A Fresh Way to Bank Online!
September 4, 2023
RCU values its Members above all else, and we’re always looking for ways to make sure your experience is easy, fast, and convenient. You may have noticed some recent changes to our digital banking. We’ve streamlined our mobile and online services for personal and business banking to give you the new benefits and tools you’ve told us you want.
Here are just a few of the new features that already have Members excited about this upgrade:
Faster navigation: Enhanced menus make it easier for you to navigate to and perform all the actions you’re used to managing online.
Easier payments and transfers: Sending money to a friend, transferring between accounts, and making payments are even easier with fast money movement tools that let you connect to your accounts elsewhere and easily set up automatic transfers.
Consistency between devices: Whether banking from the comfort of your home, or on the go with your mobile device, your experience is always the same.
Personalized insights: Offers a deeper understanding of your spending habits and financial health with our smart analytics tools.
Log in and look around; there’s even more to see and do with our fresh digital banking experience. For helpful tips and videos, visit our resource center at redwoodcu.org/digital.
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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