Payroll Services
At Common Wealth Credit Union we're here to help your business run more efficiently. If you're looking for a way to save time and money on routine jobs, like paying employees or collecting recurring receivables, we can help.
CAFT - Customer Automated Fund Transfer, is a convenient system that enables you to perform recurring, automatic fund transfers (AFTs), 365 days a year.
There is no special software to buy. CAFT is available through a secure website. The system works as a pre-authorized electronic payment transaction, where funds are taken from your designated payroll account and moved into your employees’ accounts on your designated payday.
For account receivables, funds are taken from an authorized customer account and deposited to your designated company account on the payment due date. Regardless of where your employees or customers bank, this program works for everyone.
Examples of uses for CAFT:
- payroll, loans, utilities, taxes, monthly donations, advertising fees, condo fees, rental payments, membership dues
Schedule of CAFT
Service Charges*
A set up fee of $50 will be charged. A $10 charge will apply for each additional originator.
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# Transactions/Month
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Per Item
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0 - 100
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$0.25 (minimum)
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101 - 200
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$0.20
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201 - 300
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$0.20
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301 - 400
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$0.17
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401 - 500
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$0.15
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500+
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$0.13
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*Pricing subject to change without notice.
