Payroll Deduction

Simplify Saving & Loan Payments with Payroll Deduction

Take the hassle out of managing your finances with payroll deduction. Whether you're setting aside savings, making loan payments, or distributing funds across multiple JHFCU accounts, payroll deduction makes it easy and automatic. Use it alongside direct deposit to allocate a portion of your paycheck where you need it most—helping you stay on track with your financial goals, effortlessly.

To set up or update your payroll deduction, simply complete the form below. If you need to adjust a loan payment currently made through payroll deduction, please contact us directly. Processing times may vary based on your employer’s payroll cycle, but changes typically take between one to three pay periods to take effect.

 

Payroll Deduction Form

 

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Payroll Deduction FAQ

  • What accounts are eligible for payroll deduction?
    Most JHFCU account types can receive payroll deductions. Eligible accounts include all Share accounts—such as Share Savings, IRAs, and Money Market accounts. However, Share Certificates are not eligible for payroll deduction.
  • What is the minimum deduction amount?
    You can set up payroll deduction for as little as $5 per paycheck per account.
  • Where can I put my deductions?

    You have several options for directing your payroll deductions:

    • Custom Savings: Set up deductions for any time or reason. You can access the funds at any time, and deductions will continue unless you stop or change them.
    • Holiday Club: Deductions continue through September 30th each year. On October 1st, the funds are transferred to your Share Savings account, and the deduction automatically renews to begin accruing again unless you stop or change it.
    • Loans: You can set up payroll deduction to pay off most loan types. Your monthly payment is divided by the number of paychecks you receive each month, and the appropriate amount is deducted. On your loan due date (usually the last day of the month), the full payment is transferred automatically to your loan.
    • Insurance: Use payroll deduction to pay for your insurance premiums.
    • Joint Accounts: If you're a joint owner on any account, you can have your payroll deduction deposited into that account as well.
    • Custodial Accounts: Payroll deduction can also be set up to automatically deposit funds into custodial accounts, making it easier for the custodian/guardian to manage deposits for the beneficiary.
  • Will payroll deduction stop once my loan is paid off?
    Payroll deduction will continue automatically unless you request a change or stop it. Once your loan is paid off, future deductions will be redirected to your Share Savings account.