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Tel: 01902 572340 Email: contactus@wccul.co.uk

Savings Payroll Deduction Scheme
Thousands of workers in Wolverhampton and South Staffordshire have access to flexible savings and affordable, ethical loans, thanks to WCCU’s Payroll Deduction Scheme.

By giving their staff access to fairer finance provided by the credit union, local employers are helping to tackle one of the biggest causes of stress - worries about money.

Four in ten workers say money worries have made them feel stressed over the last year while one in eight workers report that money worries have affected their ability to concentrate at work. One in 20 workers has missed work in the last year due to money worries.

WCCU provides a simple and virtually no-cost way for employers based in WV postcode areas to address a growing problem.

How does the payroll partnership work?
Through a payroll partnership with WCCU, employers enable staff to:
  • Save small sums automatically deducted every month from their salary. It’s an easy way to save for emergencies or pay for a family holiday. Savers get instant access to their cash and are also rewarded with a dividend
  • People who save regularly for a short period can also get access to affordable, low-interest loans which they repay through their salary. We offer among the cheapest loans under £1,000 in Wolverhampton. We lend responsibly, taking into account applicants’ ability to pay. Most important of all, we reduce people’s dependency on high-interest loans. Last year, we approved over 3,400 affordable loans, saving our members an estimated £800,000 on payday or other high interest loans
  • Membership of WCCU via the Payroll Deduction Scheme offers other benefits including:
- Discounted electrical goods which may be bought with low-interest loans

- A pre-paid debit card which avoids costly overdrafts and earns rewards with use

- Access to online banking and a mobile banking app

Why should I get my workforce involved?
Because it’s the perfect way to encourage employees to save, help them manage their money and keep them out of the clutches of payday lenders.

Why is it good for employers?
Stress is the main cause of absenteeism in the UK today. Debt and unaffordable loan repayments cause stress, anxiety and depression. Victims either can’t focus on work, or start taking days off sick. Avoid these problems and you can improve productivity.
Furthermore, your employees will feel valued when you provide such a practical benefit for them, so it can help to enhance morale and promote staff retention.

Do other companies run similar schemes?
Many major UK employers are already offering their staff a payroll deduction savings and loans scheme through a credit union, including:

• BAE Systems
• Royal Mail
• British Airways
• NHS
• Tata Group
• Go-Ahead Group
• Stagecoach

In Wolverhampton, we have payroll partnerships with the City of Wolverhampton Council, Wolverhampton Homes and the Royal Wolverhampton NHS Trust.

Are they difficult to set up?
Payroll partnerships are easy to set up and easy to run. Your company simply arranges monthly deductions from payroll, and we look after everything else. All services are provided by the credit union completely free of charge.

Interested?
Call WCCU manager Matt Goulding on 01902 572340 or email matt@wslcreditunion.co.uk for more information.

Employees - why not join our existing scheme?
If you are an employee of one of the following organisations, you could benefit from saving and borrowing directly from your salary through our payroll deduction scheme:

• Bushbury EMB
• City of Wolverhampton Council
• FBC Manby Bowdler
• Gazebo
• Paycare
• Radleigh Metal Coatings
• Royal Wolverhampton NHS Trust
• South Staffordshire District Council
• South Staffordshire Housing Association
• The Accord Group
• Wolverhampton Homes

First, join the credit union - it’s free to do so online, you’ll just need your National Insurance number handy.

Once you’ve joined, download the Payroll Deduction Form below:

Once you have completed it, you can:

• Drop it in or post to us at 73 Worcester Street, Wolverhampton, West Midlands, WV2 4LE
• Or scan and email it to us at contactus@wccul.co.uk

We will then contact you on a home or work phone line for verification. Your welcome letter will be posted or emailed to you.




Find Us here:
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  • Wolverhampton City Credit Union
  • Tel: 01902 572340
  • Email: contactus@wccul.co.uk