In addition, mortgages, individual retirement accounts, certificates of deposit, ''Christmas Club'' or ''vacation'' accounts, credit cards, insurance plans, automatic teller machines and cards, and travelers checks are provided by several companies' credit unions. Employers who lend support to credit union operations typically cover overhead. Fifteen percent provide computers or other office equipment. Large firms are more likely than small firms to provide or pay for any specific aspect of credit union operations. Similarly, utilities are covered in whole or part by 28 percent of large companies with employee credit unions, compared with 16 percent of small responding organizations.
Direct deposit is the most common and often the only employer-provided financial service.
Other employer-provided services covered by the survey are far less common, as Table 1 illustrates. Twelve percent of all surveyed employers provide the convenience of on-site check cashing, and 7 percent will process payroll deductions for loan payments, bank deposits, or other purposes. Just 5 percent of all responding companies offer debt management counseling or advice to most or all employees. Inc. All Rights Reserved.