How to become a Credit Unions of Wales Payroll Partner
Setting up a payroll saving scheme with a credit union couldn’t be easier.
By joining the growing band of more than 140 payroll partners in Wales you will be helping your staff improve their financial wellbeing.
The service is free to employers and designed to avoid onerous administrative demands.
To help staff understand the scheme, credit union representatives can visit your organisation to discuss the savings and loans schemes on offer.
This can either be through a presentation at a management meeting, at a staff meeting or by simply putting up a stand and handing out leaflets at the place of work.
If an employee decides to become a credit union member then all they have to do is produce identification, including proof of address.
In return, they receive a membership number and either agree on the set amount to be withdrawn from their salary and placed into a savings account, or make a loan application.
Credit union members save as little or as much as they want to from their salary. This can be for something specific like a holiday or a new car, or maybe simply because they want savings behind them for an unexpected emergency.
As credit unions are member-owned, savers can receive an annual dividend if there is a profit at year end, once all of the expenses are paid.
Employees can arrange withdrawals over the phone, via email, by visiting the credit union office, or through the online portal at any time.
Staff also have the piece of mind that their employer will only know how much of their salary is transferred to the credit union.
They are not told how this is allocated – either for a saving scheme or to pay off a loan – so confidentiality is key to the success of the scheme.
Payroll saving schemes are a hassle-free method of helping staff to put aside some of their hard-earned money before having chance to miss it!