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Payroll Deduction/Direct Deposit FAQs

Q.   I was paying my loan through Payroll Deduction/Direct Deposit and I am now leaving my job. What do I need to do? How will I make my loan payment?
A. If your new employer offers Direct Deposit, you could have your payment electronically sent to the Credit Union. If your employer does not offer Direct Deposit, a loan payment coupon book will be issued. To insure that no time lapses between payments, contact CEFCU as soon as possible. A Credit Union representative will discuss payment options with you.

Q. Can I have both Payroll Deduction and Direct Deposit?
A. Yes, but we try to discourage this. It often causes confusion because the Direct Deposit is posted by 9:00 a.m. and most often you have to wait a day or two (once we receive the check) for your Payroll Deduction to be posted to your account. If you have access to Direct Deposit it is a quicker method of deposit. Download, complete and submit a Direct Deposit Initiation Form. Forward one copy to your payroll department and one copy to CEFCU.

Q. If my spouse and I have a joint membership, can we both have Payroll Deduction?
A. Yes, both members can have Payroll Deduction to the same account and it does not have to be from the same employer.

Q. If my spouse and I have a joint membership can we both have Direct Deposit?
A. Yes, however, please contact our Payroll Deduction/Direct Deposit Department before setting this up. It is easier to have the deposits come in under different account numbers. We either change the final check digit or have one Direct Deposited into the Regular Savings account and the other Direct Deposited into the Checking (Share Draft) account. This allows both deposits to have their own allocations. This is especially important if there is a loan to be paid from one of the deposits.

Q. If I am expecting two Direct Deposits coming in (example, income tax return check and payroll check) around the same time, will both Direct Deposits automatically allocate to loans and savings accounts in the same month?
A. Yes, it could. If this should happen, contact the Payroll Department/Direct Deposit Department immediately.

Q. What happens to my money after my loan is paid off?
A. Payroll Deduction and Direct Deposit will both continue to come to the Credit Union, even after the loan is paid. The money will remain in the Regular Savings account for Payroll Deduction and in the targeted account (either Regular Savings or Checking) for Direct Deposit. To change this you must complete a new Payroll Deduction/Direct Deposit Authorization Card. Email Us to request a new Authorization Card. A Payroll Deduction/Direct Deposit Authorization Card Guide is available to assist you in completing the Authorization Card correctly.

Q. What happens if my membership is closed and Payroll Deduction is received?
A. The deposit amount will be sent back to your employer, along with a letter informing them that the account is closed.

Q. What happens if my account is closed and Direct Deposit is received?
A. The electronic funds will be returned to your employer stating that account is closed.

Q. Why didn't my Direct Deposit start?
A. Contact your payroll department first, if you haven't already done so. Your payroll department is responsible for the Direct Deposit initiation. To help in the process, download, complete and submit a Direct Deposit Initiation Form. Forward one copy to your payroll department and one copy to CEFCU. The completed form will give your payroll department all the information they need to begin the process.

Q. When will my Payroll Deduction or Direct Deposit start?
A. Your payroll department is responsible for initiating the Direct Deposit. If you contact them they should give the approximate start date. If you have signed up for Payroll Deduction, most often, the estimated start time would be two to three pay periods after the Credit Union receives the Payroll Deduction Authorization Card.

Q. Why isn't my Payroll Deduction deposited the day I get paid?
A. Depending on your employer, the Payroll Deduction funds are usually received in the form of a paper check totaling the amount of deductions for all the employees. Some employers will mail the check early so that it will be here on the actual payday. Others wait until payday to mail it. Once we receive the check, we have to process and balance the file, which can take up to a day. If your employer has Direct Deposit available, you would have access to those funds immediately. Download, complete and submit a Direct Deposit Initiation Form to begin the Direct Deposit. Forward one copy to your payroll department and one copy to CEFCU.

Q. What's the difference between Payroll Deduction and Direct Deposit (ACH)?
A. Payroll Deduction is a direct transaction between one of our SEGs (Select Employee Groups) and CEFCU. The payroll group mails us a check and we post the funds to the designated account(s). Direct Deposit is an electronic transaction that occurs over the ACH network between the employer's bank and CEFCU's clearinghouse on the pay date.

Q. How do I request Direct Deposit?
A. Download, complete and submit a Direct Deposit Initiation Form. Forward (1) copy to your payroll department and (1) copy to CEFCU. If you are unable to print a form from your computer, contact the Payroll Deduction/Direct Deposit Department.

Q. How do I request Payroll Deduction?
A. Contact the CEFCU for Payroll Deduction/Direct Deposit Authorization Card. E-mail, call or fax us a request for a card to be mailed to your home.

Q. How do I CHANGE the amount of my Direct Deposit?
A. Any changes to the amount of your Direct Deposit can be made with your payroll department. If there are any changes to the allocations please contact the Payroll Deduction/Direct Deposit Department. E-mail us for the change in Authorization Card. A Payroll Deduction/Direct Deposit Authorization Card Guide is available to assist you in completing the Authorization Card correctly.

Q. How do I CHANGE my Payroll Deduction?
A. To change the amount of your Payroll Deduction, you must complete a new Payroll Deduction/Direct Deposit Authorization Card. E-mail, call or fax us a request and a new card will be mailed to your home. A Payroll Deduction/Direct Deposit Authorization Card Guide is available to assist you in completing the Authorization Card correctly.

Q. How do I change any Direct Deposit or Payroll Deduction allocations?
A. To change your allocations you must fill out a new Payroll Deduction/Direct Deposit Authorization Card. E-mail, call or fax us a request for a new card. Once you receive the card, a Payroll Deduction/Direct Deposit Authorization Card Guide is available to assist you in completing the Authorization Card correctly.



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