Coronavirus Update at RCB

Updated May 29

Dear Borrowers,

Thank you for choosing us as your SBA PPP Lender. We are happy to help you and your business during this difficult time. We have recently received the initial federal guidance from the SBA on loan forgiveness and are evaluating automated systems to help you navigate the forgiveness process in the easiest way possible. 

Stay tuned – we will notify you once we are prepared to start accepting forgiveness applications.

If we can be of further service, please do not hesitate to contact us.

Be well,

The RCB Team

 

Updated May 26

For information on IRS stimulus checks, please click here. For information on loan forbearance and SBA PPP loans, please click here.

 

Updated May 7

Dear Owners,

All of us at RCB know that these past couple of months have been extremely challenging for everyone. We have all had to make sacrifices for the sake of our family, friends and neighbors.

THANK YOU to every one of the front-line workers who have selflessly protected and provided for the rest of us. You are the true personification of heroism. Your dedication to our collective well-being best exemplifies the resiliency of the American spirit.

THANK YOU to our customers for your understanding, patience and willingness to make the adjustment to our new way of banking by trying new technologies (online and mobile) and visiting our drive-up windows. We are appreciative of your tolerance as we guided you through your banking questions over the phone while working from home. Your support for our well-being and safety has been humbling and has kept us going during this time.

I would like to take this opportunity to share with you some of the extraordinary work we have performed on behalf of our community through this crisis:

RCB has made sure that every eligible business that applied for a Paycheck Protection Program (PPP) loan through us – both large and small - had their loans processed and funded. I am proud to tell you that, to date, we have secured 451 PPP loans for area businesses to assist with meeting payroll and keeping the lights on as we prepare to reopen.

We have provided mortgage relief to hundreds of customers experiencing financial hardship to help ease their stress.

RCB has waived overdraft fees and late charges on accounts, so no one will need to worry about account balances or missed payments.

We have created a financial literacy hub to support parents and educators as they adapt to online learning, including having our branch managers join teachers in zoom classrooms to continue bringing financial literacy lessons to public school children.

I would be remiss if I did not say a special thank you to our front-line employees, who stood at our drive-thru windows every day to make sure we continued to service our customers – you have kept us all going!

The teamwork, support and compassion we have seen within our organization and our communities has been nothing short of extraordinary. We always talk about our unique cooperative structure and the value you derive from being an owner and member of our cooperative; it is even more powerful to see it in action.

We are planning for and looking forward to the day when our doors open and we can resume the full services that you know and expect from us. Until then, we remain committed to being here for you when you need us most.

Stay safe and be well,

Julie Thurlow

President & CEO

 

Updated April 28

Dear RCB Customers,

We want to remind you that Paycheck Protection Program (PPP) funds are still available through the U.S. Small Business Administration (SBA). So far, RCB's commercial lending team has processed 430 loans for existing customers and other small businesses in our community. We would be happy to assist you as well! If you own a small business and are looking to access a PPP loan before the funds run out, we can help with your application. Please feel free to reach out to us at 781-942-5000 or at commercialloans@readingcoop.com. You may also visit our website to view all of the SBA submission requirements.

We look forward to getting you your loan!

Best regards,

The RCB Team

 

Updated April 7

Dear Customer,

Reading Cooperate Bank remains fully staffed and capable of meeting your every request. We're here for you, providing any information you may need to help you navigate the banking waters during this stressful time.

RCB Updates

Economic impact payments (aka Stimulus checks) are expected to start posting to consumer accounts at the end of this week or next. Direct deposits will occur for social security recipients or tax filers that had their return direct deposited to their account at Reading Cooperative Bank. Visit the IRS website for the most up to date information.

Due to the pandemic and mail houses working with lean crews, printed/mailed statements may be delayed. Electronic delivery channels will not be impacted, so we recommend that you please take this opportunity to register for e-statements to retrieve your bank statements electronically. Simply log into online banking, using the link above, and click the “edocuments” tab at the top of the account summary page to register.

Following the directive of the Governor, we will be looking to reopen branch lobbies on Monday, May 4th. Please note that this date is subject to change as the situation develops. Please visit our website for the most up-to-date information.

If you're a borrower interested in applying for forbearance or for the SBA Payment Protection Program through RCB, please visit our COVID-19 Payment Relief page.

All ACH and direct deposit transactions are being processed on time and as expected. Your funds remain protected and accessible.

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, set alerts about account transactions, and deposit checks – all from home.

