The Full Value of Your Membership
June 29, 2023
I would like to take a moment to thank you for your trust in Redwood Credit Union—we truly appreciate your membership. By choosing RCU for your financial needs you enable us to deliver greater value to you and to our communities. More than 135 million people nationwide use credit unions for their financial services, so you’re in good company. There are many reasons why credit unions are preferred financial institutions, and RCU offers more value than a lot of Members realize.
We’ve demonstrated that we’re here for you in good times and in bad. If you get a new job or find out your family is growing, we can help you with financial planning. In times of disaster or an unexpected life event, we are here to provide financial assistance. Our team is here for all the events in your life, whether it’s buying a home or car, protecting your family with insurance, or saving for a vacation.
Having all your financial services with RCU allows us to find solutions to help you live your best life. That doesn’t only mean getting a better rate on a savings account or loan or credit card. We help our Members with these things every day—but we can help you do a lot more if you let us. Save time and simplify your life by using RCU for the full spectrum of your financial needs, all in one place, with less stress.
For your convenience, we also provide an extensive financial education center on our website with tips and tools to help you achieve your specific goals, such as saving for the future, buying a car or home, managing a simple budget, and much more. And our knowledgeable team members are always happy to help you with information, options, and resources that support your unique financial needs.
Most importantly, your money is safe at RCU. We are safe, secure, and stable, and are proud to have received a 5-star rating from Bauer Financial, and an A+ rating from Weiss—both independent 3rd party sites that rate the stability of financial institutions. Our annual independent audit also confirms we are an extremely sound institution with strong financial performance. At RCU, your savings are federally insured to at least $250,000, and we can help with options to increase your coverage for additional peace of mind. Credit union Members have never lost a single penny of insured savings at a federally insured credit union.
I encourage you to explore our website and talk to our team members about how RCU can help you experience the full value of your membership with all our financial services.
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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