Payroll Deposit
At Ontario Educational
Credit Union you’re always in control of your money. We offer you
the flexibility to direct your money according to your financial
plan.
As a member of Ontario
Educational you may instruct your employer to direct your entire pay
into one account, for instance your “Personal One” or you may elect
to have what is commonly referred to as payroll deductions.
Payroll deductions (or
as we like to refer to them - payroll deposit) allow you to direct a
desired amount of your pay to specific accounts, which you hold at
the credit union. These funds are deducted at source (by your
employer) and transferred according to your financial plan – YOU ARE
PAYING YOURSELF FIRST!
This is a fantastic
method of segregating your funds and assisting you in saving for
that something special, contributing to you’re RRSP, saving for a
vacation (see VIP account) or repaying your loan or mortgage. You
have the ability to create your own forced savings ensuring that
your funds are invested per your plan prior to reaching your
spending account.
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