The safety and wellbeing of our customers and staff has always been our priority. That is why we have increased cleaning services to our ABM machines, and offices, and access to sanitizers and disinfectant.
Coronavirus (COVID-19) Customer FAQs
We recognize uncertainty can be difficult. Here are some Frequently Asked Questions to provide you some answers during this uncertain time.
What is Alterna doing to protect its customers and staff from COVID-19?
Are there any changes to RRIF mandated withdrawal limits as a result of COVID-19?
On March 18, 2020, as part of Canada’s COVID-19 Economic Response Plan, the Federal Government has proposed a 25% reduction in the mandated annual minimum withdrawals from RRIF contracts for 2020. This Change was passed by the Federal Government on March 25, 2020 and is now in force for 2020 only.
What you need to know
- If you have a RRIF you now have the option to have your minimum that must be paid from a RRIF in 2020 reduced by 25%.
- If you do not need or want to change your RRIF Annual Minimum Payment amount for 2020 you do not have to and you can still receive your current 2020 RRIF Annual Minimum Payment without any tax implications; however, withholding tax will be applied to any amount in excess of the greater (pre 25% reduction) 2020 annual minimum payment.
- The spouse/common-law partner of the RRIF plan holder of a spousal/common-law partner RRIF will not be subject to spousal attribution where the holder receives RRIF payments up to the greater (pre 25% reduction) minimum amount.
Please reach out to your branch or call us at 1.866.560.0120 if you have questions or would like to opt in to changing your RRIF payment for 2020.
To learn more please visit
What are my banking options?
Your banking can be done anywhere and at anytime by using our
- Online Banking service accessible through alternabank.ca,
- Mobile Banking App available for download through the Apple IOS App Store or the Google Play Store
These services allow you to:
- Check balances
- Pay billsSend money
- Transfer funds between accounts
- Deposit cheques (mobile only)
- Find the nearest Alterna or Exchange Network ABM
How can I stay up to date on what’s happening?
For further Alterna updates on COVID-19 please click. We’re constantly monitoring developments during this global health situation and will continue to update impacts to your banking experience and ways that we can help support you as the situation evolves.
Our main concern is the health and safety of our customers and employees and we are working to ensure that our services continue while supporting your need for safety.
Should we need to contact you, we encourage you to update your contact information by logging into online banking or by sending an email to email@example.com.
We are here for you.
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