Alterna Bank

Alterna No-Fee eChequing Account

A digital no-fee account with unlimited supported transactions, cheque support, and a small amount of interest.

Normal monthly fee$0
TransactionsUnlimited
Interac e-TransfersUnlimited
Interest0.05%
Institution
Alterna Bank
Official website
https://www.alternabank.ca/en/personal/accounts/no-fee-echequing ↗

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 cost and transactions

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

Transfers

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.

ATM and branch access

ATM access
YesTHE EXCHANGE withdrawals avoid Alterna and operator surcharges. 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 support
YesCheque transactions and mobile Deposit Anywhere cheque deposits are supported.
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.