Question: Will Credit Union payments also be split between two paychecks?
Answer: Currently credit union payments are done as a deduction from your paycheck. Banner allows functionality where ones paycheck can split and go into multiple bank accounts. Once we go live in Banner, this will not be a deduction from your paycheck but they will be treated as a split deposit and will go as an ACH to the credit union along with your regular ACH bank account deposit.
Payroll Services is working directly with the credit union where your deposit to your credit union will be loaded and split in half. Currently, if you receive one check and you have $100 per month going into your credit union and if you will receive 2 checks in Banner (semi monthly non exempt employees) you will have $50 coming out of each check. In other word it will be divided by two and loaded automatically into Banner. After the initial load, employees will be able to make changes to their credit union using Self Service Banner for any changes.
Credit Union will be corresponding with all the customers directly by during November who currently have an account and are employees of Texas Tech of this change. In addition, credit union are planning to offer some options if you currently have a loan with them as a result of this change in pay frequency.