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| Alterna Bank | |
| Formerly | Civil Service Loan Corporation (1992—2000) |
| Company type | Subsidiary |
| Industry | Banking |
| Founded | October 29, 1992 in Ottawa, Ontario, Canada |
Key people | Robert Paterson, President & CEO [1] |
| Total assets | CA$1,080,568,000 [2] (2021) |
| Parent | Alterna Savings |
| Website | www |
CS Alterna Bank (French: Banque CS Alterna), operating as Alterna Bank (French: Banque Alterna), is a Canadian direct bank and a wholly owned subsidiary of the Ontario-based credit union Alterna Savings. The bank offers chequing and high-interest savings accounts and mortgages.
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Operating primarily as a direct bank since 2017, most customers access accounts using the bank's website, telephone service, and mobile apps. [3] Unlike most other direct banks, some accounts can also be accessed through branches. There are four Alterna Bank ATM locations in Gatineau, Quebec, [a] and Alterna Savings branches also administer deposits and loans on its behalf, to which the bank outsources most of its processes. [4] Customers can make debit purchases using their access cards, write cheques, and make surcharge-free transactions at automated teller machines within The Exchange Network. [5] Its flexibility has brought it attention from publications such as The Globe and Mail as a sound alternative to the Big Five banks. [6]
The bank originated as the Civil Service Loan Corporation, [7] founded 29 October 1992 [8] [9] and operating as CS Loan Corporation. [10] It became CS Alterna Bank after receiving letters patent of continuation on 2 October 2000 as a federally regulated institution under the Bank Act. [11] [12] It continues to use the same institution number (#608). [13] Its parent organization, the Civil Service Co-operative Credit Society, operated as CS CO-OP. [14] The merger of CS CO-OP and Metro Credit Union in 2005 created Alterna Savings, adopting its subsidiary's name. [4]
Alterna Bank is a member of Canada Deposit Insurance Corporation (CDIC).
