PAYROLL DEDUCTION – DIRECT DEPOSIT

ACTION NEEDED

Toro Credit Union and Toro Company have been working to create a more efficient process and empower employees. We have decided to discontinue the current payroll deduction program and replace it with an employee ACH/Direct Deposit. This new process will allow you to select the dollar amount and the Toro Credit Union account to which you would like to make deposits.  You need to take action to continue to have any paycheck dollars go into your account at Toro Credit Union.

KEY ACTION DATES FOR SEMI-MONTHLY EMPLOYEES
Action Date to sign up for Direct Deposit:   September 14  
Last Payroll Deduction:   September 15  
Direct Deposit Starts:   September 30  

KEY ACTION DATES FOR WEEKLY EMPLOYEES
Action Date to sign up for Direct Deposit:   September 14
Last Payroll Deduction:    September 25
Direct Deposit Starts:    October 2

NO ACTION NEEDED FOR DIRECT DEPOSIT
If you currently have DIRECT DEPOSIT of your net paycheck into the credit union, you need to take no action. Just verify your paycheck allocation on 10/1.

 

How do I switch from payroll deduction to ACH/Direct Deposit?

Semi-monthly paid employees with access to MyESS

  • Log into MyESS.
  • Select “Direct Deposit” to set up your Toro Credit Union direct deposit.
  • Toro Credit Union’s routing number is 291075103.
  • Your account number is a 12 digit number with leading zeros and then your member number, plus 000 for savings or 020 for checking account.
  • Please note: The final payroll deduction to your Toro Credit Union account will be reflected on your September 15 paycheck. Direct deposit to your Toro Credit Union account will begin with your September 30 paycheck.

Weekly paid employees without access to MyESS:

  • Please contact your local HR and complete the Direct Deposit Enrollment Form.
  • Return the form to your local HR.
  • Toro Credit Union’s routing number is 291075103.
  • Your account number is a 12 digit number with leading zeros and then your member number, plus 000 for savings or 020 for checking account.
  • Please note: The final payroll deduction to your Toro Credit Union account will be reflected on your September 25 paycheck. Direct deposit to your Toro Credit Union account will begin with your October 2 paycheck.

How to manage your direct deposit distributions?

Once you have set up your direct deposit, all you need to do at the credit union is log in to It’s Me247 Online Banking and verify your direct deposit dollars are going to the right account.  We will automatically move your existing payroll deduction dollars to your savings and loans.

Just follow these simple steps after your first direct deposit:

  • Log into It’s Me247 Online Banking
  • Click “My Accounts”
  • Click “ACH Transactions”
  • Click “Employer Name – The Toro Company”
  • Click “View or Create new distribution”

Your direct deposit will be sent to Toro Credit Union through ACH transfer. Within It’s Me247 Online Banking, you can click on the company name to adjust the way you distribute your funds among your other accounts. For example, you can specify how much of your pay goes to your savings account, to a checking account, to make a payment on a loan, etc.  Helpful Tip:  Look first to see where you want your dollars to go to by looking at all your accounts online or by reviewing a most recent statement.

What other loan payment options do I have if I do not want to use Direct Deposit?

  • Pay My Loan – This service allows you to use your other credit union/bank account or a debit card/credit card to make your loan payment.
  • Automatic Funds Transfer – Automatically transfer funds from your Toro Credit Union savings or checking to your loan using It’s Me247 Online Banking or our Mobile Banking App.

If you have any questions about how to make adjustments so that your money goes exactly where you want, please contact Toro Credit Union at (800) 525-0051 or email us at memberservices@torofcu.org.

 

What do I need to do if I have a loan with Toro Credit Union?

If you currently have paycheck deduction for a loan payment at the credit union, you will need to follow the instructions above to switch to ACH/Direct Deposit. Please email memberservices@torofcu.org  or call (800) 525-0051 if you have any questions regarding distribution of your direct deposit or other loan payment options.


Action needed by ALL Toro Company Employees with PAYROLL DEDUCTION at the credit union.ACTION DETAILS & DEADLINES
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