Chequing account · Alterna Bank
Chequing (Student Life Package): fees and true cost
Alterna Bank’s Chequing (Student Life Package) charges no monthly fee, with unlimited transactions. For our “Everyday” example that comes to $23 a year, #12 of 107 chequing accounts offered in Ontario.
CDICStudentsOffered in ON, QC
Fees retrieved November 1, 2026
What it would cost you in a year
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $0 | No monthly fee | 9 of 107 |
| Everyday Household account, a few e-Transfers | $23 | No monthly fee | 12 of 107 |
| Heavy Lots of card, bill and e-Transfer payments | $46 | No monthly fee | 13 of 107 |
| Branch and cheques Teller visits, cheques, paper statement | $0 | No monthly fee | 1 of 95 |
Try your own numbers in the true-cost finder.
Every fee FCAC lists for this account
| Item | Fee |
|---|---|
| Monthly fee | No monthly fee |
| Included transactions | Unlimited |
| Debit purchase in Canada (beyond included) | $0.80 |
| Online or mobile bill payment | $0.80 |
| Interac e-Transfer | $0.80 |
| Online transfer between your accounts | $0.80 |
| Own-bank ATM withdrawal | $0.80 |
| Withdrawal at another institution’s ATM | $1.90 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $5.00 |
| Debit purchase in the United States | $0.80 |
| In-branch withdrawal | $0.80 |
| Bill payment in branch | $0.80 |
| Cheque (as a payment) | $0.80 |
| Mailed monthly statement | No extra fee |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | $2.50 |
| Overdraft protection, per use | Not available |
| Overdraft interest | 19.99% a year |
Notes from the institution
A free banking package for post-secondary students
Is the money protected?
CDIC member. Eligible deposits are covered up to $100,000 per category at each CDIC member — see the deposit safety tool.
Cheaper for everyday use, at other institutions
- Wealthsimple Chequing (Wealthsimple) — $0 a year
- Personal Account (EQ Bank) — $0 a year
- 1Q Chequing Account (KEB Hana Bank Canada) — $0 a year
Other chequing accounts at Alterna Bank
- Chequing (Basic Package) — $4.00/mo, no balance waiver
- Chequing (Pay As You Go Package) — No monthly fee
- Chequing (Unlimited Package) — $16.00/mo, no balance waiver
- Chequing (Value Package) — $9.00/mo, no balance waiver
- No Fee eChequing Account — No monthly fee
- Simply Chequing — No monthly fee
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Alterna Bank’s product page
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