Why Doesn’t Everyone Bank with a Credit Union?
September 9, 2025
Time is certainly flying by. I hope you have enjoyed a wonderful summer season! All of us at Redwood Credit Union are proud to be part of your journey.
As an RCU Member, you already know credit unions are not-for-profit, member-owned financial cooperatives. That means we exist to help people thrive financially, and we invest our earnings back into the credit union so you get great rates, fewer and lower fees, and a wide variety of financial services to help you succeed. It’s really amazing when you think about it. But it makes you wonder: why doesn’t everyone bank with a credit union?
Many people still have misconceptions about credit unions. The good news is about 65% of our new members come from Member referrals. So, I want to make sure you have some of the facts as you are sending your friends and family our way.
- It’s easy to join. Anyone who lives and works in the North Bay or San Francisco can bank with RCU… and your immediate family members can, too—no matter where they live!
- Redwood Credit Union is a full-service institution. Just like banks, we offer everything from checking and savings to loans, credit cards, business banking—and even extras like free financial coaching, our own auto dealership, and an insurance agency! You benefit from better rates, lower fees, personalized service, and the peace of mind that your accounts are federally insured.
- Redwood Credit Union is very convenient. You can manage your money anytime, anywhere from your phone or computer with our top-rated digital banking. Plus, get cash at more than 30,000 free network ATMs nationwide, and if you need to use another ATM, we reimburse up to four non-network ATM fees each month – just another way we’ve got your back.
At RCU, our purpose is simple but powerful: to inspire hope and elevate the financial well-being of our communities one person at a time, through good times and bad. With best-in-class service, we always put our Members first.
As we continue to grow to help our Members and communities succeed, we recently reached a milestone of serving more than half a million Members. While most of them live in the eight Bay Area counties we serve, we have many Members who live all over the world. Once a Member, always a Member, and with our industry-leading digital banking tools, award-winning mobile app, and highly responsive call center, our Members can easily stay connected, no matter where life takes them.
This sense of connection is reflected in this year’s theme for International Credit Union Day on October 16—“Cooperation for a Prosperous World.” This theme reminds us of the powerful role credit unions play in building financial well-being, not just locally, but worldwide. When we work together, we all prosper. Credit unions are built on the idea that people helping people creates stronger communities and brighter futures. That’s not just a tagline—it’s what we do every day.
Thank you for being part of something bigger. If you have friends and family members who haven’t joined yet, invite them in. Let them experience the difference of a financial institution that puts people over profits.
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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