Employers, be a credit union Partner
What if you could help your employees with little effort and no cost to your business?
It is easy to promote credit union savings and loans to your employees. Two simple ways:
- Provide a link to our website on payslips or internal communications.
- Talk to us about further marketing materials, articles for staff newsletters or provide a presentation to employees.
Boosting staff financial capability is not only good for employee wellbeing, it is also good for your business. The next step is Payroll Deduction; offering credit union savings and loans as an employee benefit, a feature of your Corporate Social Responsibility (CSR).
Contact us for more information info@Fusioncreditunion.co.uk or call 01543 415032
Offering Payroll Deduction with Fusion Credit Union as an employee benefit works for you as the employer, and is a valuable service for your employees. Your employees decide how much to save, this is deducted from their pay packet and credited to their Credit Union savings.
Employees have priority access to our affordable loans. Payroll deductions are adjusted to repay the loan from their payslip. Employees’ individual savings and loans are kept confidential and are not disclosed to the employer. We can however provide management information to monitor the take-up and effectiveness of the scheme.
Employers offering payroll saving to their employees have the reassurance that their people are taking responsibility for their money; they are putting some money aside for when they need it, and they have access to the affordable loans from Fusion Credit Union.
We do not charge employers for this service and many payroll outsourcers do not charge their customers for the processing of credit union loan repayments, so the cost to employers of offering Payroll Deduction is negligible.
How should an employer set up a payroll deduction scheme?
Talk to Fusion Union
Agree how you are going to set up the system
The payroll deduction set-up is simple, it works just like any other payroll deductions scheme you currently run:
- set up an authorisation process
- deduct payments
- provide monthly listing to the credit union
- pay money over
Then other than promoting it to both existing and new staff on a regular basis, the credit union will run the agreed authorisation process for you.
Benefits for employees
- Saving straight from your pay packet – you won’t miss it
- Putting some money away for a ‘rainy day’
- Planning for a big event; Christmas, holidays, weddings
- Earn dividend on savings
- Apply for a credit union loan at affordable rates
- Avoid high-cost credit, bank fees
- Simple loan repayments straight from their pay packet
- Life insurance included (terms and conditions apply)
- Confidential; individual’s savings or loans are not disclosed to the employer
How to arrange a payroll deduction scheme through your employer
- Ask your employer if they offer payroll deductions – if not, show them a copy of this page!
Remember that even if your employer does not offer this service, you can still join your local credit union and save regularly. Contact Fusion Union to set up a regular Standing Order to pay money straight into your savings account.
Our current payroll deduction partners
Fusion Credit Union Ltd is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales No. IP00717C.