NEW! Me-to-Me Money Transfer Feature
The NEW Me-to-Me money transfer feature allows you to conveniently link all of your accounts from different financial institutions to your online banking account.
Me-to-me transfer allows you to:
- Move money into your account with funds from another financial institution
- Send money from your account to an account at another financial institution
- Fund new accounts (created through open new account feature) from external accounts if banking system supports it
Ease and Convenience
Stop worrying about how to get your money from one account to the other and use Me-to-Me to distribute your money where it belongs.
High Interest eSavings
Pair this feature with our High Interest eSavings account and take advantage of a 1.95% rate. You can easily make deposits to your savings account from any financial institution within Canada!
How long will it take to get Me-to-Me transfers set up on my account? Expand/Collapse
Once you submit your sign up form, it will take about 2 to 3 business days for the Me-to-Me link to be active.
Are there any limits on the amount I can transfer? Expand/Collapse
Yes – the following limits apply:
|7 Day Limit||$50,000||$250,000|
|30 Day Limit||$125,000||$500,000|
Are there any holds on my money when transferring? Expand/Collapse
Are there any accounts that are ineligible for the M2M transfer service? Expand/Collapse
The following accounts are ineligible for the Me-to-Me Transfer Service:
- US Dollar Accounts
- Business and Community Accounts
- Accounts that require multiple signatures for authorizing transactions
Does the M2M transfer service allow transfers in US Dollars? Expand/Collapse
Can I set up my TFSA eSavings Account for Me-to-Me Transfers? Expand/Collapse
Absolutely! Me-to-Me money transfers are a fast and convenient way of making a contribution to your TFSA eSavings Account. However, direct transfers intended to move funds in your TFSA plan from Alterna Bank to another financial institution cannot be attempted using the Me-to-Me transfer service and M2M debit transfers from your TFSA eSavings Account are not available.
Direct transfers of TFSA plans between financial institutions should always be initiated as a tax-sheltered transfer by the receiving financial institution via a T2033 Investment Transfer Form.
If you’re attempting to transfer funds from your Alterna Bank TFSA plan to another financial institution and you withdrawal the funds from Alterna Bank and deposit them to the other FI in the same calendar year:
- the withdrawal portion will constitute a withdrawal for the calendar year
- the deposit portion will constitute a new contribution for the calendar year
This will reduce your available contribution room in the current calendar year and may result in an over contribution, subject to a financial penalty by the Canada Revenue Agency.
TFSA plans have a maximum contribution limit and it’s important that you know how much contribution room you have available within your plan prior to making a contribution.
For more information about TFSA plans click here or you can call the Contact Centre at 1.866.560.0120.
Are M2M transfers an option for making contributions to the RRSP and TFSA eSavings Accounts? Expand/Collapse
Absolutely! M2M transfers are a fast and convenient way of making a contribution to your RRSP and TFSA eSavings account.
Are Outgoing M2M transfers available on the RRSP and TFSA eSavings Accounts? Expand/Collapse
No, Outgoing M2M transfers are not available on the RRSP and TFSA eSavings accounts.