How salary deduction works

If your employer offers it, salary deduction is a simple and convenient way to save or make loan repayments directly from your salary each month. You can set up salary deduction for savings, loan repayments, or both.

How it works

1. Join the credit union online as a member. You can begin saving right away, or apply for a loan at the same time.

2. As part of the application, we’ll ask for your employer’s details and your payroll number, which helps us match your payments correctly.

3. Once your membership is set up, we’ll send instructions to your employer, telling them how much to deduct each month. Your employer will not receive any information about your loan or savings balance.

4. On payday, the agreed amount will be deducted from your salary. This will usually appear on your payslip, along with your tax and other deductions.

5. Your funds will be credited to your credit union savings or loan account once we receive the deduction schedule and payment from your employer. This process can sometimes take a few weeks, depending on how quickly your employer sends the information and funds.