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A look at how others rate Arsenal Credit Union

Arsenal News
A look at how others rate Arsenal Credit Union

There are many ways that a financial institution, such as Arsenal, can be rated – from its service, products and rates, to its financial health, strength and stability. This article takes a look at each of these categories.

The voice of members

Obviously, it’s important for any business to know what its customers/members think and feel about it. During the first eight years of this decade, we asked members to rate the quality of service they received from front-line staff. These satisfaction surveys were randomly sent every 3-4 weeks and included a number of questions, including one asking members to rate the service they received during a transaction the prior day as either poor, fair, good or excellent. With a goal of us wanting to be known as a financial institution that offers the best service, excellent scores are what we wanted to see, and each year a high percentage of respondents (between 81.19% and 89.67%) rated our service as such. Click here to view details. Handwritten comments made by members (testimonials) can be found on our website and Instagram page.

“Each year, the bar for staff was raised, and nearly every year they reached and surpassed the minimum or stretch goal that was established,” noted ACU President/CEO Linda Allen. “Employees consistently providing excellent service has led to high member satisfaction and helped us continue to grow.”

Last year we began measuring the experience that members have when doing transactions, opening accounts and applying for loans. A new survey platform was implemented to automate the process, and information was collected in 2019 to help us set a benchmark for this year. Across all touchpoints – in person, over the phone and through digital channels – our goal is for you to have a great experience with us and make banking as easy as possible for you. For the “Member Effort Score,” members are asked a two-pronged question: 1) How easy did you expect the credit union to make it for you to complete your transaction, and; 2) How easy did we actually make it for you to do so? Currently, respondents have rated us highly – 6.57% on a 1 to 7 scale, with “1” being “extremely difficult” and “7” representing “extremely easy.” If you had a recent transaction with us that was not easy, please call us at 314.962.6363 or send an email to arsenalcu@arsenalcu.com.

In regard to digital tools, members who have downloaded our free mobile app from Apple’s App Store or the Google Play Store rate it highly – 4.8 out of a possible 5.0. The collective score from members using the Android App vs. the IOS App is the same, based on a similar number of ratings — 772 who’ve downloaded it from the former store and 795 from the latter. Here are some recent comments from members:

  • “I love the app. It’s very convenient and easy.” — Terry Beckemeyer (November 3, 2020)
  • “The use of functions and features are easy-to-use.” – Kent Adams (September 28, 2020)
  • “Super convenient on so many levels. Written in great code. Generally very stable.” – Jon Gergeceff (August 24, 2020)
  • “This app is very user friendly. I love having access to all of my banking needs anytime.” – Amy Hardy (August 6, 2020)

Click here to learn more about our free mobile banking service.

Rate comparisons

Throughout the year, the rates and dividends we pay members on deposit accounts are significantly higher than what big banks pay their customers. This is based is on data from RateWatch, a company that was established in 1989 and is owned by S&P Global. Last year, compared to Bank of America, U.S. Bank, Regions Bank, and PNC Bank, we paid up to 10 times higher annual percentage yield (APY) on savings accounts, up to 25 times higher APY on low-balance money market accounts (MMAs), up to 90 times higher on high-balance MMAs, up to 20 times higher APY on shorter-term CDs and up to 9 times higher APY on longer-term CDs.

RateWatch also monitors competitors’ deposit rates for us. Over 4,200 financial institutions use RateWatch for this and other services. Data that they report to us shows our deposit rates are very competitive with what local banks and other credit unions pay, with ours typically among the highest you will find in the St. Louis metro area.

Financial performance ratings

We have received a 5-star “superior” rating  for each of past 12 quarters from Bauer Financial, an independent statistical rating organization. Bauer has been reporting the financial performance of credit unions and banks since 1991. It assigns star ratings on a scale of 0 to 5 stars based on National Credit Union Administration (NCUA) data for credit unions and Federal Deposit Insurance Corporation (FDIC) data for banks. With the exception of being rated 3 stars (Adequate) all four quarters in 1991 and the first quarter of 1992, we have received 4 stars (Excellent) or 5 stars (Superior) ratings and been on Bauer’s “recommended list” ever since!

Weiss Ratings is another reliable source that provides information on the safety of banks, credit unions and insurance companies to help people make sound, informed financial decisions. Arsenal currently has a B+ rating, which is the same grade that the strongest/highest-rated banks in the country have received.

One other source, DepositAccounts.com, collects and presents credit union and bank deposit information. The site, which was created in 2005, currently has an “A” health rating for Arsenal.

Other noteworthy ratings

  • Best in value: Clients and readers of the St. Louis Small Business Monthly, a monthly publication, have recognized Arsenal for helping people get the most out of their money last year and again this year. This year’s list was published in the October issue.
  • A+ (highest) from the Better Business Bureau. BBB advances marketplace trust and sees trust as a function of two primary factors – integrity and performance. Integrity includes respect, ethics and intent. Performance speaks to a business’s track record of delivering results in accordance with BBB standards and/or addressing customer concerns in a timely, satisfactory manner.
  • 3.9 out of 5.0 on Indeed.com (ratings by former employees)