Benefits of Direct Deposit/Payroll Deduction

We encourage each of our sponsor employee groups to make Direct Deposit and Payroll Deduction available to their employees who join the credit union. With Direct Deposit, employees’ entire net pay is automatically deposited into their credit union accounts.

With Payroll Deduction, all or a portion of their net pay is deposited into their credit union accounts. Both offer you and your employees benefits, such as:

  • Scranton Times Downtown Federal Credit Union is set up to accept electronic transfer of funds. Utilizing this service could save your company money associated with payroll processing.
  • Because employees will know that their money is automatically in their accounts on payday, you will lose less productivity caused by “running out to the bank,” “rushing to make a loan payment,” etc.
  • This service encourages employees to save and can help them more effectively manage their personal finances.

We can work with you to set Direct Deposit and Payroll Deduction. Once in place, we are confident that you will appreciate the value this service offers both you and your employees.

 

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