ARSENAL
Winter 2016
Volume 11 • Number 1
member’s edge
Financial education • Consumer & credit union news • Special promotions
More tools for your mobile wallet!
We’re incorporating new technology to make banking even easier for you in 2016
As the scope of technology shifts the way society connects with and
navigates the ebb and flow of daily life, Arsenal recognizes that we must take
the proper steps to ensure that you have the most advanced resources at your
fingertips. You asked for them, and you shall receive! This year illustrates our
continual pursuit to bring the best in financial technology to the forefront of
our member services, giving you everything you need to manage your money
in the most innovative and convenient ways.
The majority of these innovations will arrive to you through our mobile
banking application, available for free on iPhone and iPad (bit.ly/ACUiOS)
and Android (bit.ly/ACUandroid).
Fingerprint authentication
One of the first steps we took toward improved technology was
implementing fingerprint authentication for iPhone/iPad users (October
2015).1 By tapping into the biometric data stored within Apple’s Secure
Element, members can employ their fingerprint via Touch ID to authenticate
their identity and log into their credit union account. This unique feature
grants our members the convenience of bypassing the login screen on our
mobile app while maintaining the security our members expect from Arsenal.
Fingerprint authentication will arrive on our Android app later this year.
Mobile banking registration
We also introduced mobile banking registration, a feature that allows
members to download our mobile banking app and sign up for our mobile
financial management services without first registering for an online banking
account (October 2015).
But how are mobile payments more secure? Glad you asked!
FACT: When you use Apple Pay, Android Pay or Samsung Pay to
make a purchase, the merchant’s terminal never sees your personal
information. This means your name, card number, CVV number and
even the expiration date on your card stays within the securely
encrypted confines of your phone’s processing chip. This feat is
accomplished thanks to tokenization, a process that issues a unique,
one-time code that temporarily allows payment to be exchanged
between a smartphone and a terminal before expiring.
Apple Pay®, Android Pay™ and Samsung Pay®
Possibly more exciting than existing features, however, are those that lie
upon the horizon. This year, we plan to adopt the industry’s leading mobile
payment platforms, including Apple Pay, Android Pay (formerly known as
Google Wallet™) and Samsung Pay. These next-generation payment options
allow you to securely purchase items by “bumping” an applicable smartphone2 at the checkout terminals of participating
retailers; simply look for these stickers to know
if your method of mobile payment is accepted.
Why would you rather use a mobile payment solution to buy an item than your Arsenal
Visa® credit/debit card or cash? Quite simply:
convenience and security!
FACT: A large number of shoppers are already holding their smartphones in their hands before ever stepping into a retail store. Maybe
you jotted down a quick list of groceries you want to pick up after
work, you’re searching for a laundry detergent coupon in your
favorite shopping app, or maybe you need to call your loved one at
home to see if you need to grab another gallon of milk. Instead of
fumbling through a pocket or purse for your credit card, why not just
use the phone that’s already in your hands? Holding your phone over
an applicable terminal and using your fingerprint to authenticate your
purchase takes only one hand and two seconds to complete. That’s
right, you don’t need to sign your name or enter a PIN because your
unique fingerprint tells the payment terminal that you are the person
holding your phone when the payment occurs.
Remote deposit capture
Aside from these major developments, Arsenal’s official mobile banking
app will also receive several other features that may help you manage your
finances. For instance, remote deposit capture is a solution that helps you
spend less time inside your nearest branch by enabling you to deposit a
check into your account simply by taking a photo of your check.3
Electronic address updates
We will also deploy electronic address updates, which will allow a
member to manually change his or her address (instead of calling or
coming in to a branch) if he/she moves.
1
Fingerprint authentication (aka Touch ID) requires an iPhone 5S and higher or an iPad Air 2
and higher.
2
A smartphone with a Near Field Communication (NFC) chip is required to utilize mobile
payments.
