Download Alterna Savings and Credit Union App Alterna Savings Banks Canada's Cannabis Producers to Meet Market Needs
Total Page:16
File Type:pdf, Size:1020Kb
download alterna savings and credit union app Alterna Savings Banks Canada's Cannabis Producers To Meet Market Needs. TORONTO , Sept. 13, 2016 /CNW/ – While the big banks have started cutting loose, or refusing to bank with federally licensed cannabis- related businesses, a progressive, Ontario -based credit union has recognized the need and quietly moved in to help. “Credit unions have a strong history of understanding unmet needs in a market and stepping up to make a difference,” says Rob Paterson , President & CEO, Alterna Savings. “About a year ago we started to be approached by a handful of licensed producers that were struggling to find a banking partner. We analyzed the need, did our due diligence, and realized we could do something to help this emerging industry.” All of the businesses Alterna deals with are operating 100% legally under the existing Health Canada framework for federally licensed producers. “These are businesses that are operating for the benefit of many chronically ill Canadians,” adds Paterson. “Without our support they would find it difficult to pay their bills, manage payroll, and secure real estate with the ultimate goal of supplying medicine to people who need it most.” Paterson says their credit union believes it’s in everyone’s best interest to support these businesses to flourish in Canada . Like any emerging industry, it can sometimes be difficult to find a financial services partner that believes in your vision. He adds that credit unions are known for their “firsts”, and being traditionally more nimble and quick to react to new market needs. At the end of the day, these are like any other federally licensed business operating in our community. There are still a lot of players in this space trying to edge their way in illegally through dispensaries, store-fronts and other set-ups, and we absolutely do not support those. We only work with the handful of licensed producers, who currently can only distribute through the mail. As well we handle the odd industry consultant or advocacy group. Rob Paterson , President & CEO, Alterna Savings. Alterna has strict protocols in place when bringing new businesses on board. “We have a process compliant with all regulatory requirements. We conduct thorough due diligence where they have to provide evidence of their Health Canada licensing status, and everything is triple checked by our compliance team. ” Paterson adds that the due diligence continues long after they come on board as a member. The credit union adds an extra level of assurance, by monitoring trends and patterns of their financial transactions and acting quickly if anything seems suspicious or unusual. “We’re really happy we were able to be creative and flexible in supporting this niche industry when the players started to approach us. Ultimately the work they are doing is supporting thousands of sick patients and doing so entirely above board. We’re proud to partner with them and look forward to what the future brings,” says Paterson. Alterna Bank Business Banking. The Alterna Bank mobile app gives you easy and secure banking access anywhere, anytime. You can pay bills, transfer funds, check your balances and more. Simple, convenient and secure – it’s the ideal app for your everyday banking needs. LOG IN • Log in with your Online Banking ID and Password. ACCOUNTS • View your account activity, balances and recent transactions. • Manage multiple accounts – banking, investments and credit. PAY BILLS • Pay bills now or set them up for a future date. • View and edit upcoming scheduled bills and transfers. TRANSFERS • Send money instantly with Interac® eTransfer. • Transfer money between your Alterna Bank accounts. • Transfer money to and from your accounts in another Financial Institution. DEPOSIT • Quickly and securely deposit your cheques by using your smartphone or tablet. Just select ‘Move Money’ and ‘Deposit’, select the account you would like to make your deposit to, take a picture of both sides of your endorsed cheque, enter the dollar amount, and submit it. That’s it. LOCATE ATMs • Search or use your current location to find nearby ATMs. SECURITY • Your security is our top priority, which is why our mobile banking app uses the same level of secure protection as our full Online Banking. • Receive messages about your account on your phone. Or, if you’d rather not log in, you can still: • Check out our rates • Search for nearby ATMs • Display your balances at-a-glance without having to log in (you must enable this feature) To take full advantage of the Alterna Bank app, you must be an Alterna Bank customer, plus already be registered for and have logged into Online Banking. If you’re not an Online Banking user, you can still use the locator feature to find the closest ATM, including THE EXCHANGE® Network ATMs, check our rates or quickly find our contact information. Visit https://www.alternabank.ca for more details. There’s no charge for the