Payroll deduction is available to all LCBO employees under the following guidelines:
Honeywell employees can have a paycheque directed whole or split to the credit union. Set up can be completed over the phone with a signature to the payroll department.
All of the other groups – Shell, Allstream, etc. the employee/member can initiate payroll deduction through their individual payroll departments.
Member Savings Credit Union can also set up regular transfers to/from other financial institutions. We can set up an automatic transfer that would debit or credit another FI on a regular basis (bi-weekly, weekly, monthly, etc.). Please contact us for more details.
The role of the Deposit Insurance Corporation of Ontario (DICO) is to protect depositors of Ontario credit unions. Deposit insurance is part of a comprehensive protection program in all Ontario credit unions, which is backed by provincial legislation.
Every member of a credit union in Ontario is covered by deposit insurance. Deposits may be held in individual accounts, joint accounts, trust accounts, corporate accounts, partnership accounts and registered savings plans. Funds held in registered savings accounts (RRSPs, RRIFs, TFSAs) have unlimited deposit insurance coverage.
* Effective as of January 1st, 2018, coverage is now increased to $250,000 on deposits held in your name and $250,000 on deposits held jointly.
For further details of deposit insurance coverage, please refer to www.dico.com or you can call us for our FREE information booklet, which provides details and answers to many commonly asked questions.
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