Savings Transfers Update
June 8, 2020
Thanks to recent federal regulation changes, online transfers and withdrawals from savings and money market accounts are no longer limited to six per month.
In April 2020, the Federal Reserve updated Regulation D to allow consumers more access to their funds. This means Members can now freely use online banking and our mobile app to make unlimited transfers and withdrawals from their RCU savings accounts as needed, without having to visit a branch.
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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