We wish to advise our members, their employers or employees of the offer to make Payroll deductions or transfers on their behalf. We can facilitate the necessary transactions such as the payment and/or receipt of salaries as well as set aside monies for savings, insurance, loans or other payments.
The process is quite simple. On the pay date, employers are required to send us a single payment for the total salaries and also a list of the employees to be paid. On receipt of this payment and list, the appropriate accounts will be credited as instructed. There is no need for members to worry about doing these transactions manually as all payments will be automatically made on a monthly, bi-monthly, fortnightly or weekly basis. The significance of Payroll deductions cannot be undermined as members stand to benefit from lower interest rates, and their loans are less likely to be in arrears.
Please contact us for more information regarding the implementation of this service for your business or organization.