Payroll Deductions allow your employer to deduct a certain amount from your paycheck and send it to your Bermuda Credit Union account.
Guidance for Employees
Payroll Deductions are a simple and convenient way for you to:
- Build savings;
- Repay loans;
- Keep some of your wages on one side for emergencies.
Who can pay into a Credit Union account by payroll deduction?
You can have deductions set up from your wages if you are an employee of any one of our participating partners. Find out from your HR if your employer is a participating partner.
How does it work?
- You become a member of Bermuda Credit Union and confirm with your HR or payroll department that you want to set up payroll deductions;
- Fill out and submit a Payroll Deductions Request Form confirming your employee payroll and social insurance number, your Credit Union account, and the amount you wish to have deducted from your wages;
- On payday, your employer’s payroll team will deduct the requested amount from your pay and send funds to us to be applied to your account.
Guidance for Employers
Happy Employees make Happy Workplaces
Would you like to help your employees to improve their financial health and general well-being?
Bermuda Credit Union offers an easy way to give your employees access to savings and loans through an ethical, not-for-profit, safe and regulated local provider. Our simple to administer system means that you can offer this as a free employee benefit – with hardly any effort!
How does it work?
Once you as the employer have signed up to the service, we set up payroll deductions with your payroll/HR department, so your employees can save regularly in their Credit Union account. There is complete discretion, as only the Credit Union knows whether the employee is making savings, repaying a loan, or a combination of the two.
- Your employee joins Bermuda Credit Union and lets us know how much they would like to be paid into their account from their wages. We then set this up with you, the employer, so that you can deduct it from the employee’s wages each time they are paid.
- On payday, your HR/payroll team will deduct the requested amounts from each staff member’s salary and send the funds to the Credit Unions bank account as a single lump sum, along with a simple distribution report, such as an Excel spreadsheet.
- As soon as the Credit Union receives the lump sum and corresponding report, we’ll allocate it to each staff member’s Credit Union account.
Find out more…
If you are interested in this service, please contact us. We will provide you with details on how you can offer this free service to your employees.
