Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Explain the difference between a Credit Union Deduct and Direct Deposit?

April 26, 2017Credit Union deduct deposit explain

0

Posted

Explain the difference between a Credit Union Deduct and Direct Deposit?

1 Answer

0

Posted

A Credit Union deduct can only be made to the Central Florida Educators Federal Credit Union. This is a specific amount determined by the employee which is deducted from every paycheck and sent to their CFEFCU account. Direct Deposit can be activated for any bank providing the institution is an ACH participant. This requires the entire net check to be sent to either a checking or savings account. It is possible to have both a Credit Union deduct with the Central Florida Educators Federal Credit Union and direct deposit with another bank.