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We’re here to help you: FAQs about our readiness for COVID-19

Arsenal News
We’re here to help you: FAQs about our readiness for COVID-19

You and your family may be worried about the coronavirus disease (COVID-19), but the leadership at Arsenal Credit Union wants you to know we are here for you as we always have been.

We’re not going anywhere. Your credit union, at its core, is not a building or a business – it’s people unified for a common goal.

We have a comprehensive business continuity plan in place which allows us to provide uninterrupted access to your funds during these kinds of events. We’re not worried – just prepared.

If you’ve been impacted by this pandemic, our staff is dedicated to working with and helping you through these uncertain times. Now, more than ever, we are here to support our members.

Please take care of yourself and those around you, and do not hesitate to contact us for any assistance.

The questions and answers below address the safety of your funds at Arsenal, ways to access your account, what you can do in our drive-ups, setting up an appointment for an in-branch visit, loan assistance and investment guidance.

Frequently Asked Questions

How do I access my safe deposit box at a branch?
To access your safe deposit box at a branch, please set up an appointment with us during normal business hours. You can set up an appointment by calling 314.962.6363 or starting a live chat with an Arsenal representative.

Is my money safe at the credit union?
Yes. Your deposits are safe and federally insured. There is no risk to keeping money in your account, but there are countless risks to holding cash. While COVID-19 has cancelled, postponed and slowed down much of American life, the nation’s financial system operations are still strong.

What are the best ways to access my Arsenal Credit Union account(s)?
While our branch lobbies are temporarily closed (except by appointment) and our drive-ups remain open, service will continue as normal through our website, online banking, mobile app, ATM network, online chat, and call center. It's never been easier to access your accounts or ask us questions using a computer or smartphone.

How can I prepare to go branchless?
You can meet nearly all your financial needs without leaving your home.
  • Make sure you're enrolled in online banking. You can access your savings, checking, investment and loan accounts from this free service. To get set up, call us during normal business hours at 962.6363 or 618.239.6363 and press option 6, then 2.
  • Have our mobile banking and CardKey apps installed on your smartphone. They’re free. Click on the appropriate link below to download them. Access to mobile banking is contingent upon having online banking established with your Arsenal account(s).
  • After you download our mobile banking app, make sure to enroll in mobile check deposit. This enables you to snap pictures of checks with the camera on your smartphone or tablet and deposit them into your Arsenal account anytime, anywhere, on our mobile app.
  • Make sure you are enrolled in a direct deposit program with your employer.
  • Get a debit card for your checking account if you don't have one already. You can use it an ATM or get cash back at most retailers.
  • Set up automatic payments for your loans using our free bill pay service within online banking. You can also transfer money from your checking or savings account to pay any Arsenal loans you have.

Can I do anything else in the drive-ups besides making deposits/withdrawals and loan/credit card payments?
Yes. You can do much more than deposit cash and checks, cash checks, and withdraw money from your account(s). For example, you can:
  • Do stop payments on checks and ACH
  • Get cashier's checks, money orders, temporary checks, Visa gift cards, and Visa TravelMoney cards
  • Receive an instant-issue debit card
  • Dispute fraud under $35.00
  • Open a CD
  • Update your address if you’ve moved, change your name if you’ve gotten married or divorced, and do other similar account maintenance
Our drive-ups are remaining open during normal business hours:
  • Monday through Thursday, 9:00 a.m. – 5:00 p.m.
  • Friday, 9 a.m. – 6:00 p.m.
  • Saturday from 9:00 a.m.—noon

With your lobby being temporarily closed, does that mean I can’t enter your building for any personal business?
No. There are some things you can do inside our branches, by appointment only, such as:
  • Access your safe deposit box (if you’re in the drive-up, no appointment is needed for this; simply display your key for us to let you into the building)
  • Close on a consumer loan
  • Do a wire transfer
  • Have documents notarized
  • Get a medallion signature guarantee to verify your identity for the transfer of securities
  • Cash bonds
Call our main number, 314.962.6363 or 618.239.6363, to schedule an appointment.

I know it’s free to use certain ATMs in the St. Louis area. Where can I find a free CO-OP Network ATM near me?
You can search by ZIP code, or city and state, through this link. You can also download the CO-OP locator mobile app on iPhone or Android, text your ZIP code to 91989, or call 888.748.3266.

I need a loan to get me through this difficult time. Can you help me?
Yes! We’re offering relief with a loan created specifically to assist members facing financial hardships during these unprecedented times. This special loan features a rate significantly lower than what we normally charge on personal/signature loans. Annual percentage rates start as low as 2.99%, depending on your creditworthiness. Up to $3,000 may be borrowed at terms up to 36 months. Your first payment won’t be due until 90 days later. Call us at 314.962.6363 or 618.239.6363 to speak with a staff member who can assist you.

