 | |
| Alterna Bank | |
| Formerly | Civil Service Loan Corporation (1992—2000) |
| Company type | Subsidiary |
| Industry | Banking |
| Founded | October 29, 1992 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 |
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.
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[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 Bank is a member of Canada Deposit Insurance Corporation (CDIC).
See also[edit]
Notes[edit]
- ^ 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.
References[edit]
- ^ Office of the Superintendent of Financial Institutions (23 October 2014). "Who We Regulate". Retrieved 2019-05-01.
- ^ "Financial Statements of Alterna Bank" (PDF). 31 December 2021.
- ^ 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.
- ^ a b 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.
- ^ "Participating Financial Institutions". The Exchange Network. Retrieved 1 May 2019.
- ^ 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.
- ^ Financial Services Commission of Ontario (31 January 2001). "Licensing changes for fourth quarter 2000". Licensing Bulletins. Retrieved 1 May 2019.
- ^ Canada Deposit Insurance Corporation (30 June 1997). "CDIC Annual Report 1996/1997" (PDF). Retrieved 1 May 2019.
- ^ Government of Canada, Public Works and Government Services Canada (12 November 1997). "Civil Service Loan Corporation". TERMIUM Plus. Retrieved 2 May 2019.
- ^ "Alterna Savings: A century of cooperation" (PDF). Scoop: Your Newsletter (Winter): 5–8. 2008.
- ^ "Civil Service Loan Corporation: Letters patent of continuance" (PDF). Canada Gazette. 134 (23): 1746. 3 June 2000.
- ^ "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.
- ^ "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.
- ^ 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.