Founded by a group of civil servants on September 3, 1908, Alterna Savings
began as a provincially chartered credit union under the name of the Civil Service Savings and Loan Society. It was the first credit union established outside of Quebec. Early on, it was referred to as ‘the Society’ until 1928 when it came to be known as ‘The Civil Service Co-operative Credit Society Limited’. In October of 2000, Alterna wanted to offer more services to their clients than a credit union could provide. In order to do that, Alterna Bank was formed.
In its vision statement, Alterna Bank vows to provide a ‘compelling financial alternative to Canadians’. Alterna makes decisions based on the needs of its members more so than on corporate profits. As a subsidiary of the 100-year-old credit union, Alterna Savings, it handles services that were not available through the credit union. As a federally-licensed bank, Alterna can operate anywhere within Canada.
Alterna Bank offers the following services to its clients:
• Chequing and Savings Accounts
• ABM Banking Worldwide
and Other Investment Options
• Personal Loans
• Access to the CEO, John Lahey
Throughout Canada, Alterna employs approximately 500 people, and services more than 110,000 members and clients. Currently, there are 22 Alterna Savings branches in Ontario, plus 2 Alterna Bank locations serving Quebec, with corporate offices located in both Ottawa and Toronto.
Alterna Bank offers products and services similar to those available at Alterna Savings, but there are some differences. For instance, an Alterna Savings member may only use branches located in Ontario, while an Alterna Bank member may use branches in Ontario and Quebec. Also, only members of Alterna Savings may vote at the AGM (Annual General Meeting).
To ensure the protection of its clients’ deposits, Alterna Savings is a member of the Deposit Insurance Corporation of Ontario (DICO). Alterna Bank is a member of the Canadian Deposit Insurance Corporation (CDIC). For details on coverage of deposits, visit these websites: www.dico.com
Both small businesses and larger corporations will appreciate that Alterna has partnered with Moneris to offer credit card payment processing at a single point of contact, whether you use Visa®, MasterCard®, Amex®, or Interac® payments.
for more information on Alterna Savings and Alterna Bank.
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