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Payroll Deduction

Making Saving Simple

At Mallow Credit Union, our Payroll Deduction Scheme allows companies to help their employees save in an easy & manageable way by having a portion of their wages deducted & deposited directly into their Credit Union account.

Whether full-time or part-time, employees can save as little or as much as they like & as the payment is deducted from the source, they often don’t feel the impact of the deduction but get all the benefits of saving.

What are the benefits?

  • Save for holidays or a special occasion & withdraw savings at any time
  • Increase/decrease the amount you save at any time
  • Create multiple locations for your savings within your CU account i.e. €10 in your Shares account for a holiday & €10 into a Savings1 account for Christmas
  • Access competitively low rates for car, holiday, home improvement, education & personal loans when you need them
  • Applying for a loan is even easier with a savings record
  • No hidden transaction fees or charges
  • Online access to your savings with CUOnline & our CUAnywhere app.

How does it work?

All Mallow Credit Union accounts now have a unique BIC & IBAN, making our payroll deduction simple to set up & automatic.

Employees agree to share their Mallow Credit Union IBAN with the their payroll provider, indicating how much they would like deduction from their wages on a weekly/fortnightly/monthly basis. All other account information including saving/ loan balances remain private. Much like a standing order, except they pay no bank transaction fees as the funds go directly into their credit union account.

Mallow Credit Union will arrange for the member’s transferred funds to:

  • remain in their current account
  • be moved into their share account
  • be dispersed discreetly to facilitate saving & loan repayments
  • go into a sub-account separate to shares & loans that can be withdrawn from at any stage

If you would like to know more or wish to arrange for members of the Mallow Credit Union team to visit your place of work to further discuss the benefits of Payroll Deduction & to help set up this simple way to save, please contact Ciara Fitzgerald on 022 21121 or email cfitzgerald@mallowcu.ie.