Chequing account · Alterna Bank
No Fee eChequing Account: fees and true cost
Alterna Bank’s No Fee eChequing Account charges no monthly fee, with branch: 0 · self-serve: unlimited transactions. For our “Everyday” example that comes to $23 a year, #6 of 33 chequing accounts offered nationwide.
CDICOffered in all ten provinces
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 | 5 of 33 |
| Everyday Household account, a few e-Transfers | $23 | No monthly fee | 6 of 33 |
| Heavy Lots of card, bill and e-Transfer payments | $46 | No monthly fee | 6 of 33 |
| Branch and cheques Teller visits, cheques, paper statement | n/a | Can’t do: branch transactions | — |
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 | Branch: 0 · self-serve: unlimited |
| Debit purchase in Canada (beyond included) | No extra fee |
| Online or mobile bill payment | No extra fee |
| Interac e-Transfer | No extra fee |
| Online transfer between your accounts | No extra fee |
| Own-bank ATM withdrawal | No extra fee |
| 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 | No extra fee |
| In-branch withdrawal | Not available |
| Bill payment in branch | Not available |
| Cheque (as a payment) | No extra fee |
| Mailed monthly statement | $2.00 |
| Non-sufficient funds (NSF) | $10.00 |
| Overdraft protection, monthly | $2.50 |
| Overdraft protection, per use | Not available |
| Overdraft interest | 19.99% a year |
Interest
| Balance | Rate (annual) |
|---|---|
| $0 to $250,000 | 0.05% |
Notes from the institution
Free online chequing account
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
- Neo Chequing account (Essentials) (Neo Financial) — $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 (Student Life Package) — No monthly fee
- Chequing (Unlimited Package) — $16.00/mo, no balance waiver
- Chequing (Value Package) — $9.00/mo, no balance waiver
- 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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