Compounding frequency on accounts has changed. Part of Arsenal’s consistent growth stems from the way we’re always looking for better ways to serve you. As a result, we would like to announce an important change in terms regarding your account(s) with us. Effective July 31, 2015, dividends on regular savings and special savings accounts – and interest on IRA savings and all club (Christmas, Vacation and Kids) accounts – will be credited to your account on a monthly basis instead of once each quarter. By altering the compounding frequency, your dividends will enter your account more often, allowing your interest to accrue even more interest the following month and ultimately lead to a better return on your account. How’s that for superior financial management?
The monthly fee on a specific checking account has been reduced. Members who have an Arsenal Advantage Plus checking account saw their monthly fee cut by 20 percent, from $5 to $4, effective in May 2015.
Special benefits are implemented for older members. Members age 65+ can now enjoy, with no other requirements to meet, the following perks, as of August 1, 2015: free check printing for basic checks ordered through us and our checking partner, Harland Clarke; no issue fee on money orders and cashier’s checks; and no fees charged on account transfers handled by employees over the phone (i.e., not taking advantage of our free 24-hour automated teller system or our free online banking services). A formal “club” for senior members no longer exists. Anyone age 50-64 who was in the Prime Advantage Club (i.e., those who had either ongoing direct deposit set up with the credit union on an aggregate balance of $5,000) on July 31 will be able to take advantage of the same aforementioned benefits.