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In over 100 years of existence in
the United States, credit unions have proven useful to businesses
as a valuable employee benefit. Time and time again, an employer
has found that the peace of mind among employees, in terms of
fewer money worries, led to that employee becoming a more valuable
part of the business.
This can come about when an employer offers a Seaford Federal
Credit Union payroll deduction plan (PRD) to its employees.
By this one act, the business shares its concern about its employees'
financial well-being with the credit union. From this point on,
the credit union will help any employee who is a credit union
member to achieve sound financial practices through analysis and
advice. It provides another way for the business to show interest
in its human resources and minimize employee dissatisfaction and
turnover.
 Employees
like it because personal financial problems no longer have to
be known by the business. The business provides the service of
PRD but does not know why the money is being sent to the credit
union.
Like
all good plans, there is some responsibility and cost on the part
of the employer. The employer must enroll the new members, keep
timely and proper records of the PRD and send the PRD money to
the credit union promptly. However, one deduction or ACH transmission
sent to the credit union can take care of multiple deductions
since the credit union will split it to regular savings, checking,
Christmas Club, vacation, IRAs and loan accounts. In addition,
the business should have the feeling that the credit union is
an important part of the businesses' employee relations for it
to be as successful with its employees as it can be.
One
final fact that it is important for all members and businesses
involved with the credit union to understand. We are a non-profit
organization chartered by the federal government and exempt from
federal and state income taxes. As a result, all our income in
excess of expenses is returned to the member in some fashion.
When a business helps us reduce costs, the savings belongs to
the members and no one else.
We
have over 40 businesses that offer the convenience of payroll
deduction (PRD) to their employees (see the partial listing below).
This is the easiest way to save money or repay a loan and one
deduction can go to several different types of accounts. Simply
fill out a payroll deduction card indicating how much is to be
deducted from each paycheck along with the distribution, and we
will take care of the rest.
Direct Deposit
Direct
deposit is an easy alternative to payroll deduction and can
accomplish the same result. It can be set up to be deposited into
a share (savings) or share draft (checking) account. The only
information that the employer needs is our routing and transit
number which is 231176897, and the account number where the money
is to be deposited. This is the member number followed by a -00
if the money is to be allocated to the shares, or a -10 if the
money is to be deposited into a share draft account. The dash at the end is important for proper posting.
Here
are some of the local businesses who are enrolled in this program:
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