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Still receiving paper statements? Here’s why and how to go digital with eStatements

Mobile and Online
Still receiving paper statements? Here’s why and how to go digital with eStatements

Arsenal members have the choice of receiving paper or electronic account statements every month. Not only are electronic statements (eStatements) free, they’re also safer, more convenient and more eco-friendly than their paper counterparts. Here’s a list of frequently asked questions about eStatements at Arsenal.

eStatements

Girl with a cat looking at her eStatement
You can look at your eStatement in bed with your cat.

What is an eStatement, and how does it differ from a paper statement?

An eStatement has all of the same information as a paper statement; the only difference is that it’s captured in a file that you view within a secure, online environment (i.e., Arsenal’s online banking and mobile banking services).

How much does online banking cost?

Online banking and mobile banking are always free – no strings attached.

How much does an eStatement cost?

eStatements are free.

What are the benefits of eStatements?

eStatements are available to you much sooner than paper statements – typically on the first day of the month. Paper statements usually come a few days later by mail.

With paper statements, a thief can steal your account information right out of your mailbox or trash can if you don’t properly shred. eStatements don’t come with this threat.

eStatements are also much kinder to the environment. When you switch from mailed paper to eStatements, you’re saving trees (used for the paper and envelopes) and the air (from factories and mills that make the paper and trucks that deliver it to your mailbox).

How will I know when a new eStatement is ready to view?

You will receive an email notification when a new statement is available. This email notification will be sent to the email address you shared with us. If you change your email address, you’ll need to update it by logging into your online banking account, clicking on the My Settings tab in the top-right corner, and entering the new address.

If we don’t have your most current email address on file, you won’t receive a notification. However, you’ll still be able to see your statement in the eStatements tab within online banking.

Paper statements

Woman managing the debt; Shutterstock ID 1081849367; CUID Number (on creative Hub): 021780; Organization Name: Arsenal CU; Usage (Sales, Marketing, Internal, Other): Marketing
No one really needs this much paper in their life anymore

How much will a paper statement cost?

$2.00 each

Which account will the paper statement fee hit?

If you have a checking account, the fee will post there. If you don’t have a checking account, the fee will come from your savings account.

Why does Arsenal have a paper statement fee?

The cost of providing a paper statement is far higher than the cost of an electronic one. When members receive a statement by mail, the credit union must pay for paper and envelopes, statement generation and mailing preparation by a third-party, postage (which continues to rise), etc.

There is a financial benefit to the credit union when members use eStatements, and when the credit union benefits financially, so do you. That’s because, as a not-for-profit financial institution, we share our net earnings with you in the form of lower rates on loans and higher rates on deposits, more convenience, improved access, new and enhanced products/services, etc.

Are eStatements mandatory?

Nope. You may elect and continue to receive a paper statement; however, a $2.00 fee will be assessed for each paper statement you receive. There are no charges for eStatements.

If I enroll in eStatements, will I still get my paper statement at home?

Nope. Once you enroll in eStatements, your paper statements will be discontinued. You may end up receiving one more paper statement if your current statement was being processed while you were making the switch.

Can I get both a paper statement and an eStatement?

Nope. But eStatement PDFs are easy to print at home for your own records. Just remember to shred when you no longer need them.

Making the switch

young-man-sitting-on-bed-working-on-laptop-in-morning-light-real-people-people-using-laptops-people_t20_roWGld
All you need to sign up for eStatements on your own is a computer and online banking

How do I switch to eStatements?

Simply sign into your online banking account, click the “eStatements” tab and read/accept the eStatement disclosure. Note that when you click on the tab again the following month, your most recent statement will appear. Over time, you’ll be able to see your eStatement history and access up to 12 months of statements.

If you don’t have online banking, visit, call or start a live chat with us to get your account set up.

Can I un-enroll in eStatements?

You can un-enroll by calling and telling us you want to go back to receiving paper statements. Moving forward, the $2.00 fee per statement would then apply.

Are there any types of statements from the credit union in which the fee does not apply?

The $2.00 fee only applies to regular monthly or quarterly credit union account statements that are mailed to you.

It does not apply to monthly credit card statements, monthly loan statements (overdraft line-of-credit, home equity line of credit, etc.) or loan coupons you may receive in the mail from the credit union.

Are there any other exceptions?

Members age 17 and under and those age 65 and older are exempt. Small business members who have a Business II or Business III checking account are also exempt.