Chequing account · Alterna Savings
Chequing (Pay As You Go Package): fees and true cost
Alterna Savings’s Chequing (Pay As You Go Package) charges no monthly fee, with none included (each one is charged) transactions. For our “Everyday” example that comes to $643 a year, #99 of 106 chequing accounts offered in Ontario.
Provincial insurerOffered in ON
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 | $288 | No monthly fee; extra transactions $24.00/mo | 93 of 106 |
| Everyday Household account, a few e-Transfers | $643 | No monthly fee; extra transactions $51.60/mo | 99 of 106 |
| Heavy Lots of card, bill and e-Transfer payments | $1,186 | No monthly fee; extra transactions $94.80/mo | 97 of 106 |
| Branch and cheques Teller visits, cheques, paper statement | $373 | No monthly fee; extra transactions $28.80/mo | 88 of 94 |
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 | None included (each one is charged) |
| Debit purchase in Canada (beyond included) | $1.20 |
| Online or mobile bill payment | $1.20 |
| Interac e-Transfer | $1.20 |
| Online transfer between your accounts | $1.20 |
| Own-bank ATM withdrawal | $1.20 |
| Withdrawal at another institution’s ATM | $2.00 |
| ATM withdrawal in the United States | $3.00 |
| ATM withdrawal in other countries | $5.00 |
| Debit purchase in the United States | $1.20 |
| In-branch withdrawal | $1.20 |
| Bill payment in branch | $1.20 |
| Cheque (as a payment) | $1.20 |
| Mailed monthly statement | $2.25 |
| Non-sufficient funds (NSF) | $50.00 |
| Overdraft protection, monthly | $5.00 |
| Overdraft protection, per use | $5.00 |
| Overdraft interest | 19.99% a year |
Notes from the institution
With the Pay-As-You-Go package you'll only pay for the transactions you make.
Is the money protected?
FSRA (Ontario credit union). Credit union deposits are insured by the province, with limits that vary — see credit union insurance by province.
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 Savings
- Chequing (Basic Package) — $4.00/mo, or $0 with a $1,000 minimum balance
- Chequing (Student Life Package) — No monthly fee
- Chequing (Unlimited Package) — $14.00/mo, no balance waiver
- Chequing (Value Package) — $10.00/mo, no balance waiver
- Simply Chequing — No monthly fee
Source: FCAC Account Comparison Tool (data submitted by the institution), retrieved November 1, 2026 · Alterna Savings’s product page
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