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.
Recovery Loan
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.
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.
VISIT OUR SITE to apply for an Auto Loan.
Business Loans
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.
Fee Waivers
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)