There are no charges made by the credit union to the employer.

The administration of the scheme is really easy, and we do most of it behind the scenes. Any changes come through us initially, and we will send a spreadsheet to your payroll team at an agreed date in the month for the following month’s deductions. Once you have generated the wages for that month, with the agreed deductions, you then send a simple spreadsheet with the names, employee numbers and amount of deduction. Any changes, new joiners or cancellations come directly to us from the members.

Enterprise Credit Union is a mutual and ethical financial services organisation, working together with us will show your employees that you’re serious about their financial health and want to work with people who are equally concerned about providing positive and good value financial services

By giving access to a safe affordable loans, with low-interest rates. In addition, saving regularly can help reduce the risk of financial difficulty. To find out more about the loans we offer, please click here.

Absolutely not, in fact credit unions are committed to providing financial resilience by encouraging a healthy savings habit but also providing low-cost affordable loans. Most people will use lending at certain times in their lives but with a credit union, we encourage our members to borrow responsibly. We are here to provide a low-cost alternative to high street loans and other forms of consumer credit.

We would speak to the employee to arrange alternative means to pay in. They will remain a member of ECU if they wish to.

By using a local provider you can ensure that the money your members save will go into your local community and circulate round the local economy, showing your employees that you care about where they live and their quality of life outside of work.

No, ECU will accept all of the individual and corporate liability for operating the scheme. We are regulated in exactly the same way as a bank (FCA, PRA). Your employees’ savings are also safe and fully covered by the FSCS in line with the banks. Any agreements between us and your employee will be confidential. For more information on the FSCS please click here.

One key thing an employer could do is identify a workplace champion. Our team will then come in and provide all the information the workplace champion will need to promote our services. We will also be happy to come into any staff meetings or spend some time speaking to your employees about our services. If you have a staff intranet or magazine, we can provide resources for circulation in these communications to promote the scheme.