3
A hold may be placed on the check before the deposited amount reaches your account.
Member’s Edge by Arsenal Credit Union is an independent publication and has not been
authorized, sponsored or otherwise approved by Apple Inc.
ARSENAL CREDIT UNION
Still writing checks? Consider the
benefits of paying bills online
Given all the benefits of paying bills online – it’s convenient, fast, saves money and
allows greater control – why not take advantage of this free service from your credit union?
Perhaps you don't like change or the thought of adding your accounts to the bill
pay system. Maybe you worry about sending payment data over the Internet. In reality,
paying bills online may actually protect you from identity theft. The most
common theft of personal information is not from the Internet – it generates from statements left in mailboxes or by fraudsters who pilfer paper containing personal information
from the garbage. With the power of the Internet, bill pay sites use encryption technology
to scramble your data during transmission, giving you the greatest level of protection possible.
There are two main ways to manage your bills online: (1) Log into each creditor’s website and pay them through secured portals; or (2) use a single
website – Arsenal Credit Union’s – that allows you to pay all creditors from the same location. The second option makes it easier for you to
track your spending, and it's simple compared to scouring the Internet for your creditors’ unique websites. Plus, you won’t have to recall your numerous
usernames and passwords!
If you want to go paperless, we can help you streamline the process. To get started, call us at 314.963.6363 and say or press option 6, then 2, or visit the
Arsenal branch nearest you.
Stay out of the red
by saving more green
Winters can be lonely for contractors
Invite one in from the cold, then come see us for a low-interest home equity loan or
line of credit. By spring, you could have a refinished basement or a new kitchen.
At Arsenal, you can borrow up to 100 percent
of the equity you have in your home and have
the closing costs paid for by us. "Equity" is the
difference between what you still owe on your
house (your mortgage balance) and what your
house is currently worth on the market (the
appraised value).
Interest on home equity loans is often tax
deductible; check with your tax advisor for
details.
We are an Equal Opportunity Lender. NMLS 401926
Now accepting college
scholarship applications!
Member’s Edge Bytes
Education provides the building blocks to achieve the greatest level of success. Thanks
to our prestigious college scholarship program, Arsenal has had the honor of helping local
high school seniors earn financial assistance and achieve their academic dreams.
Over the last 18 years, we have awarded more than $59,000 to 67 students. In 2016,
we will continue this tradition, and you (or someone you know) could be awarded up to
$1,500! Eligible students must have been a member of Arsenal for at least one full year
prior to the application submission due date
and be on track to graduate from high school
this spring.
To get started, pick up a college scholarship
application from any of our branches or download a copy at bit.ly/ACUScholarApp. All
materials must be submitted to the attention
of Jenny Remes at our main office (3780
Vogel Road, Arnold, MO 63010) no later than
Tuesday, Feb. 16.
314.962.6363 • 1.800.719.6363
ArsenalCU.org
[email protected]
loaded with benefits
You can get a head start on this year's winter holidays by
opening an interest-bearing Christmas Club savings account
at your credit union now.
It’s up to you how much and how often you want to make
deposits into such an account, which is separate from your
regular savings account. In early October, all of the money
in your Christmas Club account will automatically be
transferred to your
regular savings
account, granting
you access to
additional holiday
funds that you
otherwise may not
have had.
A new way to connect
Named after our quarterly newsletter, Member's Edge
Bytes is the new online publication of Arsenal Credit Union.
As a living newsletter, ME Bytes enables our messages
to transcend print by providing you with digital bytes of
information when you need it most; as a result, ME Bytes
is the easiest way to keep up with all communications
from Arsenal Credit Union. These messages will include
the content you’ve come to expect from our quarterly
Member’s Edge newsletter, plus additional content from
email messages, website updates and more.
Never miss what's happening at Arsenal Credit Union
again. To start receiving new content notifications, log on
and subscribe for free at MEbytes.org.
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Twitter: @ArsenalCU