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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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Suite 1, 6435 Edwards Blvd. | Mississauga, Ontario Canada L5T 2P7 | Tel: (905) 795-1637