Issue With Transparency: Why is the White Still Here?

I’m working on a flowing tattered flag for a project but have recently run into a snag where my transparency won’t work properly.

Here it is with alpha not enabled.

And here it is enabled.

I’ve enabled transparency, UV unwrapped the texture, have the texture saved as PNG, but still cannot make it work properly. This is rather odd because this issue popped up today, where as I had previously no problem with it. I was able to put the tattered texture on and remove the white completely. Now, I can’t seem to fix it. Any suggestions?