Alterna Bank Explained

CS Alterna Bank
Trade Name:Alterna Bank
Type:Subsidiary
Industry:Banking
Founded: in Ottawa, Ontario, Canada
Key People:Robert Paterson, President & CEO[1]
Assets:C$1,080,568,000[2]
Assets Year:2021
Parent:Alterna Savings
Former Name:Civil Service Loan Corporation (1992—2000)

CS Alterna Bank (French: Banque CS Alterna|links=no), operating as Alterna Bank (French: Banque Alterna|links=no), 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.

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, 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 and References

  1. Web site: Who We Regulate. Office of the Superintendent of Financial Institutions. 23 October 2014. 2019-05-01. 2020-12-22. https://web.archive.org/web/20201222171549/https://www.osfi-bsif.gc.ca/Eng/wt-ow/Pages/wwr-er.aspx?sc=1&gc=1&ic=1. live.
  2. Web site: Financial Statements of Alterna Bank. 31 December 2021. 9 March 2023. 29 November 2022. https://web.archive.org/web/20221129175300/https://alternabank.ca/media/3pqpdxe3/2021_financial_statements_ab_en.pdf. live.
  3. News: Carrick . Rob . How consumers stand to benefit from credit unions jumping into the banking business . 2 May 2019 . The Globe and Mail . 8 April 2017 . 2 May 2019 . https://web.archive.org/web/20190502051627/https://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/credit-unions-want-your-banking-business2/article32587351/ . live .
  4. Web site: Alterna Savings and Credit Union Limited . Offering Statement . 2 May 2019 . 24 March 2017 . 2 May 2019 . https://web.archive.org/web/20190502051511/https://www.alterna.ca/SharedContent/documents/SpecialShares/AS_OFFERINGSTATEMENT_En.pdf . dead .
  5. Web site: Participating Financial Institutions . The Exchange Network . 1 May 2019 . 1 May 2019 . https://web.archive.org/web/20190501232556/https://www.theexchangenetwork.ca/Participating-Financial-Institutions.aspx . live .
  6. News: Carrick . Rob . The best banks for millennials who are in school or recently graduated . 1 May 2019 . The Globe and Mail . 30 August 2018 . 1 May 2019 . https://web.archive.org/web/20190501235507/https://www.theglobeandmail.com/investing/personal-finance/article-the-best-banks-for-millennials-who-are-in-school-or-recently-graduated/ . live .
  7. Web site: Financial Services Commission of Ontario . Licensing changes for fourth quarter 2000 . Licensing Bulletins . 1 May 2019 . 31 January 2001 . 1 May 2019 . https://web.archive.org/web/20190501235503/https://www.fsco.gov.on.ca/en/about/licensingbulletins/Archived/Pages/g-01_01.aspx . live .
  8. Web site: Canada Deposit Insurance Corporation . CDIC Annual Report 1996/1997 . 1 May 2019 . 30 June 1997 . 9 May 2020 . https://web.archive.org/web/20200509062036/http://publications.gc.ca/collections/collection_2012/sadc-cdic/CC391-1-1997-eng.pdf . live .
  9. Web site: Government of Canada . Public Works and Government Services Canada . Civil Service Loan Corporation . . 2 May 2019 . 12 November 1997.
  10. Alterna Savings: A century of cooperation . Scoop: Your Newsletter . 2008 . Winter . 5–8 . 2019-05-02 . 2019-05-02 . https://web.archive.org/web/20190502221146/https://alternabank.ca/SharedContent/documents/Newsletter/SCOOP_winter_2008.pdf . live .
  11. Civil Service Loan Corporation: Letters patent of continuance . Canada Gazette . 3 June 2000 . 134 . 23 . 1746 . 2019-05-02 . 2022-05-26 . https://web.archive.org/web/20220526195156/https://www.gazette.gc.ca/rp-pr/p1/2000/2000-06-03/pdf/g1-13423.pdf . live .
  12. Civil Service Loan Corporation and CS Alterna Bank — Letters Patent of Continuation and Order to Commerce and Carry on Business . Canada Gazette . 11 November 2000 . 3441 . 134 . 46 . 2019-05-02 . 2022-05-25 . https://web.archive.org/web/20220525230358/https://www.gazette.gc.ca/rp-pr/p1/2000/2000-11-11/pdf/g1-13446.pdf . live .
  13. Web site: Rule D4: Institution numbers and clearing agency/representative arrangements . Payments Canada . 1 May 2019 . 27 November 2017 . 1 May 2019 . https://web.archive.org/web/20190501235512/https://www.payments.ca/sites/default/files/08-Jan-18/d4eng.pdf . dead .
  14. Web site: The Civil Service Co-operative Credit Society, Limited . Offering Statement . 2 May 2019 . 11 February 2002 . 2 May 2019 . https://web.archive.org/web/20190502111632/https://www.alterna.ca/SharedContent/documents/SpecialShares/CS_COOP_Offering_Statement_Feb_11_2002.pdf . dead .

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