Alterna Bank TFSA transfer fee is zero.
Alterna Bank also does not charge a TFSA withdrawal commission.
Transfer Fees Within Alterna Bank
Alterna Bank does not charge any administration, withdrawal, or transfer fees for transactions within its own institution. This means you can move funds between your TFSA and other accounts, such as a High Interest eSavings or RRSP eSavings account, without incurring additional costs. This policy ensures that your savings can grow without being diminished by internal transfer fees.
External Transfers to Other Financial Institutions
When transferring your TFSA to another financial institution, Alterna Bank may charge a fee. The exact amount can vary, and it's advisable to consult the bank's official fee schedule or contact customer service for the most current information. It's important to note that while Alterna Bank may charge a fee for outgoing transfers, the receiving institution may also have its own fees or requirements. Therefore, it's prudent to inquire about any potential charges at both institutions before initiating a transfer.
Considerations Before Transferring Your TFSA
Before proceeding with a TFSA transfer, consider the following:
- Contribution Limits: Ensure that the transfer does not result in exceeding your annual TFSA contribution limit, as over-contributions can lead to penalties.
- Investment Terms: Review the terms of your current TFSA investments, as some products may have penalties for early withdrawal or transfer.
- Receiving Institution Policies: Confirm the policies and fees of the institution receiving the transfer to avoid unexpected charges.
How to Initiate a TFSA Transfer
To transfer your TFSA from Alterna Bank to another institution, you will typically need to complete an Investment Transfer Authorization form. This form authorizes Alterna Bank to transfer your TFSA holdings to the receiving institution. It's recommended to contact Alterna Bank's customer service for assistance and to ensure all necessary steps are followed correctly.