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 unionAlterna 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,[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 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 (UNINew Brunswick and Coast Capital SavingsBC) currently operate outside their respective home province.
References
^Office of the Superintendent of Financial Institutions (23 October 2014). "Who We Regulate". Archived from the original on 2020-12-22. Retrieved 2019-05-01.
^ abAlterna Savings and Credit Union Limited (24 March 2017). "Offering Statement"(PDF). Archived from the original(PDF) on 2 May 2019. Retrieved 2 May 2019.
^Canada Deposit Insurance Corporation (30 June 1997). "CDIC Annual Report 1996/1997"(PDF). Archived(PDF) from the original on 9 May 2020. Retrieved 1 May 2019.
^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.
