Credit Union

Meeting: 
MQT on 2019-03-21
Session date: 
March 21, 2019
Reference: 
2019/6347
Question By: 
Navin Shah
Organisation: 
Labour Group
Asked Of: 
The Mayor

Question

What does Transport for London estimate it would cost to offer payroll deduction for employees to save with a credit union?

Answer

Credit Union

Credit Union

Answered By: 
The Mayor

A full cost exercise has not been conducted as there are many variables that would need to be defined that would impact upon this cost, for example how many credit unions Transport for London (TfL) would need to set up the payroll deductions for and what facility they would require. 

All TfL employees currently have the option to use a Credit Union facility independently of TfL, using their own electronic banking.