We thank you for the opportunity to provide your company and its employees with direct deposit services. 
 
Benefits of Payroll Direct Deposit
  • Payroll will be directly deposited to the accounts of your employees on payday.
  • Neither you nor your employees will ever have to worry about lost or stolen payroll checks again.
  • Direct deposit is safer and more secure than paper checks.
 
Here’s how it works:
 
Setup
  • Contact the CU for initial set up.
    • Your personal contact is Gina Charbonneau
    • Submit your company’s paydays for the current year using the attached calendar.
    • Each employee who wishes to set up direct deposit must complete the attached Authorization Form. Authorization forms must be received a minimum of 7 calendar days prior to payday.*
 
Fees
  • There is a one-time set up fee based on the number of employees at your company.
    • Up to 25 employees                 $25
    • 26 to 50 employees                 $50
    • 51 to 75 employees                 $75
    • 76 or more employees             $100
 
Processing
  • Your employee payroll direct deposit distribution list must be received by Progressions Credit Union via fax or emailby noon the day before payday.
    • The distribution list must include: your company name, payroll pay date, employee first name, employee last name and net pay amounts in alphabetical order by the employees’ last names.
 
  • Collected payroll funds (or compensating balance) must be in your company’s Progressions Credit Union account by 5 pm the day before payday.**
How would you like to send us the funds?
Wire Transfer                      ACH
Check                                  Cash
 
  • Individual payroll direct deposit will be available in your employees’ Progressions’ account by 8 am on the day of payday, with immediate availability via ATM, Internet and at our branches.
o       Payroll will be posted Monday through Friday, excluding CU holidays.
      • CU holidays include: New Year’s Day, Martin Luther King Jr.’s Birthday, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans’ Day, Thanksgiving, Christmas Eve and Christmas Day.
      • Holidays that fall on the weekend may be observed on Friday or Monday. Please visit our website at www.progressionscu.org for scheduled holidays.
 
 
*Employee Responsibility – Your company employees who wish to sign up for direct deposit must maintain an account at Progressions Credit Union. There is a $50 minimum balance for all adult accounts. The minimum balance may be deposited at the time the account is opened or deducted from the employee’s first direct deposit.
 
**Company Responsibility –
§         Your company will maintain an account at Progressions Credit Union with a balance of available funds in the account sufficient to cover the payment obligations under this agreement or submit collected funds (cleared check). 
§         Distribution lists and funds must be deposited by the timelines stated above or direct deposits will not be posted.
 
Limitation of Liability
Progressions Credit Union shall bear no responsibility for any incorrect information given by the agents of your company, which results in an erroneous or untimely settlement of funds. Further Progressions Credit Union shall have no liability for losses or damages including interest and penalties that result from the processing of incorrect information submitted by your company. In no event shall Progressions Credit Union be responsible for consequential or indirect damages. Your company shall have no right to the cancellation or amendment of any entry after its receipt by Progressions Credit Union. From time to time, we may amend any of the terms and conditions contained in this agreement, including without limitation any cut-off time, fees and any part of this agreement. Such amendments shall become effective upon receipt of notice by your company or at a later date stated in Progressions Credit Union’s notice to your company.
 
Termination
Your company may terminate this agreement at any time. Such termination shall be effective on the 3rd business day following the day of our receipt of written notice of such termination. Progressions Credit Union may termination this agreement upon providing written notice of such termination to your company. 
 
If you agree to the terms stated in this agreement please complete information and sign below to get started!