Employer Benefits

Payroll Deduction Facility

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 members reference number on the form
• The Payroll Deduction Order will be stamped with the Credit Unions 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:

• Employees name
• Pay number
• Credit Union Members 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 employees usual pay date. This remit can be:

• By cheque, payable to Castle & Minster Credit Union Ltd.
• By BACS transfer to the Credit Unions 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 members beneficiary.

Even those in employment suffer financial worries and access to a convenient way to save or borrow can be difficult. Castle & Minster Credit Union Ltd. provides a local solution by making available a means of saving, directly from payroll.

Benefits to your Employees

Services to your employees include:

• Access to regular savings by payroll deduction
• Access to affordable credit
• Reduction of stress resulting from financial problems
• Assistance to those who may be financially excluded
• Improving financial education
• Promoting a positive attitude towards employer
• Free life insurance on savings and loans
• Low cost, optional Accident, Sickness and Redundancy Insurance loans
• Young Savers Accounts for those under 16
• The opportunity to learn new skills and become a volunteer with the credit union

(Further services will be offered as the credit union develops)

For more information on the scheme click here