This program is an additional benefit that you can offer. Your employees also have the option of joining the credit union. They may join at any time and use as many of the services as they desire. Many employees consider payroll deduction a valuable fringe benefit. Most employers find it beneficial to allow employees to designate a portion or their entire paycheck to their savings or checking accounts or to make loan payments.
Payroll deduction is simple.
Your payroll department deducts a specific amount each pay period and sends one check to the credit union. 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.