How can a credit union benefit both employers and employees?

Credit unions assist sponsoring businesses by providing financial assistance, education and convenience to the company's employees. This helps members focus on becoming more productive employees and helps to reduce high turnover, absenteeism and lost time due to financial worry and completion of common transactions. Examples of the benefits of credit union membership include:

• encouraging employees to save regularly;

• helping educate employees about sound personal financial habits;

• offering financial planning and counseling;

• making loans easier to obtain by considering an individual's character as well as collateral, and by making smaller loans than other financial institutions;

• eliminating the need for the employer to become involved in the personal finances of employees through pay advances and personal loans; and

• accepting direct deposit of an employee's paycheck into their share draft and share (checking and/or savings) accounts, which will save the employer money in administering its payroll program. This centralization of financial services for employees in a credit union can also aid an employer by reducing the routing and tracking of financial services over multiple financial institutions.