| Payroll Deduction Facility |
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HOW IT WORKS • On applying for membership the employee completes a Payroll Deduction Order giving the payroll department instructions to make deductions for a specified amount per week or month • The Credit Union staff will process the application and enter a member's reference number on the form • The Payroll Deduction Order will be stamped with the Credit Union's logo. The Payroll Deduction Order will then be sent to the appropriate payroll department. (If the instruction form or the amendment form has NOT been stamped it should be returned to the Credit Union). • The Payroll Department will make the deduction at the next available pay date. * A deductions schedule for each month or week should be produced. The listing should include: • Employee's name • Pay number • Credit Union Member's reference number • Amount deducted including any zero deductions for existing members • An indication of any members leaving the payroll The schedule should be forwarded to the Credit Union on or before the employees' usual pay date. It can be sent: • Electronically via disc or Email (any text format or spreadsheet is acceptable). This is the preferred option for the credit union • Hard copy print out through the post or faxed if Email not available. The funds relating to the Deductions Schedule should be remitted to the Credit Union on or before the employee's usual pay date. This remit can be: • By cheque, payable to just Credit Union Ltd. • By BACS transfer to the Credit Union's bank account (details on request) • Members may only make alterations to Payroll Deduction orders on the appropriate form, available from the Credit Union. Any queries or requests regarding alterations to Payroll Deductions should be referred to the Credit Union who will assist the member in completing the appropriate form. Please return the form if it does not carry the credit union stamp. • All members of the Credit Union have free Life Insurance as part of their members' benefits. The Credit Union should be informed as soon as possible of any deceased members and a copy of the death certificate sent to the office. The Credit Union staff will then be able to process the insurance claim on behalf of the member's beneficiary. |
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