Recently Reported Scams

  • Stimulus check or economic relief scams: The government will NOT ask you for a fee to receive the stimulus funds, nor will they ask for your personal or account information.
  • Charity scams: Fraudsters seek donations for illegitimate or non-existent organizations.
  • Delivery of malware through “virus-tracking apps” or sensationalized news reports.
  • Provider scams: Scammers impersonate doctors and hospital staff and contact victim claiming to have treated a relative or friend for COVID-19 and demand payment for treatment.
  • Bank/FDIC scams: Scammers impersonate FDIC or bank employees and falsely claim that banks are limiting access to deposits or that there are security issues with bank deposits.
  • Investment scams often styled as “research reports,” claiming that products or services of publicly traded companies can prevent, detect, or cure COVID-19.
  • The U.S. Secret Service has also received information regarding individuals receiving malware emails disguised as coming from a hospital that inform the recipient they may have come in contact with an individual who tested positive for COVID-19. The email instructs the recipient to download an attached Excel file (installing malware on the recipient's device), complete a form, and bring it to the nearest emergency clinic to be tested. If anyone has any information related to this alert, please contact GIOC@usss.dhs.gov.

Banking Tips

  • Ignore offers for a COVID-19 vaccine, cure or treatment. If there is a medical breakthrough, it wouldn’t be reported through unsolicited emails or online ads.
  • Rely on official sources for the most up-to-date information on COVID-19. Visit the Centers for Disease Control and Prevention, World Health Organization and your state’s health department websites to keep track of the latest developments.
  • Remember that the safest place for your money is in the bank - it’s physically secure and it’s federally insured. When you deposit your money at a bank, you get the comfort of knowing that your funds are secure and insured by the government. You don’t have the same level of protection when your money is outside the banking system.
  • Do some research before making a donation. Be wary of any business, charity or individual requesting COVID-19-related payments or donations in cash, by wire transfer, gift card or through the mail.
  • Recognize and avoid bogus website links. Cybercriminals embed malicious links to download malware onto devices or route users to bogus websites. Hover over suspicious links to view the actual URL that you are being routed to. Fraudulent links are often disguised by simple changes in the URL. For example: www.ABC-Bank.com vs ABC_Bank.com.
  • Help others by reporting coronavirus scams. Visit the FBI's Internet Crime Complaint Center at www.ic3.gov to report suspected or confirmed scams. You can also stay up-to-date on the latest scams by visiting the FTC’s coronavirus page at ftc.gov/coronavirus.

If you require assistance or have any questions, please do not hesitate to contact us at 781-942-5000 or by emailing banking@readingcoop.com.

Stay safe,

Julie Thurlow, President & CEO

 

Updated April 6

RCB staff is working overtime to meet the overwhelming demand for this SBA loan. In order to better process existing customer applications, we're temporarily not accepting applications from non-customers. If you have applied prior to 4:30 PM on Monday, April 6, your application remains in the pipeline and is still being processed.

As soon as the bank receives a confirmation from the US Small Business Administration that your loan has been accepted, your lender will send a email confirming receipt.

We are processing applications in the order received as quickly as possible and will be in contact with you as soon as we can. Once the backlog is processed, we will resume accepting all applications.

 

Updated April 1

If you are a residential or commercial borrower, we have set up a COVID-19 payment relief page for you to submit a forbearance request or apply for a loan under the SBA using the Paycheck Protection Program.

 

Updated March 28

Dear Customer,

Thank you once again for your patience and understanding while we work our way through these difficult times. Rest assured, RCB will continue to be here for you and meet your needs as they arise.

The following are new developments taking place at the bank for you:

For any borrower experiencing a coronavirus-related financial hardship, the bank's board has approved a payment forbearance program that will launch on Monday, March 30th for any loan customer experiencing a loss in income due to Covid-19. This loan forbearance will defer monthly payments for one, two or three months.

If you would like to speak to us directly about a forbearance or financial hardship related to loan repayments, you may contact our lending team either by email or telephone. For all mortgage-related inquiries, please call 781-670-1501 or email loans@readingcoop.com. For commercial banking-related inquiries, please email commercialloans@readingcoop.com.

All late charges and overdraft fees are being waived for the month of April.

If you need increased limits on mobile deposits, ATM's, wiring, etc., please call us during regular business hours at 781-942-5000. You may also email us at banking@readingcoop.com.

All RCB branches have a notary on staff, however, due to limited staffing, they may not always be on the schedule. If you need notary services, please call us in advance so we can ensure there is a notary available when you plan to arrive.

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and deposit checks – all from home.

Due to the human proximity required, safe deposit boxes are not available until April 7th, at the earliest, as recommended by the Governor. Please check our website at readingcoop.com for any updates on accessibility.

We will attempt to accommodate any special needs or requests that we can provide while maintaining a safe environment for you and our staff. Do not hesitate to reach out to see if we can help you.

Wishing good health to you and yours,

Julie Thurlow, President & CEO

 

Updated March 24

Dear RCB Safe Deposit Box Customer,

We'd like to express our thanks to you for your cooperation, patience and understanding as we try to bring you all of the services that you need while also doing our part to prevent the spread of COVID-19.

Unfortunately, due to the human proximity required safe deposit boxes are not available until at least April 7th (UPDATE: Safe Deposit Boxes are not available until further notice as of March 31) at the earliest, as recommended by the Governor. Please check our website at readingcoop.com for any updates on accessibility.

As always, we will be available by phone during regular business hours at 781-942-5000; please call with any questions. You may also email us at banking@readingcoop.com.

