Frequently asked questions

The Payroll Deduction Service allows employees to make regular savings or loan repayments directly from their payroll to SCVO Credit Union. It’s designed to promote financial well-being among employees by offering an easy, automatic way to save or repay loans.

No, this agreement does not establish a legal partnership or agency relationship between SCVO Credit Union and the employer. It is solely a service agreement to facilitate payroll deductions for employees.

No, the employer is not required to make any payments to SCVO Credit Union for setting up or managing the payroll deduction service.

Both SCVO Credit Union and the employer are responsible for safeguarding employee data shared through the payroll deduction process, ensuring compliance with data protection regulations. The employer only shares limited information necessary for the service, and both parties act as separate data controllers.

The employer will need to provide SCVO Credit Union with information on deductions made from employee pay. This includes details like the employee’s name, payroll number, or national insurance number, and the amount deducted.

Deductions should be remitted by Bank Automated Credit Service (BACS) within five working days of the deduction from employees’ salaries.

Yes, either party may terminate the agreement by giving a 30-day written notice. Immediate termination is also possible if there is a breach of terms or either party becomes unable to operate legally.

SCVO Credit Union can provide workplace materials like leaflets, posters, and newsletter content, and can attend staff meetings or conferences. The employer can also include information in new employee packs or link to the SCVO Credit Union website on their intranet.

These FAQs should cover the main considerations an employer might have before entering a payroll deduction agreement with SCVO Credit Union.