Alterna Bank is a federally regulated financial institution in Canada, operating under the governance of the Financial Services Regulatory Authority of Ontario (FSRA). As a subsidiary of Alterna Savings and Credit Union Limited, it offers a range of banking services, including savings accounts, mortgages, and online banking solutions. Its operations are primarily digital, catering to customers across Canada.
Alterna Bank is safe for investments because the deposited funds are secured by the Canada Deposit Insurance Corporation.
The insurance limit of the CDIC was 100,000 CAD in 2024.
This sum will be paid to you by the CDIC in case of bankruptcy of a financial company.
Financial Stability and Regulatory Oversight
Alterna Bank's financial health is closely monitored through its consolidated financial statements, which are audited annually. The 2023 financial statements indicate a stable performance, with a strong capital base and adherence to regulatory requirements. Additionally, the bank's compliance with Basel III standards is documented in its Pillar 3 and Leverage Ratio disclosures, ensuring robust risk management practices.
Deposit Insurance and Member Protection
Deposits held at Alterna Bank are insured by the Financial Services Regulatory Authority of Ontario (FSRA), providing an added layer of security for depositors. This insurance is part of the broader regulatory framework that governs credit unions in Ontario, ensuring that member funds are protected up to the insured limits.
Digital Banking Security
Alterna Bank prioritizes the security of its digital banking platforms. The bank implements advanced encryption technologies and multi-factor authentication to safeguard customer information and transactions. Regular security audits and updates are conducted to address emerging threats and maintain a secure online banking environment.