I don’t have a source of income right now. Is there a way I can skip a payment on my Arsenal loan?
Yes, our Skip-A-Pay program is still available for members. We realize that you may need extra help in this time of financial stress. Right now, we will let qualified members defer their loan payments for up to 90 days (use three skips in a row). We will also waive fees for skipping at this time (which is usually 10 percent of the loan payment). Taking this action will not impact your creditworthiness since we are working with you on this. It’s is an effective way to help you stay current on your payment obligations. How to apply for skip a payment (do one of the following before your due date):

Is refinancing my current loan with Arsenal an option?
Yes, as long as you are extending your loan term by at least 12 months or adding $1,000 to your loan amount. Extending your loan term will help you lower your loan payments and make them more manageable.

How can I make my loan payments?
There are multiple ways:
  • We can take a payment over the phone with a routing number from another financial institution you have an account with. As a courtesy, we will waive the ACH fee.
  • If you are set up for online banking at Arsenal, you can make the payment online with a routing and account number. The ACH fee will be waived in such case. You can also set up the auto DBO form for your account to have automatic payments.
  • You can set up a bill payment with your other financial institution and a check will be sent to Arsenal. It takes a couple of days for us to receive the bill payment since it is sent through regular mail.
  • You can drop off your payment at any of our branches in the night deposit box attached to the building by the drive-up. Tellers will process these the next business day.
  • You can still use the drive-up at the branch to make a payment.

If I purchased the optional credit insurance offered to me when I applied for and got a loan through the credit union, is the coronavirus (COVID-19) covered under this?
If you elected Credit Life or Disability Insurance, underwritten by CMFG Life Insurance Company, on your loan with us and are facing financial troubles due to a covered loss, please contact us to file a claim or discuss what benefits may be available under the coverage. As part of the same community, Arsenal Credit Union is committed to doing our part to keep us safe and sound throughout ongoing developments related to the coronavirus (COVID-19).

If I purchased optional debt protection that was offered to me when I applied for and got a loan through the credit union, am I eligible for benefits related to the coronavirus (COVID-19)?
If you purchased Debt Protection or Debit Protection with Life Plus on a loan with us and are having financial issues due to a protected loss, please contact us to file a claim or discuss what benefits may be available.  If elected, the protection may cancel your loan balance or monthly payment in the event of a protected event, like a disability or period of involuntary unemployment. Please contact us for more information including terms and conditions. As part of the same community, Arsenal Credit Union is committed to doing our part to keep us safe and sound throughout ongoing developments related to the coronavirus (COVID-19).

I applied for a home equity loan or line of credit with you but it hasn’t closed yet. Will the closing be handled any differently?
Yes. Our home equity closings will be taking place at Investors Title Company in Arnold, located at 1897 Richardson Road (ZIP 63010).

Arsenal is listed as the lienholder on my vehicle loan. I have new/updated insurance. What does the credit union need from me?
All you need to do is let us know the name of the insurance company and your policy number. You can send us this insurance information via email at Collections@arsenalcu.com.

I am concerned about my [401(k) plan] or [thrift savings plan through the federal government] and my financial future. Does the credit union provide any assistance with investments and financial planning?
Yes, we do. The current headlines and market volatility present an opportune time for you to connect and have a conversation with our CFS* financial advisor, David Weis. Understanding how you are positioned to weather uncertainty in the markets can help put volatility into context. Schedule a time with David for him to review:
  • Your current portfolio
  • Changes in your risk tolerance
  • Any outside assets that may be impacted by volatile markets
  • Your overall financial strategy and plan
If you are looking for investment options to potentially reduce volatility risk, David can present appropriate products and strategies for you to consider as you work together. He can also share research and commentary related to the history of volatile markets and the potential impact on returns from moving to the sidelines or rebalancing a portfolio. Our CFS financial advisor is here to answer questions and address any concerns you may have about your short-term and long-term financial plans. To get started, call David at 314.919.1058 or send him an email. You can also schedule an appointment online by visiting his website (“Arsenal Investment Center” available through CUSO Financial Services, L.P.). Thank you for your business and the confidence you place in our team to assist you. *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

What if I own a small business that is impacted by the current state of the economy?
Arsenal Credit Union is a Small Business Administration Certified Lender. If you own a small business and need help, you can apply for Disaster Loan Assistance on SBA.gov. You can also visit this blog post for more guidance and resources. If you're interested in applying for the Paycheck Protection Program (PPP) loan, learn how to apply here.

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