Alterna Bank is a credit union, which means it’s member-owned. To access most of their products and services, you’ll first need to become a member. Here’s a breakdown of the process:
1. Become a Member:
- Visit the Alterna Bank Website: Go to the Alterna Bank website (www.alterna.ca) and look for the “Become a Member” or “Join Us” section.
- Online Application: You can typically apply for membership online. You’ll need to provide personal information and agree to purchase a small membership share (usually around $15).
- Eligibility: Any Ontario resident can become a member of Alterna Savings (the parent company), which then grants access to Alterna Bank’s products.
2. Choose the Product You Need:
- Banking: This includes chequing accounts, savings accounts, and other everyday banking products.
- Mortgages: Alterna Bank offers various mortgage options.
- Loans: They have personal loans for different purposes.
- Credit Cards: Alterna Bank offers a few credit card options.
3. Application Process (Varies by Product):
- Online: Once you’re a member, you can apply for most products online through their website.
- Phone: You can also call their customer service line to apply over the phone.
- In-Branch: While Alterna Bank has some branches, their focus is on digital banking. In-branch applications may be possible but less common.
4. Gather Necessary Information (Varies by Product):
- Personal Information: Name, address, date of birth, Social Insurance Number (SIN), contact information.
- Financial Information: Income, employment details, assets, liabilities.
- Supporting Documents:
- Proof of income (pay stubs, tax returns)
- Identification (driver’s license, passport)
- Proof of address (utility bill)
- For mortgages: Property details, down payment information
5. Complete and Submit the Application:
- Online: Fill out the online application form accurately and completely. Review all information before submitting.
- Phone: Provide the requested information to the representative over the phone.
6. Wait for a Decision:
- Application Status: You may be able to check the status of your application online or by phone.
- Notification: Alterna Bank will notify you of their decision.
Overall Recommendation
Alterna Bank is an excellent choice for individuals seeking a no-fee banking solution combined with high-interest savings and investment opportunities. Its online platform is well-suited for those who prefer managing their finances digitally and appreciate the convenience of a mobile app.
However, if you often require paper checks or are looking for a bank with a strong sign-up bonus, you might want to explore other options.
Conclusion
In summary, Alterna Bank offers a solid banking experience with a focus on digital convenience, competitive savings rates, and a comprehensive suite of financial products. While it lacks some features that traditional banks provide, its strengths in online banking make it a worthy contender in the Canadian banking landscape. If you’re looking for a modern, fee-free banking experience, Alterna Bank may be the right fit for you.
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