What’s the difference?
ACH services
Best for
Businesses that need to pay vendors, manage payroll and collect payments
Securely send credits or debits for low fees
Access and repeat transactions quickly
Set up automatic deposits and payments
Wires services
Best for
Businesses looking for a quick, convenient option to send frequent domestic wires
Securely send domestic wires for $20 per online transfer
Easily enter recipient information into a template for quick transfers
Schedule wires up to 3 business days in advance
Sweep Service
What is a Sweep?
A sweep automatically transfers (or “sweeps”) money from one share into a separate share, with the aim of earning a higher dividend rate. This is usually done to prevent excess cash from sitting in a lower-rate checking share.
When we set up a business account with a Sweep option, these transfers happen automatically at the close of each business day.
Why would a business want a sweep?
Higher Dividend Earnings - Sweeps are a great option for businesses who want to maximize the return on their excess cash instead of letting it sit idle while also ensuring there’s enough cash on hand to pay for their operating expenses.
Set It and Forget It – Setting up a sweep automates the process of moving money back and forth between the higher yielding savings/money market and the business checking.
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
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Certain restrictions may apply. Service is not guaranteed. Business must apply for and be granted access to business wires and ACH services. Additional fees may apply.
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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