Ronald L. Westad
Second Quarter 2020 – Now more than ever, we're here for you
It’s astounding how much can change in a few short months. After coming off a very successful 2019 – which I highlighted in my last message – our teams were focused on implementing our plans for 2020.
Unfortunately, the coronavirus pandemic required us all to take a step back. We’re now focused on helping our members and employees cope with social distancing measures and new safety precautions, implementing changes to the ways we serve members, and adjusting to the economic uncertainty that has impacted our members and community.
Fortunately, as we entered this pandemic, your credit union was (and remains) in a strong financial position to weather this storm. Now more than ever the entire Arizona Federal Credit Union team remains committed to assisting you during these uncertain times.
Financial support & resources for members
In response to the effects of this historic pandemic, we’ve implemented the following changes and programs:
- Modified our Skip-A-Payment program so members with eligible loans and credit cards can skip a monthly payment, even if they have already done so within the last 12-months.
- Eliminated excessive withdrawal fees for savings and Money Market accounts after the Federal Reserve removed monthly limits on transfers from these accounts.
- Waived early withdrawal penalties for members who need access to their funds in a Share Certificate.
- Offered loan and account modifications to members experiencing financial challenges due to the coronavirus.
- Assisted more than 450 small businesses with nearly $50 million in Paycheck Protection Program loans – a direct result of our acquisition of Pinnacle Bank late last year.
We encourage you to reach out to us as soon as possible if you are having difficulty managing your Arizona Federal accounts or loans, and for more information about the resources available to you.
Changes to account access
In addition to offering financial assistance to members, we’ve had to modify our branch operations based on local and federal guidelines designed to slow the spread of the virus. We encourage members to continue to utilize our extensive CO-OP ATM network and online and mobile banking solutions instead of visiting a branch. It’s safer for all of us and may save you time as well.
If you must visit a branch, please utilize our drive-thru as your first choice. Drive-thru hours are busiest during lunch hours and after 5 p.m. – please plan accordingly.
If you need to visit a branch lobby, schedule an appointment in advance, as we will continue to practice social distancing and limit the number of members allowed inside at one time. Members are also required to wear a fabric face covering or mask before entering our branches.
In addition to these measures, we remain committed to continuing our enhanced cleaning and disinfecting practices to help keep all of us safer.
COVID-19 survey results
In early May we sent a survey to members asking a variety of questions about how the pandemic has impacted them: 64% said they were somewhat or extremely concerned about the coronavirus; 18% said they are no longer working because of COVID-19; and 80% stated they had decreased their spending by 10% or more.
While members have responded positively to the support and resources we’ve offered, we will use the results of the survey to continue to refine the ways we respond to and assist members through this pandemic.
During uncertain times, trying to insulate ourselves and loved ones from the perceived and real dangers of a pandemic like the coronavirus seems like a natural response. However, now more than ever, Arizona Federal remains committed to playing our role in assisting our members and community through these unprecedented times. Stay safe!Sincerely,
Ronald L. Westad
President and Chief Executive Officer