Each employee who signs up for payroll deduction would sign a payroll agreement card authorizing the amount to be deducted. Only the credit union has access to the copy that specifies the exact allocation. The payroll department copy lists only the total amount. This insures the confidentiality of any payments going to the credit union. ACH Electronic Direct Deposit Services HCU is also able to help companies set up ACH electronic direct deposit of payroll checks.
Employees can have their checks deposited at the financial institution of their choice.
We would be happy to show you how both you, the business owner, and your employees can benefit from electronic direct deposit. Just ask for details. By offering HCU benefits, you allow employees to participate in IRA programs, IRA Share Savings Accounts and IRA Certificates. The IRA Share Savings Account may be set up on payroll deduction for any amount that is affordable to the employee. Contributions to this account must be made on a calendar year basis.