Payroll Deduction

Payroll Deduction

Our Payroll Deduction Scheme is a beneficial arrangement which allows employers to offer their staff an extra benefit

Enabling employees to have money deducted straight from their wages and transferred into their account with us. We have many successful partnerships with businesses who use our Scheme and always welcome new recruits - it's really simple to set up!

  • Convenient savings and affordable loans for employees
  • Reduced financial stress in employees
  • No direct cost to employee or employer
  • Support the local economy

Benefits of Payroll

By offering Payroll Deduction you are offering a valued employee benefit at minimal cost which can support recruitment and retention of staff by reducing employee stress levels which can often lead to absence and/or staff turnover.

As a credit union we provide financial support and access to products which encourages a responsible attitude towards credit and managing money, thus improving standard of living within the community.  

  • Convenient savings for your employees - Regular savers are better able to cope with any financial stress or unexpected expenditure.
  • Easier loan payments - If an employee has a loan with us, the payments would conveniently come straight from their wages.
  • Support the local economy - Credit Unions offer ethical and local investments, your employees would increase the customer database of our credit union making it more sustainable for the future.
  • Corporate Social Responsibility - Existing payroll partners have gained positive recognition for supporting a well respected, locally based community business.
  • Other Opportunities - Provide staff with opportunities to be credit union volunteers, enabling them to use their skills to help the community.

How to set up Payroll Deduction

Payroll Deduction is simple to operate, working just like any other payroll deductions you may currently run.

  1. Your employee joins the credit union, completing a Payroll Deduction form which gives you authority to deduct from their pay. This will be sent to your Payroll Department.
  2. Your Payroll Department would prepare a weekly / monthly schedule of deductions and send it to us.
  3. Your Payroll Department would remit funds relating to the schedule of deductions to us on or before the usual pay day by BACS or cheque.

If your company would like to offer staff this extra benefit, we can be contacted on 01482 778753 or info@hullandeycu.co.uk.

Benefits of Payroll

As a credit union we provide members with financial support and access to products encouraging a responsible approach to credit and managing money, helping to improve living standards within the community.  

  • Savings -  Save as little or as much as you want on a regular basis in a convenient and effortless way. Because the money is deducted before your pay goes into bank, you don't notice the impact.
  • Secret saving - Save up for a special holiday or a family celebration. Separate savings accounts can be set up too - we offer 'Holiday' and 'Christmas' accounts among others.
  • Reduced financial stress - We aim to help protect you from financial pressures and offer a way for you to manage money more effectively.
  • Be part of a community - Credit Unions are 'not for profit' businesses so money saved in a credit union benefits the local community.
  • Access to other services - One of our many services is responsible sensible affordable loans. These can be repaid easily by payroll deduction (Note: Your employer will not be informed that you have a loan - this is kept confidential).

How to arrange Payroll Deduction

  1. Join the credit union.
  2. Check with your employers that they offer payroll deductions (if they don't - send them to this page!)
  3. Complete a short Payroll Deduction Form and send to us

It really is as simple as that!

  • Hull City Council and associated organisations
  • East Riding of Yorkshire Council
  • North Lincolnshire Council
  • Department for Work & Pensions
  • Hull College
  • St. Mary's College
  • Bishop Burton College
  • North Lindsey College
  • East Riding College
  • ongo
  • Hica Group
  • Goodwin Trust
  • Humber Bridge Board
  • Neville Tucker Services Ltd
  • Lebus Upholstery