River Valley Injects More Than $1,000,000 Into Local Economy.
With thousands of people in the Miami Valley out of work or with reduced hours, River Valley Credit Union is helping members to keep more money in your accounts.
No Cost Loan Skip-a-Pays
Since March 16, when Ohio announced the closing of many local businesses, River Valley has processed nearly 1,400 no-cost loan skip-a-pays.
“In this unprecedented time, we feel like everyone needs to do their part to help keep the Miami Valley as financially strong as possible,” said John Bowen, River Valley Credit Union CEO. “By allowing our members to skip loan payments for free, they've collectively been able to keep more than $550,000 to pay for rent, groceries and to put back into the local economy.”
The credit union typically charges $40 per skipped payment and allows two skips per year. However, during the coronavirus shutdown, we are offering members the option of skipping up to three months of payments for free in March, April, May or June. In the first month of this program, River Valley has already forfeited more than $54,000 in income from skipped payments.
You can skip your auto or personal loan payments through online banking. Simply log-on and click the green “SP” button next to the loan you would like to skip. You will need to return to the product page and click “SP” for EACH month you’d like to skip.
“In addition to skipping payments, we also felt it was important to provide low-cost loans to help people meet their monthly obligations,” Bowen continues.
To date, River Valley has provided 20 Recovery Loans, a low-interest personal loan of up to $5,000 with no payments for 90-days, meant to help cover a month’s salary in an emergency. The 20 loans account for more than $76,000 in member's pockets.
CLICK HERE to apply for the Recovery Loan.
Mortgage Relief Loans
In addition, we have granted ten Mortgage Relief Loans to date, totaling more than $40,000. The Mortgage Relief Loan was created to help those having difficulty meeting their monthly River Valley mortgage payments.
Please call 937-859-6260, ext. 2300 for details.
Auto Loan Refinance with No Payment for 90-Days
Our low rates may allow for you to lower your auto loan payments and no payments for the first 90-days mean you won't pay a thing until summer.
CLICK HERE to apply for an Auto Loan.
River Valley has also helped local small businesses, by allowing business owners to pay interest only, for six months, on their business loans, keeping nearly $400,000 in their businesses to help pay employees or other bills.
“River Valley reached out to help before anyone else did,” said Gus Georgostathis, franchise owner of Bellbrook and Moraine Skyline Chilis.
Finally, the credit union is waiving the following fees through May 31, 2020:
- Non-River Valley ATM Transaction Fees (You may still get fees from the non-River Valley institution)
- Overdraft Protection Fees (Transferring funds from your savings to cover checking overdrafts)
- Debit card minimum usage fee on Spender Checking
- Debit Card Limit Change Fees
- Skip-A-Pay Fees
- Excessive Withdrawal (Over 6 per month) on share accounts (Reg. D)