Redwood Credit Union Responds to COVID-19 with Financial Assistance Programs and Support for Members

March 23, 2020

Redwood Credit Union Responds to COVID-19 with Financial Assistance Programs and Support for Members

Santa Rosa, Calif. – Redwood Credit Union (RCU) is responding to the recent COVID-19 outbreak and shelter-in-place orders by offering support to its members in a variety of ways.

As a credit union, RCU is considered an essential business. Currently all branch locations are open, and following Center for Disease Control and Prevention (CDC) health and safety guidelines, including hand sanitizing stations, antimicrobial soaps, social distancing in the queues, and increased cleaning efforts at the branches and ATMs. Most transactions can also be done securely online or using RCU’s free mobile app, and RCU recommends members use these digital banking tools as the safest option for doing their transactions.

In addition, assistance programs are available to support impacted members, including:

  • 0% interest rate loans up to $5,000 for impacted businesses and individuals that are current RCU members (first loan payment may be deferred up to 90 days).
  • 90-day payment deferrals on all consumer, credit card, mortgage and business loans.
  • Waiving all late fees over the next 90 days.
  • Loans will not be reported as delinquent to the credit bureaus during any payment deferral period.
  • Early withdrawals from RCU certificates without any penalty.
  • Other financial assistance tailored to the member’s individual situation.

RCU members who are experiencing financial hardship do not need to visit a branch for assistance, but should call RCU directly at 1 (800) 479-7928, or log in to their account online to send a secure message with their request.

RCU has additional comprehensive information on its website at redwoodcu.org/coronavirus.

“Our mission is serving the best interests of our members, employees and communities. We’re focused on being there for our members, ensuring they have access to their money, and supporting our community’s needs,” said Brett Martinez, president & CEO of RCU. “We have a strong disaster plan in place and an amazing dedicated team that allows us to make these things happen.”

About Redwood Credit Union
Founded in 1950, Redwood Credit Union is a full-service financial institution providing personal and business banking to consumers and businesses in the North Bay and San Francisco. RCU offers complete financial services including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and SBA lending, and more. Wealth management and investment services are available through CUSO Financial Services L.P., and through RCU Services Group (RCU’s wholly owned subsidiary), insurance and auto-purchasing services are also available. RCU has over $5 billion in assets and serves more than 355,000 members with full-service branches from San Francisco to Ukiah, plus more than 30,000 fee-free network ATMs nationwide. For more information, call 1 (800) 479-7928, visit redwoodcu.org, or follow RCU on Facebook, Instagram, and Twitter for news and updates.