Moneywise Newcastle In The Workplace

As a local company in the Newcastle area you can offer Moneywise services to your employees. Our Chief Executive would welcome the opportunity to talk to you about how the credit union can assist your organisation. Please contact ceo@moneywise.org.uk for more information

Advantages to Employers

• Fosters a community spirit amongst the workforce it serves
• Strengthens the positive employee / employer relationship
• The benefit of good publicity gained from supporting the North East's most successful Credit Union
• Offers advice on good money management & contributes to reducing employees financial worries leading to a happier workforce
• Helps employees to save regularly and borrow sensibly within their means
• Through a service of savings and access to low cost credit, membership can help employers to recruit and retain staff at very little cost

Advantages to Employees

• Encourages regular savings through payroll deduction
• Easy access to savings with competitive dividend paid on savings
• Access to low cost affordable credit
• The promotion of a positive employer/employee relationship
• Offers advice on good money management
• Assistance to the financially excluded

Member services include:

• Holiday and Christmas savings accounts
• Budget accounts to help spread bills across the year
• Junior savings accounts
• Bank transfer system
• Standing order
• Payroll deduction
• Special help to those in financial difficulty

How Payroll Deduction Works

On applying for membership the employee completes a Payroll Deduction Order giving the payroll department instructions to make deductions for a specified amount per week or month.

The Credit Union staff will process the application and enter a member's reference number on the form.

The Payroll Deduction Order will be stamped with the Credit Union's authorisation. The Payroll Deduction Order will then be sent to the appropriate payroll department. (If the form has not been stamped it should be returned to the Credit Union).

The Payroll Department will make the deduction at the next available pay date.

A Deductions Schedule for each month or week is required from payroll which lists:

• Employee's name
• Pay number
• Credit Union Member's reference number
• Any zero deductions for existing members
• An indication of any members leaving the payroll

The Schedule should be forwarded to the Credit Union on or before the employee's usual pay date. It can be sent:

• Electronically via disc or email (any text format or spreadsheet is acceptable). This is the preferred option for the Credit Union.
• Hard copy printout through the post or faxed if electronic format is not available.

The funds relating to the Deductions Schedule should be remitted to the Credit Union on or before the employee's usual pay date. This remittance can be:

• By cheque, payable to MoneyWise Newcastle Credit Union Ltd
• By BACS transfer to the Credit Union’s bank account (details on request)

Amendments to payroll deduction are made through a form available from MoneyWise Head Office

Current Workplace Members

Below is a list of a current community members:

• Care Connect
• EAGA Partnership
• Newcastle City Council
• Theatre Royal
• Tyne Tunnel