Payroll deductions will be applied on each payday. The timing depends on your employer’s payroll schedule, whether it’s weekly, bi-weekly, or monthly.
Yes, you can change the amount of your payroll deduction at any time by submitting a new payroll deduction authorization form to your employer and notifying Derbyshire Community Bank. Most employers limit deduction changes to no more than a few times each year, to reduce admin.
No, Derbyshire Community Bank does not charge any fees for setting up or maintaining payroll deductions. The scheme is free to set up for employers. We do not currently charge Members a joining fee or annual fee.
If you change jobs, your payroll deductions will stop once your employment ends. You’ll need to set up new payroll deductions with your new employer or set up a standing order and update your Derbyshire Community Bank accounts accordingly.
Yes, you can cancel your payroll deduction at any time provided there isn’t an outstanding loan balance. Simply inform your employer and Derbyshire Community Bank of your decision to stop the deductions.
If you have an outstanding loan balance then that amount plus Holding Saver amount must be received.
Payroll deductions offer a convenient way to save money, repay loans, and manage your finances.
The process is automated; once set up you can just let it run, watching your savings grow and helping you to stay on track with your financial goals without having to manually transfer funds.
Research into Payroll Deduction schemes find that there are high levels of overall satisfaction, employees experience positive financial and wellbeing impacts, levels of savings are higher and they value the ease of loan repayments from payroll or benefit deductions
No, Derbyshire Community Bank does not require the employer to open a Business Saver Account when setting up a Payroll Deduction scheme for their employees.
Some businesses do choose to deposit up to £20,000 with us, to enable us to invest in the community of Derbyshire and Derby city.
Derbyshire Community Bank accepts corporate membership from organisations that are based in Derbyshire or Derby city. The business may be a limited company, partnership, unincorporated association, charity or other not-for-profit organisation.
1. Open a corporate account using the ‘join now’ form.
2. We will contact you for verification of your organisation and appointed signatories
3. We set up your account and issue your Membership number
4. Deposit funds into your account
