Alterna: Reservations about Service & Fees | Alterna Bank | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

No permission to create posts
sp_Feed Topic RSS sp_TopicIcon
Alterna: Reservations about Service & Fees
April 15, 2017
4:32 pm
Nehpets
Ontario
Member
Members
Forum Posts: 52
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

I opened an online account at the beginning of the year, with high hopes of taking advantage of the 1.95% rate.

When calling customer service to assist in creating an accompanying joint account, I found the knowledge of the individual lacking.

Subsequent calls for assistance and support have resulted in general dissatisfaction with the quality of information and knowledge of their call center people.

I find their fee schedule to be ambiguous in connection with routine incoming and outgoing electronic transfers.

Is this the price (in frustration) to be paid for Alterna's higher interest virtual operation?

Would you recommend depositing substantial amounts to get a few extra points compared to other tried and true institutions?

Are you aware of fees that can be unexpected surprises at Alterna?

April 15, 2017
5:47 pm
AltaRed
Member
Members
Forum Posts: 448
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Is circa 35 bp on $100k ($350/yr before tax) worth the hassle? Maybe... but how about $35/yr on $10k? That is one pizza night out at BP for the family, or a partial tank of gas, or a few cable tv channels off the package.

There are CDIC offerings in the 1.6% range. I don't understand taking so much abuse for such lousy amounts of interest.

April 15, 2017
5:59 pm
Loonie
Member
Members
Forum Posts: 2758
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I don't really understand what OP is getting at.
What are the problems exactly?
And are the questions posed rhetorical or do you really want an answer?

April 15, 2017
6:42 pm
JustMe2016
Member
Members
Forum Posts: 74
Member Since:
October 21, 2016
sp_UserOfflineSmall Offline

Opened two saving accounts last December. Recently transferred 50K from Tang. Overall, very happy with Alterna Bank. Find me someone else offering 1.95% on ordinary accounts with no strings attached...

April 16, 2017
3:13 am
threeoakwest
Ontario, Canada
Member
Members
Forum Posts: 32
Member Since:
April 7, 2016
sp_UserOfflineSmall Offline

I certainly have no problems with Alterna.

April 16, 2017
4:37 am
Keith1
Member
Members
Forum Posts: 19
Member Since:
December 13, 2015
sp_UserOfflineSmall Offline

I have been with Alterna for over a year with no problems

April 16, 2017
8:00 am
Nehpets
Ontario
Member
Members
Forum Posts: 52
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Loonie said
I don't really understand what OP is getting at.
What are the problems exactly?
And are the questions posed rhetorical or do you really want an answer?  

No, not rhetorical nor theoretical, but practical and factual.

Agreed that the difference in a few basis points might hardly be worth the bother, but isn't that what a lot of discussion on this Forum is all about?..Squeezing the last bit of available interest we can get in Canada to our own advantage?

I was hoping to gain some insights from experienced Forum members about Alterna...maybe my own experience with poor customer service happened to be calls on "bad days".

My experience with other institutions such as Meridian and Hubert, for example, has been excellent with each contact, which is why I'm looking for input from the Forum.

On the other hand, despite the 2% offered by EQ Bank, under no circumstances would I do business with them, after the games they played with "applications" for an account, holding funds for an inordinate amount of time before recording the deposit and delays in processing withdrawls, not to mention inability to receive written confirmation on transactions.

There are things I am unwilling to up with put...sf-wink

April 16, 2017
10:12 am
Bill
Member
Members
Forum Posts: 498
Member Since:
September 11, 2013
sp_UserOfflineSmall Offline

Nehpets, you say "I find their fee schedule to be ambiguous in connection with routine incoming and outgoing electronic transfers." Can you list the specific ambiguities you are referring to in Alterna's fee schedule?

I've had no issues with Alterna in all my dealings with them, they've been just fine.

April 16, 2017
10:47 am
Nehpets
Ontario
Member
Members
Forum Posts: 52
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Bill said
Can you list the specific ambiguities you are referring to in Alterna's fee schedule?
  

I originally made a mistake by reading the fee schedule for "in house" accounts, which I found to be confusing; however, I located the relevant information on fees in the following which is quoted from their website

https://www.alternabank.ca/Personal/EverydayBanking/Accounts/eSavings/

High Interest eSavings Account
Offering a high interest rate on every dollar
No minimum balance required
Unlimited free bill Payments, transfers and debits
2 Free Interac® e-Transfers (only $0.95 after)
Easy access with Online and Mobile Banking, Android and iPhone App.
Safe and secure – deposits are insured through the Canada Deposit Insurance Corporation (CDIC)

Ambiguity is now clarified with the pertinent information!

