Payroll deduction is a method of receiving a portion of your payroll to your account either electronically through the ACH (automated clearing house) system or by having the member's employer send a check. This type of deposit is usually preferred by those individuals who have loans or savings only accounts with the credit union and have the bulk of their payroll sent to their primary financial institution.
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Q: How do I sign up for Payroll deduction?
A: If your employer offers payroll deduction, just provide them with the Routing/Transit number, credit union account number and the designated share if the deposit will be through ACH. If the deposit is to be mailed, supply your employer with the address, name and account number. |
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Q: What’s the difference between payroll deduction and direct deposit?
A: Direct deposit involves depositing the whole amount of your check, while payroll deduction only involves a portion designated by you to be deposited. |
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Q: Where is my money deposited?
A: Normally payroll deductions are deposited into your share savings account; however, you may specify where the funds are placed once they are received. |
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