Alterna Bank app, but mobile data and/or internet charges may apply. Check with your mobile phone provider for details. Alterna Savings & Credit Union Review. Alterna Savings and Credit Union is one of Canada’s largest credit unions and the first credit union outside of Quebec. Following Meridian Credit Union, Alterna Savings is the second-largest credit union in the province of Ontario. This review of Alterna Savings and Credit Union covers the services and products they offer to members as well as the low to no-fee digital banking services available through their direct banking subsidiary, Alterna Bank. Table of Contents. What is Alterna Savings? Alterna Savings was founded in 1908. It has over 160,000 members, 35 branches in Ontario and more than $8 billion in assets under management. In 2000, CS Alterna Bank was launched as a direct banking (online bank) arm of Alterna Savings and is a federally-regulated financial institution. On April 30, 2019, Alterna Savings merged with City Savings and Credit Union. In December 2018, Alterna Savings merged with Toronto Municipal Employees’ Credit Union (TME Savings). In 2016, Alterna Savings merged with Nexus Community Savings. In 2013, Alterna Savings merged with Ottawa Women’s Credit Union. Members of Alterna Savings and Credit Union have access to over 3,700 surcharge-free ATMs across Canada though The EXCHANGE Network. Alterna Savings Accounts: Personal Banking. Alterna Savings offers a full suite of banking services to its personal and business members. Chequing Accounts. Their chequing account offerings include: Basic package: $4/month (waived with a $1000 minimum balance) with 20 ‘free’ transactions, free e-statement (or $1.50 for a paper statement). Value package: $10/month including 35 transactions, 50 cheques/year, free American Express Traveler’s cheques. Unlimited package: $14/month including unlimited transactions, unlimited Interac e-Transfers and 1 free ATM Interac withdrawal/month (free with a $1,500 minimum monthly balance), free traveller’s cheques, 1 free bank draft or certified cheque/month. Student chequing account: $0 monthly fee, no minimum balance required, unlimited free day-to-day transactions, and unlimited Interac e-Transfers, 2 free ATM Interac withdrawals/month. Youth Start package (for members who are 18 and under): $0 monthly account fee, 30 free transactions/month, free statements. Pay As You Go: No monthly account fee – pay per transaction. 59+ Club: Get a discount on the regular chequing accounts as follows: basic chequing (free), value package ($5), and unlimited package ($7). Savings Accounts. Daily interest savings: Earn up to 0.05%*. Investment savings account: Earn up to 0.40%*. Borrowing. Alterna Savings offers mortgages, personal loans, lines of credit, and credit cards. Their credit card offerings via Collabria Financial Services are: 1) Alterna Savings Cash Back Visa Card : No annual fees, 19.90% interest rate, earn 1 point per $1 spent (double on gas), purchase protection and extended warranty, mobile device insurance. 2) Alterna Savings Centra Visa Gold Card : $0 annual fee, 9.90% interest rate, earn 1 point per $1 spent, auto rental collision loss insurance, purchase protection and extended warranty, accident protection. 3) Alterna Savings Visa Classic Card : $30 annual fee, 11.90% interest rate, purchase protection, extended warranty, and mobile device insurance. 4) Alterna Savings FlexRate Visa Card : $40 annual fee, variable interest rate up to 15.90%, earn 1 point per $1 spent, purchase protection and extended warranty, mobile device insurance. 5) Alterna Savings Visa Infinite Card : $120 annual fee, 19.90% interest rate, comprehensive travel insurance benefits, auto rental collision/loss insurance, purchase protection/extended warranty and earn 2 points per $1 spent. 6) Alterna Savings Student Visa Card : $0 annual fee, 11.90% interest rate, purchase protection/extended warranty, and mobile device insurance. 7) Alterna Savings Travel Rewards Visa Gold Card : $99 annual fee, 19.90% interest rate, extended travel insurance benefits, purchase protection and extended warranty, earn 1 point per $1 spent (double for foreign currency purchases). 8) Alterna Savings US Dollar Visa Card : $50 USD annual fee, 19.90% interest rate, travel insurance, auto rental collision/loss insurance, purchase protection/extended warranty, and earn 1 point per $1 USD spent. Investments : You can invest using a term deposit inside a non-registered or registered account (e.g. RRSP, TFSA, RESP, and RRIF). Insurance : Travel insurance is available through CUMIS and Allianz Global Assistance Canada. Alterna Savings Accounts: Business Banking. Chequing Accounts. Business Basic: $10/month including 15 transactions. Business Value: $28/month and 50 transactions. Business Premium: $55/month and 100 transactions. Business Prestige: $100/month and 200 transactions. Business Pay As You Go: $5 monthly fee and pay per transaction. CHIP chequing account: reduced service fees and this account earns interest. Community Plus chequing account: for incorporated non-profit organizations.