Payroll Deduction is an option for Johns Hopkins Hospital, Johns Hopkins University, and some select other employers.
How Much and Where? - Eligible AccountsMost JHFCU account types can receive payroll deductions. You can set up payroll deduction for as little as $5 per pay per account. Some can be used to help you pay for something specifically and/or save including:
Set up deductions to a Holiday Club account. You can set this up at any point during the year. Deductions continue up to, and through, September 30th of each year. On October 1 the proceeds are transferred to your Share Savings account, and the deduction you set up will continue so you begin to accrue again, unless you stop or change them.
You can set up a deduction to a Custom Savings account for any time, and for any reason. You can take out money at any time. Deductions will continue unless you stop or change them.
Family Members’ Accounts/Other Members’ Accounts
You have the option to have part of your paycheck directed to a child’s or spouses separate account, or any other family member or other member. Note you will not have access to that account, unless you are a Joint Owner or Custodian on it.
At JHFCU You can set up Payroll Deduction to pay off most loan types - Your monthly payment is divided into the number of paychecks you receive each month, then the appropriate proportion is deducted from your paycheck and placed on hold in your Share Savings account. On your Loan Due Date (usually the last day of the month), the full monthly payment is transferred automatically to your loan.
Some loan types default to Payroll Deduction payments. For those loan types, your deduction is applied to the loan on your payday (vs being held till month end).
Family Security Plan Insurance
Use Payroll Deduction to pay for your insurance premiums for life and critical illness coverage.
How Do I Start Payroll Deduction?
To Set Up or Change Payroll Deductions, use the JHFCU form (contact JHFCU to change a loan payment that is being paid by Payroll Deduction).
Print Deduction Form
How Long Does It Take to Start/Change Payroll Deduction?
Payroll Deductions can take 1-3 pay periods, depending on your employer’s processing cycle and when JHFCU receives the form.
Payroll Deductions typically are posted the evening before the stated payday. Unlike Direct Deposit, payroll deductions don’t show up as “pending” — they post to the appropriate account when processing is completed. If they are in an unrestricted account, they are available for withdrawal once posted*.
How Do I Stop Payroll Deduction and Will It Stop Once My Loan Is Paid Off?
As noted above, Payroll Deduction is “set it and forget it” and will continue until you direct us to stop deducting, or you leave your employer. If you have a Loan with JHFCU and are using Payroll Deduction, once the loan is paid off, the deductions will continue to go to your Share Savings account, but will not be under a hold anymore and will not be transferred. They will just accumulate in Savings, perhaps to save for a future purchase!