Summer Pay Club
To help our members meet their expenses during the summer, the credit union offers a dividend earning solution called the Summer Pay Club. With this club account you can have a certain amount deducted from your pay each payday during the school year. The money is deposited into your Summer Pay Club and earns dividends quarterly. At the end of the school year, we will automatically transfer 5 disbursements, bi-weekly, to your credit union Share Draft Checking Account (Suffix X). You will have access to your money with your FREE Visa ATM/Debit card and/or basic checks that we offer for purchase. Your funds will be available at 8 a.m. on the scheduled disbursement dates. This allows you to easily plan your summer finances according to what best fits your bi-weekly needs.
You also have the option of receiving a lump sum instead of the 5 disbursements. You would need to let us know this in writing and we would then deposit the entire amount from your Summer Pay Club account into your Checking or Savings Account on the 1st disbursement date (or any time after your last paycheck).
HERE’S HOW IT WORKS: When figuring out your payroll deduction, multiply by 21, as this is the average number of payroll deductions that the credit union receives throughout the school year. Then divide by 5 to get your Summer Pay Club disbursement amount.
EXAMPLE: Save $275.00 per pay during the school year, multiply by 21 = $5,775.00, then divide $5,775.00 by 5 = $1,155.00 for each summer pay club disbursement, plus any dividend that has been posted to the account.
If you are already a member of the credit union and have payroll deduction, and want to open a Summer Pay Club, you will need to fill out a Payroll Deduction Form to include the amount for the club. You can obtain a form at the credit union or your Payroll Department. This form must also be filled out if you want to change your deduction amount from the previous year. If you choose to keep the same amount as last year, there is no need to fill out another form, that amount will automatically start again with your 1st pay period. Please contact us with any questions at 860-253-4780.Go to main navigation