Investing in You
September 6, 2023
Because you bank with Redwood Credit Union, you are making a positive impact not only on your own financial well-being, but also on the financial well-being of your entire community. As a not-for-profit financial institution, RCU is owned by our Members, which means the money you deposit and borrow with us is being invested in the best way possible—back to you. With competitive rates, lower and fewer fees, enhanced and expanded services as well as support for our local communities, RCU is helping to create better places for us all to work and live.
Member feedback and requests over the last several years have highlighted the need for us to invest in technology that helps make your online and mobile banking experiences more convenient and flexible. Since 2020, RCU’s mobile and online services—also referred to as digital banking services—have consistently ranked first or second in the nation across all financial institutions, big and small. Now, with our new online and mobile banking upgrade, we are taking it to the next level with even more of the tools, features and enhancements you have asked for. You can learn more here.
You may also be surprised to learn that self-service and electronic transactions make up more than 88% of all transactions done by our Members! Our safe and secure digital banking services make it easy for you to do your banking at your convenience, whenever, wherever and however you want. You can check your account balances any time of day without having to call in or wait for your monthly statement. If you want, you can deposit checks, transfer between accounts, pay bills, and manage your business from the comfort of your home or office. We invite you to discover the convenience of using our digital services and get more time back in your day to do the things you love.
We want to ensure your RCU experience is consistent, regardless of how you choose to bank with us. All of our digital services are designed with this in mind, and if you need additional support, we also have a local call center that can provide you with the same exceptional level of service you receive from our branch teams.
Thank you for choosing RCU as your financial partner. We appreciate your membership and trust in us.
Best regards,
Brett Martinez
President & CEO
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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