Information for School Councils that have a separate bank account with Alterna Savings

Alterna Savings and Credit Union is discontinuing its specialized school services banking program effective August 31, 2024. CIBC will be the new TDSB school banking partner and account holders will not be charged monthly account fees. The intent is to transfer all accounts before August 31, 2024, to CIBC.  However, if that is not possible TDSB will coordinate with Alterna to ensure that essential activities continue after August 31, 2024, until the new accounts are ready (deposits, cheque clearing, online access, etc.).

Account holders do not need to take any individual actions unless specifically advised.

TDSB intends to keep School Councils updated on the progress, including the transfer of account signatories. For any questions in the interim, please contact schoolbanking@tdsb.on.ca.