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What if I am unable to verify the trial deposits required for External Transfers validation in the RCU Online?

If you are having difficulty verifying the trial deposits required for External Transfers validation, please call the other financial institutions to verify the amounts. If you have entered an incorrect amount and have been locked out please delete that financial institutions account. Then resubmit it and new trial deposits will be sent.

Verify Two Micro Deposits

Redwood Credit Union will automatically send two micro-deposits to your other financial institution, this process will typically take between 2 and 3 business days to complete.  Once these have been processed, please retrieve the 2 deposit amounts from your other financial institution, then select the  "Verify" link in your account, and enter the amounts of the deposits:
Verify Now Link
Verify
You will now be able to set up and complete transfers to and from your external accounts.

Related Items

How do I set up an External Transfer in the RCU Online Banking? Will I receive any communication with the External Transfer service in RCU Online banking? What type of accounts can be accessed via Exteral Transfers at RCU in the RCU Online banking? What type of accounts can be accessed via External Transfers at my other Financial Institution in the RCU Online banking? Are there transfer limits associated with the External Transfer service in RCU Online banking? How can I increase my External Transfers transaction limit in the RCU Online banking? Can I use the External Transfers service to transfer money between RCU accounts in the RCU Online banking? What happens if an External Transfer in RCU Online banking transaction is returned unpaid to RCU? Are there any RCU accounts that are not eligible for the RCU Online Banking External Transfer service? Can I pay my RCU loan using an External Transfer in RCU Online banking?

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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