Credit Union

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


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


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.