Payroll deduction schemes
Payroll deduction is where you instruct your employer to pay, usually each month, a specified part of your salary
or wages to your credit union. This is very similar to a Standing Order from your bank. In both
cases, unlike Direct Debit, the amount is specified by you and cannot be altered by the
recipient; you remain in control.
This is a very convenient way to pay into your credit union. The money is deducted before you see it and there is no temptation to spend it before you make your savings or loan repayment. After a time you will adjust your budget to take account of the deductions and probably cease to notice it, except when there is a pleasant surprise when you get your annual statement and see how your savings have grown or your loan has been paid off correctly. There is no danager of missing a loan repayment as can happen with a bank standing order if the bank balance is unexpectedly depleted.
Red Kite Credit Union currently has two payroll deduction schemes with major employers, Powys County Council (PCC) and Powys Teaching Health Board (LHB). We are working with the other Powys credit unions to start more payroll schemes. These may be with large employers or quite small ones with perhaps just a few employees.
If you work for Powys County Council you can join the scheme if you are already a credit union member or become a credit union member by joining the payroll scheme. For more information and an application form please click here
If you work for Powys Teaching Health Board you can join the scheme if you are already a credit union member or become a credit union member by joining the payroll scheme. For more information and an application form please click here
if you are an employer, of whatever size, with employees in Powys and would like to offer your employees the advantage of payroll deduction, please contact us.