“One of the best kept secrets is credit unions,” says Brett Martinez, president and chief executive officer of Redwood Credit Union (RCU). He believes most people aren’t aware that anyone can bank with a credit union, nor do they know what benefits credit unions provide. RCU is a not-for-profit cooperative and returns their earnings directly to their customers (known as “members’ by credit unions) by providing exceptional value for their banking services.
In 1950, RCU was founded by seven Sonoma County employees, who wanted a safe place to save and borrow money at fair rates. That vision created a $3.4 billion institution that serves more than 280,000 members in the North Bay. This year, RCU was voted Best Company to Do Business with in Sonoma County in the 2017 NorthBay biz readers’ poll.
When you bank with RCU, your money is invested directly back into the membership and the local community, not in pipelines or big corporate conglomerates. RCU is able to maintain a financially strong and sound cooperative for their members. What’s more, RCU values its members’ feedback, which is used to improve services with the goal of making it simple, easy, safe, and convenient for members to access and manage their money. What services and products does RCU offer? “The question should be, ‘what don’t we offer!” says Martinez. RCU offers full-service banking. Some of those services include free checking, savings accounts, certificates, home and auto loans, credit cards, youth accounts, free online and mobile banking, and more. RCU also offers business banking, credit cards, and lending, including commercial and SBA loans, and more.
Beyond the traditional financial services, RCU also has an in-house insurance agency offering property and casualty insurance, home and auto, renters, commercial/business, pet insurance through well-known providers. A full-service auto lot offers new and used auto sales, as well as a convenient one-stop shop to buy, sell, finance and insure a vehicle. RCU also provides wealth management, retirement planning and investment services, through their registered broker-dealer, CUSO Financial Services, L.P. Although these are uninsured investments, their knowledgeable advisors can help you review your goals and recommend a plan for you.
Several new products are on the horizon. The credit union just introduced an ATM rebate program, which allows members to get cash from any ATM and RCU reimburses the surcharge. RCU also recently introduced a Visa Signature card, offering more benefits and the ability to earn rewards points faster. In the spring, RCU will offer person-to-person-payment (called RCUpay), which allows members to send money directly to others, using mobile devices.
RCU has received a variety of awards and honors this last year, both locally and within the industry. Consumer Reports included them in their list of top financial institutions in the country. In addition, RCU was named by Glatt Consulting (an independent industry consultant), as one of the top five healthiest credit unions. RCU is the only credit union of approximately 6,000 nationwide to make the list three years in a row. RCU’s credit card program has been named one of the top in the country, and RCU has been honored as best place to work for the 11th consecutive year. Despite the awards and accolades, RCU remains true to its mission of service. Says Martinez, “Making a difference in people’s lives is our true reward, and we’re honored and grateful to get to do it every day.”
