Barrow & District Credit Union’s Payroll Deduction Scheme is designed for employers in the area who wish to support local community enterprises such as ours, and to easily enable their staff to save for a rainy day, direct from their wages.
Payroll deduction provides staff with an easy route to save through their wages, helping them to be better organised with their personal finances. BDCU offers a standard savings account as well as a Christmas Club, where the money is saved in the same way but can't be accessed until 1st November each year.
As a community enterprise, we also offer very competitive loans without swingeing repayment rates that might also be of interest to your staff should they be looking to borrow for a holiday, a newkitchen or a new car perhaps or even to consolidate existing credit card debts. These loans can be applied for once an individual has become a member of BDCU and starts saving with us and are set up to allow for repayments to be made from payroll deductions, in exactly the same way as saving.
We want to ensure that if people are committed to borrowing, they can do so sensibly and avoid the high interest rates levied by credit cards and, worse still, payday or doorstep lenders.
We have made the scheme really easy for company payroll departments to set up and, once in place, they are incredibly easy to administer.
If you would like to know more, or sign up for payroll deduction in your business, please get in touch.