upvotes
Toronto, ON
What are the terms for existing account holders? Is it only $50 for setting up a dd?
Deal Addict
Jul 15, 2009
2251 posts
1396 upvotes
It sounds like you can downgrade the account to the free pay-as-you-go plan after you get the bonus while you keep it open for a year. But what does "open and active" mean?
Deal Guru
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May 7, 2007
13556 posts
5537 upvotes
Why ON only ...

The Rules and Terms say "The Offers are only available to residents of Canada who have reached the age of majority in their province or territory of residence as of the beginning of the Offer Period. Employees, agents and representatives of Alterna, as well as their immediate family members or other individuals with whom they are domiciled, are not eligible for the Offers."
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Jan 31, 2006
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dotsandpixels wrote: What are the terms for existing account holders? Is it only $50 for setting up a dd?
Yes for 3 months
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Jan 31, 2006
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bubak wrote: It sounds like you can downgrade the account to the free pay-as-you-go plan after you get the bonus while you keep it open for a year. But what does "open and active" mean?
You must have account activity, withdrawal, desposit, etc...
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Aug 18, 2008
3056 posts
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Ottawa
martydxb wrote: --"Deposit via Deposit Anywhere through the Alterna mobile app" Not sure what that means
I'm pretty sure that's what they call their Mobile Cheque Deposit via Phone App

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