Alterna No-Fee eChequing Account

Overview

Alterna's eChequing account includes unlimited supported everyday transactions and Interac e-Transfers, plus debit-card, ATM, and cheque access.

The account is online-only and does not provide in-branch transaction access. THE EXCHANGE is a shared surcharge-free Canadian ATM network used by participating banks and credit unions. Alterna advertises more than 3,300 participating Canadian ATMs where withdrawals avoid an Alterna fee and operator surcharge; other Canadian, US, and international ATM use can add network, operator, or foreign-exchange charges.

Cheque transactions and mobile deposit are supported, although cheque orders cost extra. Joint ownership remains unconfirmed from the reviewed product-specific material.

Incoming wire transfers are supported for a fee. Alterna directs clients to contact the bank about sending funds, but outgoing-wire availability from this online-only account was not established by the reviewed material.

Features and access

Monthly fees and transactions

Monthly fee: $0The normal recurring monthly fee is $0.
Monthly transactions: UnlimitedUnlimited supported withdrawals, transfers, bill payments, cheques, pre-authorized payments, and debit purchases.

Transfers

Monthly Interac e-Transfers: UnlimitedUnlimited no-fee Interac e-Transfers; amount limits apply.

Card and payments

Payment card: YesAlterna debit card; Visa Debit replacement cards are being introduced.

Cash and branch access

Cash deposits: Deposit-capable Alterna ATMsPhysical bills can be deposited with an Alterna debit card and PIN in an ATM deposit envelope at deposit-capable Alterna ATMs. Deposits are free, but coins are prohibited, deposits require verification and may be held, and client-specific limits may apply. Cash deposits are not established across the broader THE EXCHANGE or Allpoint networks.
Cash withdrawals: THE EXCHANGE + AllpointTHE EXCHANGE in Canada and Allpoint in the US are advertised as surcharge-free. Other Interac withdrawals cost $1.90; US and international network fees, operator surcharges, and foreign-exchange charges can apply.
Branch access: NoThis online eChequing account has no in-branch transaction access.

Cheques and ownership

Cheque writing: YesCheques are included among the account's unlimited day-to-day transactions; cheque orders cost extra.
Cheque deposits: YesDeposit Anywhere supports mobile deposits of eligible Canadian cheques.
Joint account: UnknownJoint-account support was not confirmed from the reviewed official product sources.

Interest

Interest rate: 0.05%Flat annual rate calculated daily on the closing balance and paid monthly; rates can change.

Deposit protection

CS Alterna Bank is a CDIC member; eligible deposits receive coverage under applicable categories and limits.