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Payroll Deduction Services

LCBO Employees

Payroll deduction is available to all LCBO employees under the following guidelines:

  1. Payroll deduction is available to permanent LCBO employees only. This includes PPT (Permanent Part Time) and Casual employees.
  2. Payroll deduction can be started for as little as $25 per pay.
  3. Changes can be made to deduction set up at any time through a simple phone call.
  4. Payroll deduction can be split among a number of different accounts – RRSPs, Loans, Platinum Savings, PCA, etc. 

Honeywell Employees

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.

Shell, Allstream and other Employee/Members

All of the other groups – Shell, Allstream, etc. the employee/member can initiate payroll deduction through their individual payroll departments.

Set Up Your Payroll Deduction

416-864-2461
or 1-888-560-2218

Other Options

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.

Deposit Insurance

Protect Your Investments up to $100,000
(unlimited for registered savings accounts)

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.

Deposits include:

  • savings and chequing accounts;
  • term deposits, including index-linked term deposits;
  • guaranteed investment certificates (including registered & non-registered funds);
  • interest and dividends payable on deposits.

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.

 

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.