What does Payroll Deduction do, exactly?
Payroll Deduction is a free service used to allocate money from your payroll check directly to your accounts or to a loan.
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What is the difference between Direct Deposit and Payroll Deduction?
With Direct Deposit, your entire payroll check is deposited at the credit union. Payroll Deduction gives you the option to deposit a portion of your paycheck to an account or loan without depositing the whole check.
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How do I know that the deposit or payment has been made?
You can feel confident that your money will be in your account on a timely basis. The exact amount will appear on your statement. Between statements, use Touch Tone Teller or I-Branch to verify deposits.
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Why should I use Payroll Deduction?
It’s easy to set up and is also a convenient and secure way to make regular deposits to your accounts or payments to your loans. You’ll avoid trips to the credit union and save money by not using stamps and envelopes. It gives you peace of mind; loan payments are made even when you are out of town. Payroll Deduction also makes saving easy. Your specified amount is deposited into the savings account of your choice without you ever having to touch it. Out of site is out of mind.
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Can I increase or decrease my deduction amount at any time?
Yes. Please call us and let us know what you would like to change. We will fill out the necessary form and mail it to you for your signature. Once the form is returned, we will start the process of updating your information. The amount of time it takes to process the new deductions varies depending on your employer. Please be aware that your existing deductions may take place during that time.
U of I employees may need to make adjustments in NESSIE and complete other paperwork.
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How do I stop Payroll Deduction, especially once a loan is paid off?
Your signed authorization is required to stop Payroll Deduction, even after a loan is paid off. Call or visit the credit union for the appropriate form. Stopping Payroll Deduction is slightly different for U of I employees. Please contact the credit union at 217-278-7700 for assistance.
Please note that funds from a payroll deduction that do not get applied as a payment are diverted to your membership account, in other words your primary share savings account. It's an excellent way to save money after your loan is paid off.
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