Payroll deduction offers quite a savings in more ways than one. Not only does payroll deduction save you the time and expense of making a special effort to take care of routine transactions, it saves the Credit Union money in operational costs, which saves money for our members. When it comes to payroll deducted loan payments, the Credit Union passes the savings directly onto members as a discount on the interest rates. Payroll deduction is also a convenient way to start and maintain a savings program. Saving through payroll deduction is effective because you pay yourself first.
Payroll deduction is only available for members who's payroll office supports the service.
To find out if you are eligible for payroll deduction, contact your payroll officer or nearest branch location. The Automated Bill Paying Service is a convenience offered to members who would like to have their LGCU accounts drafted by other institutions. Automated Bill Paying can be used to pay insurance premiums, utility bills, charitable donations, etc. The Credit Union agrees to honor account draft notices that have been authorized by the member. The Credit Union cannot initiate a periodic draft.