Alterna Savings Merger FAQ's

We are merging with Alterna Savings and Credit Union (Alterna). Alterna is the oldest Credit Union in Ontario and has been providing financial services to members since 1908. Alterna is the third largest credit union in Ontario and has 36 branches located throughout the province including the major centres of Ottawa, Toronto, Kingston and Peterborough.

Yes, MSCU’s team will join the Alterna team on January 1, 2021 and have expanded development and growth opportunities available to them. There will be no job losses resulting from this merger! Also, no team member will have to relocate unless it is their choice to do so. After the merger, you will continue to deal with the same friendly credit union representative that you have always known.

The impact on our members will be overwhelmingly positive. We would not have pursued this course of action if that were not the case. Under the Alterna banner, members will keep everything they love about Member Savings and gain access to all of the resources offered by Alterna.

Alterna will retain all Members Savings employees and will continue to keep our current location.

A merger with Alterna also brings you:

  • Access to a province wide network of 37 branches
  • Full-service brokerage
  • More business account options
  • Access to even more certified financial planners
  • Greater technology and the resources to invest in more
  • A Contact Centre available to our members 7 days a week

Initially nothing will change until the completion of the banking system change which will bring us onto Alterna’s system. At that time, your account will be moved into the account package at Alterna that most closely resembles the one you currently have. Alterna offers a wide variety of options tailored to suit individual member needs. We will keep you well informed as we progress through the banking system change.

For now, all aspects of your account, payroll deposits, online and mobile banking, debit cards, Interac e-transfers, cheques and bill payments remain the same. You can continue to log in to your account through the online banking portal, and continue to access your account through our mobile banking app. All Interac e-transfers will continue to be deposited by choosing "Member Savings Credit Union" as your financial institution.  

Please continue to monitor our dedicated Alterna Savings News page, for updated information on any upcoming changes. 

Access to a province-wide network of branches

Once the banking system change is complete, members will have access to in-person services at branch locations across Ontario including Toronto, Ottawa, Kingston, Quinte Region, Peterborough, Bolton, Brampton, Southwestern Ontario, North Bay, and Northern Ontario.

Access to more technology

Alterna is committed to introducing new innovative technology that makes your life easier, including fully digital account openings, a state-of-the-art mobile app and other virtual services. They have the resources to meet that commitment to bring greater digital offerings to our members.

More investment options

Membership in Alterna gives you access to a full-service brokerage along with financial experts to provide advice through Alterna Wealth.

More account options

Alterna offers a wide variety of both personal and business account options to suit the needs of individuals and families as well as small and medium sized businesses. Alterna also offers broader commercial credit options and is a leader in providing micro-financing to underrepresented groups in Ontario.

Competitive rates

Alterna offers excellent rates on a wide variety of investment and lending products. After the merger, members will be able to take advantage of any of Alterna’s interest rate offerings.

It will attract younger members

Alterna is a very innovative company that invests heavily in creating and acquiring new technology. Younger members will appreciate their strong online presence and mobile options.

A commitment to the community

Alterna is committed to co-operative values and support to the community. Last year they donated more than $1,000,000 to the communities they serve.

Member Savings has identified three major strategic issues that need to be addressed to ensure a bright and viable future. They are:

  • Investment in new technology
  • An aging membership and the need to attract new young members
  • The ability to provide greater development opportunities to continue to attract and retain employees well into the future

A merger with Alterna checks all the boxes and ensures that our members will have access to high quality Credit Union services for many years to come.

Absolutely not! The current management team will all be staying with the credit union and will continue to manage the branch.

Yes, in time. We think it is important for Member Savings members to realize that they are part of the larger organization and that current Alterna members are aware that a new branch will be available in downtown Toronto.

Absolutely. We are holding a Special Members Vote over the course of five days running from November 9th until November 13th, 2020. We will be following that election period with a virtual meeting, on November 18th, 2020 at 11:00 am, to reveal the vote results. The results will also be published on our website. Credit Unions are democratic organizations and that won’t change. All we ask is that you take the time to learn the facts and if you do, we know that you will whole heartedly support this decision.

Like Member Savings, Alterna’s members also have membership shares in the credit union. Alterna’s membership shares are only $15, therefore our members will see a return deposit of $10 into their daily savings account. Any membership share difference and patronage shares were paid out to members on December 22nd, 2020.

The closing date for the merger is December 31st, 2020.

Please raise any further questions that you have with any member of the credit union team. They will be happy to answer your question or make sure you get the answers you need. Or you can e-mail us at Talk to Us!!