The Credit Union Difference
Credit unions aren't about banking—we're about people. We're passionate about helping our Members improve their lives and making a difference in our community.
Credit unions are financial institutions focused on service, not profit. Credit unions offer the same financial products and services as banks, but at much greater value.
Learn more about how credit unions differ from banks, and how you can benefit from becoming a credit union member!
Credit unions are not-for-profit cooperatives that exist to serve the Member-Owners who bank with them, whereas other financial institutions generate profits for stockholders. When credit unions realize earnings, they are returned to members in the form of better rates on products and services, low- or no-fee products and services, and expanded services, such as adding branches or technology.
Credit unions are owned by the members who have joined the credit union. Each Member has equal ownership and an equal voice in electing a credit union’s volunteer Board of Directors.
Redwood Credit Union has 9 volunteer Board Members, as well as a 5-member volunteer Audit & Enterprise Risk Committee, appointed by the Board.
Defined fields of membership
Members of credit unions are consumers and business owners who join in order to benefit from its services. At Redwood Credit Union, membership requires just a savings deposit, and this gives you full access to all of our affordable financial products and services.
Credit unions can serve many people and businesses, but unlike banks that can serve anyone, credit unions can serve those within what’s called a “field of membership.” This can include specific communities or employees of a company. Redwood Credit Union is a community credit union serving anyone living or working in Sonoma, Marin, Napa, Mendocino, Lake, San Francisco, Contra Costa and Solano counties.
Deposits are federally insured
Deposits in most credit unions are insured to at least $250,000 by the National Credit Union Association (NCUA), a US government agency. This means credit union deposits are insured to the same level of federal insurance offered by banks and is backed by the full faith of the US government. Deposits made at Redwood Credit Union are federally insured.
Full-service financial institutions
Credit unions today are full service and offer a wide variety of affordable financial services for consumers and small business owners. Credit unions are known for offering exceptional value and trusted financial solutions, and for being responsible lenders and adhering to prudent investment strategies.
Don't pay income taxes
Income taxes are not assessed on a credit union’s profits because credit unions are not-for-profit. Credit unions do pay payroll, sales and property taxes, and these funds primarily remain in the local community to provide vital services to residents and businesses.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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