Can I cancel my participation in the plan?

Yes, you can terminate your participation in the plan at any time, for any reason, by providing 30 days prior written notice of your intent to stop participating in the plan. Please complete the termination form available here: (sample letter terminating budget drafting plan), and return it to us at any of the addresses provided below.

By Email:
Lendingoperations@redwoodcu.org
(Remember to send securely)

By Fax:
707-541-2641

By Mail:
Redwood Credit Union
ATTN: Lending Operations
3033 Cleveland Avenue
Santa Rosa, CA 95403


Please make sure you get us the completed termination form as soon as possible, or additional payments may be drafted. For example, if you decide to stop participating in the Plan effective April 1, RCU should have the completed termination form from you no later than March 31.

Can I pay additional principal under the Plan?

Yes. Simply include the extra amount you would like to pay in Section 15 on the Budget Drafting Plan agreement (available here: Budget Drafting Plan Agreement (pdf)). You may also make additional principal payments in RCU Online banking, in a branch, or by mailing a check. Payments may come from any institution.

Can I participate in the Budget Drafting Plan if my loan has an escrow account for taxes and/or insurance?

Yes. Members who have loans with or without escrow accounts can participate.

What happens if I pay my loan off early?

Please provide us with at least 30 days advance written notice of your intention to pay off your loan to ensure that no payments are inadvertently drafted after your loan has been paid off. Please complete the notice available here: sample letter notice of intention to payoff loan, and return it to us at any of the addresses provided below.

By Email:
Lendingoperations@redwoodcu.org
(Remember to send securely)

By Fax:
707-541-2641

By Mail:
Redwood Credit Union
ATTN: Lending Operations
3033 Cleveland Avenue
Santa Rosa, CA 95403

Also, please remember to cancel the authorization for your ACH payment drafting with your financial institution.

Is the Budget Drafting Plan available on new and existing loans?

Yes.

Forms:

>> Redwood Credit Union First Mortgage Budget Drafting Plan (Biweekly Payments)