Alterna Bank

Last updated
CS Alterna Bank
Alterna Bank
FormerlyCivil Service Loan Corporation (1992—2000)
Type Subsidiary
IndustryBanking
FoundedOctober 29, 1992;30 years ago (1992-10-29) in Ottawa, Ontario, Canada
Key people
Robert Paterson, President & CEO [1]
Total assets C$1,080,568,000 [2]  (2021)
Parent Alterna Savings
Website www.alternabank.ca OOjs UI icon edit-ltr-progressive.svg

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.

Contents

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, Québec [lower-alpha 1] , 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).

See also

Notes

  1. ↑ Alterna Savings is provincially incorporated and does not directly offer its services outside Ontario. A federally-regulated institution like Alterna Bank would not be similarly constrained. While federally-incorporated credit unions exist, neither of the two Canadian institutions holding that status (UNI New Brunswick and Coast Capital Savings BC) currently operate outside their respective home province.

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References

  1. ↑ Office of the Superintendent of Financial Institutions (23 October 2014). "Who We Regulate" . Retrieved 2019-05-01.
  2. ↑ "Financial Statements of Alterna Bank" (PDF). 31 December 2021.
  3. ↑ Carrick, Rob (8 April 2017). "How consumers stand to benefit from credit unions jumping into the banking business". The Globe and Mail. Retrieved 2 May 2019.
  4. 1 2 Alterna Savings and Credit Union Limited (24 March 2017). "Offering Statement" (PDF). Archived from the original (PDF) on 2 May 2019. Retrieved 2 May 2019.
  5. ↑ "Participating Financial Institutions". The Exchange Network. Retrieved 1 May 2019.
  6. ↑ Carrick, Rob (30 August 2018). "The best banks for millennials who are in school or recently graduated". The Globe and Mail. Retrieved 1 May 2019.
  7. ↑ Financial Services Commission of Ontario (31 January 2001). "Licensing changes for fourth quarter 2000". Licensing Bulletins. Retrieved 1 May 2019.
  8. ↑ Canada Deposit Insurance Corporation (30 June 1997). "CDIC Annual Report 1996/1997" (PDF). Retrieved 1 May 2019.
  9. ↑ Government of Canada, Public Works and Government Services Canada (12 November 1997). "Civil Service Loan Corporation". TERMIUM Plus . Retrieved 2 May 2019.
  10. ↑ "Alterna Savings: A century of cooperation" (PDF). Scoop: Your Newsletter (Winter): 5–8. 2008.
  11. ↑ "Civil Service Loan Corporation: Letters patent of continuance" (PDF). Canada Gazette. 134 (23): 1746. 3 June 2000.
  12. ↑ "Civil Service Loan Corporation and CS Alterna Bank — Letters Patent of Continuation and Order to Commerce and Carry on Business" (PDF). Canada Gazette. 134 (46): 3441. 11 November 2000.
  13. ↑ "Rule D4: Institution numbers and clearing agency/representative arrangements" (PDF). Payments Canada. 27 November 2017. Archived from the original (PDF) on 1 May 2019. Retrieved 1 May 2019.
  14. ↑ The Civil Service Co-operative Credit Society, Limited (11 February 2002). "Offering Statement" (PDF). Archived from the original (PDF) on 2 May 2019. Retrieved 2 May 2019.
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