How does payroll deduction work?

Payroll deduction is an easy way to save money or pay off loans. It’s like a deal between you, your employer, and us. A small part of your pay goes straight into your credit union account before you even see it. Simple, right?

We’re here to help you understand how it works!

What is payroll deduction?

Payroll deduction is a “set it and forget it” way to manage your money. You pick an amount to save or pay, and it’s automatically taken out of your paycheque. This means you don’t have to worry about remembering to save or make payments.

How does it work?

1. Money comes out automatically:
   Your employer takes the amount you picked from your paycheque on payday.
2. Sent to us:
   Your employer sends the money to us.
3. Added to your account:
   We put the money in your savings or use it to pay your loan. You’ll see it in your account.

How do I get it?

Setting up payroll deduction is super simple! First, check if your employer is signed up with us.

Are you already saving with us by Direct Debit? And you think your employer might be signed up for payroll deduction? Give us a call! We can check for you. If it's possible, we'll help you switch.

Once it's set up, you don't have to do anything else. Easy peasy!

Why it helps?

• Easy saving: The money is saved before you can spend it.
• No late payments: Loan payments are always on time.
• You’re in control: You can change how much you save or stop anytime.

If you have questions or need help, just ask us! We’re here for you.