|
Payroll Deduction Saving
MGt Plc now offer their staff the facility to make payments to Kingdom Credit Union directly from their pay. This is a great way to save and pain-free way to make loan repayments as the money is deducted from pay before it reaches the member’s bank account.
How does it work?
When you join the credit union you should complete a payroll deduction form. We record details from the form and send it on to your payroll department. Every week or month, depending on how you are paid, the payroll department sends us a list of all deductions made and the total payment arrives in our bank a few days later. Once we have received the payment we post amounts directly to member accounts to cover any savings or loans commitments. If you want to change the amount, just complete a Payroll Amendment Form and we will make the necessary changes with your payroll department. Kingdom Credit Union would like to offer this facility to all employees so If your employer hasn’t signed up yet, why not ask them to contact us and we can arrange to talk through the benefits of this service.
I’m an employer interested in offering this staff benefit. What should I do?Please contact the Credit Union Development Officer who will be happy to discuss in detail how the facility works and how to set it up. It is very easy to do, just like any other deduction you may make for subscriptions, charities etc.
We can also arrange to talk to your staff to promote the benefits of saving with the credit union. This is an excellent benefit to offer your staff, encouraging staff to save regularly while giving them access to free money guidance and budgeting advice .
|
