Moving Forward with Safe and Secure Banking from Home
June 24, 2020
There’s no doubt, our world has changed dramatically in a short amount of time due to the COVID-19 pandemic. We’ve all had to react, adapt, and make changes to our everyday routines. This kind of change can be difficult—especially when it comes suddenly and without warning. But I think we’re facing a unique opportunity to focus on moving forward instead of going back, and to continue to make choices that protect our overall health and financial wellness.
Keeping our Members and staff safe is always our priority, and we’re doing all we can to ensure this in our branches. We know you share our commitment to safety and wellness and we thank all of you who are using our mobile and online services to do your banking from home. Nearly 90% of all Member transactions are now being done without visiting a branch.
Many of you have stepped outside your comfort zone to do this, and we understand changing habits isn’t easy. We hope you’re finding these tools easier and more convenient than driving to a branch for a transaction that takes only moments.
We want to ensure your RCU experience is consistent, regardless of how you choose to bank with us. All of our digital services are designed with this in mind. And over the past several years, as a result of your feedback and requests, we’ve invested heavily in developing safe and secure online and mobile tools backed by a fully staffed call center that can provide you with the same exceptional level of service you receive from our branch staff.
If you are visiting us for cash, consider this: the safest and most healthy way to pay for goods and services is with your debit card, credit card, or RCUpay. Your cards are accepted everywhere to make a purchase and get cash back. Additionally, RCUpay allows you to send money from your mobile device to another person. It’s free, fast, and secure to pay anyone right from your RCU checking account. If you still need cash, you can get it anywhere. As a Member, you have access to over 30,000 credit union ATMs completely free through our CO-OP ATM system and we will also reimburse fees charged to you for any bank ATM up to four times per month if you have a credit card or loan with RCU.
We hope you will continue to enjoy the convenience of our remote banking tools so you can have more time for the things you love. And we’ll still always be here when you need us—whether it’s to help you through a financial challenge, or to help you achieve a lifelong goal. We will also continue to support your well-being with programs like our recent Self-Care and Stress Management webcast, available here.
Thank you for your trust in Redwood Credit Union. We are here for you.
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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