A great way to stay connected to your account 24/7 is by using our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and deposit checks – all from home.

All drive‑up services will remain open for bank transactions Monday-Friday, from 8:00 AM - 5:00 PM, and Saturdays, from 9:00 AM - 2:00 PM.

If there is anything else you need, please do not hesitate to reach out. We will be here to help you through these difficult times.

Be safe and thank you for your patience.

Julie Thurlow, President & CEO

 

Updated March 23

Dear RCB Customers,

The Governor has directed all non-essential businesses to close at noon on Tuesday, March 24. Rest assured, Reading Cooperative Bank remains open for transactions through our branch drive-throughs for the duration of this emergency. Our drive-up hours are Monday through Friday, 8:00 a.m. to 5:00 p.m., and on Saturdays from 9:00 a.m. to 2:00 p.m.

Our telephone, online and mobile banking services are available 24x7, giving you the ability to check your balance, pay your bills, review transactions, and deposit checks. You may also visit ATM's located at all of our convenient branch locations. If you need any assistance or have questions, please contact customer service at 781-942-5000 or at banking@readingcoop.com.

Thank you,

Julie Thurlow, President & CEO

 

Updated March 22

Dear RCB Customers,

We'd like to express our thanks to you for your cooperation, patience and understanding as we try to bring you all of the services that you need while also doing our part to combat the spread of COVID-19.

All drive‑up services will remain open for bank transactions from 8:00 AM - 5:00 PM Monday-Friday and from 9:00 AM - 2:00 PM on Saturdays.

Unfortunately, as of Monday, March 23, we will no longer be accepting in-person appointments. This is our way of further protecting your health and well-being, along with the health and well-being of our employees. 

With all that's going on, we thought it would be helpful to provide additional information on banking and state resources that might be valuable:

  • We are fully staffed from remote locations to support all your transactions. All direct deposits and social security payments will be credited upon receipt. We have a plan in place to handle any emergency. Your funds remain protected and accessible.
  • The Federal Deposit Insurance Corporation (FDIC) is reminding Americans that FDIC-insured banks remain the safest place to keep their money.
  • The FDIC is also warning consumers of recent scams where imposters are pretending to be agency representatives to perpetrate fraudulent schemes. The FDIC does not send unsolicited correspondence asking for money or sensitive information. The agency will never contact people asking for personal details.
  • Please be aware that scammers of all types may try to take advantage of this situation. One example involves people receiving phone calls asking them to verify personal information in order to receive their relief package from the government. This could include social security numbers, dates-of-birth or home addresses. Remember to never share your personal and/or private information, usernames or passwords with a caller.
  • We understand that our small businesses are being hit hard due to this disaster. Massachusetts small businesses can now access and apply for Economic Impact Disaster Loans at www.sba.gov/disaster.
  • If you have experienced a reduction in income, or are not receiving income at all, and have a mortgage with Reading Cooperative Bank, please know that we are working on developing a forbearance program. If you would like more information on this program once finalized, please email us at banking@readingcoop.com.
  • Governor Baker signed S.2599 to provide unemployment assistance to workers impacted by COVID-19. This legislation will allow new claims to be paid more quickly by waiving the one-week waiting period for unemployment benefits.

As always, we will be available by phone during regular business hours at 781-942-5000. You can remain connected to your account 24x7 with our mobile app and online banking. With these tools, you can check your balance, pay your bills, review transactions, and more – all from home. If there is anything else you need, please do not hesitate to call. We will be here to help you through these difficult times. 

Be safe, and thank you all for your patience.

Julie Thurlow, President & CEO

 

Updated March 18

All drive-ups remain fully staffed and available to process any banking transactions that you may require. Online banking tools are here for you too!

Download Our Mobile App

iPhone

Android

Enroll in Online Banking

Register Here

If you need help getting set up, please reach out to our customer service team at 781-942-5000 or at banking@readingcoop.com.

 

Updated March 17

Dear RCB Customers,

In light of the recent spread of COVID-19, and in order to improve social distancing, RCB will be moving to drive-up only starting Tuesday, March 17.

All drive-ups will be open 8:00 AM - 5:00 PM Monday-Friday and 9:00 AM - 2:00 PM on Saturdays.

The drive-up windows at both locations in Wilmington, as well as our locations in Andover, Reading and North Reading will remain fully staffed and able to process any banking transaction you may require. We will continue to evaluate the situation as it evolves and reopen the branch lobbies as soon as possible.

You will receive a notice from us once that happens, or you may check in with us at  readingcoop.com, Facebook or Twitter for all of the latest developments and updates on the status of our branches.

As always, ATM's, telephone banking, and online and mobile banking are available to you 24/7.

If you need further banking consultation, whether it's for customer service, a safety deposit box, lending services or financial planning, a banking specialist, branch manager or lender is happy to meet with you. Please contact us directly if you require an in-person meeting. To arrange an appointment, please call 781-942-5000 or email banking@readingcoop.com.

Be safe, and thank you all for your patience.

Julieann M. Thurlow, President & CEO