I do stand by my comments about inconsistent customer service contact.

Stephen

April 16, 2017
1:14 pm
Spanky
Member
Members
Forum Posts: 3
Member Since:
April 16, 2017
sp_UserOfflineSmall Offline

I'm confused. Are there fees such as account closing fees or is the $0.95 e-Transfer for 3+ the only one? The link has the statement "A free online savings account offering high interest on every dollar."

I've encountered fees on closing a Tangerine account where supposedly there was none on it when it was ING, so call me wary.

April 16, 2017
2:00 pm
Nehpets
Ontario
Member
Members
Forum Posts: 52
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Spanky said
I'm confused. Are there fees such as account closing fees  

I believe they charge a closing fee $25 if the account is closed within 90 days of opening according to the personal service fee listing found here: https://www.alterna.ca/Personal/EverydayBanking/ServiceFees/

April 16, 2017
2:54 pm
AltaRed
Member
Members
Forum Posts: 448
Member Since:
October 27, 2013
sp_UserOfflineSmall Offline

Spanky said
I'm confused. Are there fees such as account closing fees or is the $0.95 e-Transfer for 3+ the only one? The link has the statement "A free online savings account offering high interest on every dollar."  

The $0.95 reference is for Interac e-transfers. Has nothing to do with regular EFT transfers between accounts or for account closing fees.

April 16, 2017
3:57 pm
Loonie
Member
Members
Forum Posts: 2758
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

A 90day closing fee is standard; some charge more.

I had a problem with opening the account but have not had any problems since then. I find their staff to be pleasant and conscientious.

The issues I do have are their policy on limited withdrawals and the confusion as to what is available to online customers at the CU branches. I inquired in-branch and there is essentially nothing available at their CU branches except an ATM. Some of the things they have posted imply otherwise. I also wish they had 24/7 telephone service. However, the interest rate compensates.

April 16, 2017
5:10 pm
Norman1
Member
Members
Forum Posts: 1170
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Nehpets said

Spanky said
I'm confused. Are there fees such as account closing fees  

I believe they charge a closing fee $25 if the account is closed within 90 days of opening according to the personal service fee listing found here: https://www.alterna.ca/Personal/EverydayBanking/ServiceFees/  

Those links are for Alterna Bank's parent, Alterna Savings CU.

The service fees schedule for Alterna Bank is at

https://www.AlternaBank.ca/Personal/EverydayBanking/ServiceFees

Yes, Alterna Bank also has a $25 fee for closing an account within 90 days of opening.

April 16, 2017
6:26 pm
Loonie
Member
Members
Forum Posts: 2758
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

Yes, that is the other nuisance factor about Alterna. You must distinguish between the two websites. It can be confusing. They should rename one of them

April 17, 2017
7:11 am
Nehpets
Ontario
Member
Members
Forum Posts: 52
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline

Loonie said

The issues I do have are their policy on limited withdrawals   

What is their withdrawal policy, Loonie?

Stephen

April 17, 2017
1:33 pm
Loonie
Member
Members
Forum Posts: 2758
Member Since:
October 21, 2013
sp_UserOfflineSmall Offline

I forget the specifics, but you can probably find it on their website. I believe it's 50K per week, spread over two days; and there are other details as well. I think you can't get more than 25K at once.

April 17, 2017
5:41 pm
Norman1
Member
Members
Forum Posts: 1170
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

An earlier post has details about the limits on Alterna Bank's Me-to-Me transfers.

April 17, 2017
9:50 pm
JustMe2016
Member
Members
Forum Posts: 74
Member Since:
October 21, 2016
sp_UserOfflineSmall Offline

At least those of us who have two accounts (husband/wife) can double the transfer limits. It makes the limits somewhat more tolerable.

April 17, 2017
11:32 pm
Norman1
Member
Members
Forum Posts: 1170
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Loonie said
Yes, that is the other nuisance factor about Alterna. You must distinguish between the two websites. It can be confusing. They should rename one of them  

They did change the colour scheme of the two sites.

Alterna Bank now has a cyan décor. That's in contrast to the orange of the parent Alterna Savings.

No permission to create posts

Please write your comments in the forum.