Direct Deposit and Payroll Allocations are two easy ways to boost your savings.
Direct Deposit works by transferring your paycheck earnings directly from your employer into your account. It’s quicker and more secure than visiting a branch to make the deposit, and it allows your earnings to begin earning interest from the moment they’re issued.
To set up Direct Deposit, contact the employer making the deposits for you. Here's some tips on what info you'll need to give to your employer:
Payroll Allocations is another automatic transfer of money. Once you have established what dollar amount you would like moved to which specific accounts, it will be automatically carried out with every future paycheck you deposit.
Payroll allocation is a terrific way to build your savings – and an easy way to get into the habit of Paying Yourself First. Most successful savers follow this habit of treating savings like a “bill” that you pay to yourself every month. It’s a painless way to help secure your savings goals.
To set up Payroll Allocations, complete the Payroll Allocation Authorization form (pdf). List all of your allocations in the order desired. Then mail or deliver the completed form to the Credit Union.
Need some assistance? Feel free to contact us.
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