News & Events

Coronavirus Update

An update for our Members: Coronavirus (COVID-19)

We’ve been diligently following the progression of the COVID-19 virus and adhering to recommendations from the Center for Disease Control, as well as federal and state agencies. Therefore, we’ve made the decision to provide drive-through only service at our branch locations, effective Monday, March 23, 2020.

Branch locations will provide drive-through only service, effective March 23, 2020. For services that are not available online, we will allow in-person meetings BY APPOINTMENT ONLY. Members requesting in-person meetings should contact us to schedule an appointment. For services that are more time consuming, you may be asked to park and remain in your vehicle while we complete your transaction.

We feel this is the appropriate response to limit exposure of the virus to our members and employees. We will continue to focus on providing the highest quality service to our membership and are confident that we’ll get through this – together.

Information concerning COVID-19 is rapidly changing, so please monitor our web site and social media pages for the most up-to-date information regarding our response.
We sincerely hope our members and their families stay safe and healthy during these times.

Pete Giorgianni

RIFCU is here for you

We know some members may be experiencing financial hardships during the COVID-19 crisis. Please know, as your Credit Union, we want to help. We’ll get through this together. Here are some relief programs available during the COVID-19 pandemic:

  • Loan Skip Payments & Extensions – Advance the due date on your loan with RIFCU
  • Credit Card Skip Payments – Advance the due date on your credit card with RIFCU
  • Emergency Loan – up to $5,000 in emergency funds*
  • Reduced Loan Rates for Savings Secured Loans – 1.99% for up to 24 months on savings secured loans. Keep your savings in-tact with low fixed rate loan.
  • Fee-Free CD withdrawals - No early withdrawal penalties if you need to close your certificate of deposit
  • ATM withdrawal limits increased - up to $800 per day. (Some ATM machines may have reduced limits)

If you are experiencing a financial hardship due to COVID-19, please contact us to discuss the options available to you.

Request an Extension

Federal Government Stimulus Information

The government will be issuing economic stimulus payments to qualified households in response to the COVID-19 epidemic. These payments will be issued by the Internal Revenue Service (IRS), so Railroad has limited information regarding the timing of these payments. Here is what we do know:

In order to receive the full stimulus payment of $1200, the government has assigned income thresholds as follows:

  • Individuals earning up to $75,000
  • Those who filed as “head of household” earning up to $112,500
  • Couples who filed jointly and made up to $150,000 will receive $2400

For tax filers earning more than the assigned thresholds, your payment will be reduced by $5 for every $100 of income above these thresholds.

Payments will be issued via direct deposit. The IRS will use the direct deposit information on your 2019 federal tax return. For those who haven’t yet filed in 2019, the IRS will use information from your 2018 return.

Social Security and Railroad Retirement recipients will automatically receive their stimulus payments.

For those who received a paper check on your last return, you can expect a paper check for your stimulus payment.

We encourage our members to visit the IRS website to learn more about stimulus payments, and when you can expect funds to be deposited.

Internal Revenue Service

Relief for Small Businesses

The CARES Act offers certain protections and emergency loans for small businesses. The Small Business Administration (SBA) will disperse funds in the form of grants, loans and existing loan forgiveness.

The package also provides funds for the newly created, Paycheck Protection Program, which encourages business owners to maintain pre-COVID-19 employment levels by offering loans to cover payroll expenses that may be fully forgivable.

Small Business Administration

Paycheck Protection Program

Waived Penalties for use of retirement funds & 2020 Required Minimum Distribution

The CARES Act waives the 10% early withdrawal penalty for retirement distributions up to $100,000 for COVID-19 relief. Be prepared to provide proof of COVID-19 impact during the withdrawal. Although the penalty is waived, you will still be required to pay federal income tax on the distribution. There are options available for payment of taxes. Limitations do apply, so visit the IRS website for more information.

The government is also waiving required minimum distribution requirements for tax deferred retirement accounts for those who are age 72 and older.

IRS Website

Stay Safe & Avoid COVID-19 Scams

You may encounter potential COVID-19 scams, as there are many criminals attempting to exploit Americans during this crisis. Here are some tips to stay safe from scammers:

  • RIFCU will never request your banking information via a text message or phone call. Don’t provide your account number and/or routing number for your stimulus payment.
  • Beware of phishing emails that appear to be from legitimate organizations such as the Center for Disease Control (CDC) or the World Health Organization (WHO). Always hover your mouse over any links before clicking. Ensure the link is legitimate.
  • If you receive an email requesting your banking information, and appears to be RIFCU forward the email to

Visit the IRS website for more information about potential stimulus scams.

IRS Scams