Chequing account · Alterna Bank
Alterna Bank Chequing (Pay As You Go Package): fees and true cost
Alterna Bank’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 $436 a year, #80 of 106 chequing accounts offered in Ontario.
CDICOffered in ON, QC
Fees retrieved November 1, 2026
Mitey tallies a year of Alterna Bank’s Chequing (Pay As You Go Package): $436 for the Everyday profile.
How much does Chequing (Pay As You Go Package) from Alterna Bank cost a year?
For a typical household (43 transactions and a $1,000 low balance a month), Chequing (Pay As You Go Package) costs $436 a year, #80 of 106 chequing accounts offered in Ontario. There is no monthly fee. Cheaper for the same banking: Personal Account at EQ Bank ($0). Eligible deposits are insured by CDIC up to $100,000 per category.
Who does Alterna Bank Chequing (Pay As You Go Package) suit?
- Best fit: the Light profile (mostly card and app, small balance), where it ranks #65 of 106 chequing accounts offered in Ontario. It costs most for the Heavy profile: $804 a year.
- Pay per use: no transactions are included, so each debit purchase costs $0.80 — 20 a month comes to $192 a year.
- Versus the cheapest: for everyday use it costs $436 a year more than Personal Account (EQ Bank), $2,178 over five years.
What would it cost you in a year?
| Usage | Fees a year | Why | Rank |
|---|---|---|---|
| Light Mostly card and app, small balance | $192 | No monthly fee; extra transactions $16.00/mo | 65 of 106 |
| Everyday Household account, a few e-Transfers | $436 | No monthly fee; extra transactions $34.40/mo | 80 of 106 |
| Heavy Lots of card, bill and e-Transfer payments | $804 | No monthly fee; extra transactions $63.20/mo | 68 of 106 |
| Branch and cheques Teller visits, cheques, paper statement | $242 | No monthly fee; extra transactions $19.20/mo | 67 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) | $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 | $1.00 |
| 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
If you're an occasional user and don't need lots of bells and whistles, this one's for you
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
- Personal Account (EQ Bank) — $0 a year
- Wealthsimple Chequing (Wealthsimple) — $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 (Student Life 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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