Direct Deposit - Payroll Deduction


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Direct Deposit

Simplify your Life with Direct Deposit.
Direct Deposit (sometimes called payroll deduction) offers a convenient way to do all of your routine financial transactions with the Credit Union. It’s automatic, effortless, and absolutely free! Plus, it’s available to all groups, no matter how many choose to participate.

How Direct Deposit Works.
You authorize your employer to send all, or a portion, of your paycheck directly to CoVantage Credit Union each pay period. Your money is then automatically deposited directly into your accounts, per your instructions. You can divide your money between savings, checking, an IRA or Christmas Club, and even to your loans. In most cases, your money is in your account(s) the same day you normally receive your paycheck from your employer.

Call Center: 715-627-4336 or
toll-free 1-800-398-2667

Please email us with questions or comments.

PRIVACY POLICY

Have Peace of Mind Knowing that Your Money is Deposited.
Because payments and deposits are automatic, Direct Deposit eliminates the worry of being late with a loan payment or forgetting to make a deposit. Although you do not receive a receipt for direct deposit transactions, your employer will still provide a check stub showing your net pay. Plus, you can verify that your direct deposit has been made to your accounts in a variety of ways:

• By checking your monthly statement.
• By calling TEX, our free audio response service and entering the code to check your last deposit.
• By logging on to e-TEX, our free internet banking to verify deposits to your accounts.
• By calling the Credit Union.

Direct Deposit is Confidential.
Although your account number will be needed to set up your direct deposit, there is no need for your employer to retain that information, nor will they have access to your account balance or account information.

Direct Deposit is Flexible.
You can change the distribution of your deductions at any time by calling our office.

Additional Benefits of Using Direct Deposit.
• Saving even a small amount each pay period will add up quickly over time. Direct Deposit can help you get into the habit of saving on a regular basis.
• You can save hundreds, and possibly thousands of dollars in interest by making your loan payments through Direct Deposit.
• Once your check is direct deposited, you can make cash withdrawals using a CoVantage Credit Union CHECK CARD at any of our ten surcharge-free ATMs. You may never need to enter our lobby or use our drive-up again!

Ask your Payroll Department if Direct Deposit is Available through CoVantage Credit Union.
If it is, just complete one, simple authorization form to get your deductions started. (This can be done at the Credit Union or with your employer.)

If your employer does not offer CVCU Direct Deposit, ask them to look into our program. We encourage you or your employer to contact us for complete details on getting started.