Alterna Bank

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.

CS Alterna Bank
Alterna Bank
FormerlyCivil Service Loan Corporation (1992—2000)
TypeSubsidiary
IndustryBanking
FoundedOctober 29, 1992 (1992-10-29) in Ottawa, Ontario, Canada
Key people
Robert Paterson, President & CEO[1]
Total assetsC$810,423,000[2] (2018)
ParentAlterna Savings
Websitealternabank.ca

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 two Alterna Bank locations in Gatineau, Québec, 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

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 2018.
  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. Alterna Savings and Credit Union Limited (24 March 2017). "Offering Statement" (PDF). 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. Retrieved 1 May 2019.
  14. The Civil Service Co-operative Credit Society, Limited (11 February 2002). "Offering Statement" (PDF). Retrieved 2 May 2019.
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