Idaho CU League to Add Direct Deposit to LSI Payroll Services

BOISE, Idaho – In April the Idaho Credit Union League subsidiary League Services Inc. will add direct deposit to its newly-launched payroll processing service for member credit unions. The rollout will be the latest step in a service offering ICUL began at the request of credit unions. "Technically, we started with one credit union that asked us to provide their payroll processing," explains Bev Smith, the league's accounting manager. "Then another credit union asked us to do it, and we discovered there were many that wanted the service, so we opened it up in January. We currently have five that are with us right now. With ACH direct deposit we expect quite a few more to join us. We'll be able to handle direct deposit to any financial institution that can accept ACH," she said. There are 71 credit unions in Idaho, of which 63 are members of the Idaho Credit Union League. LSI Payroll Services can already issue payroll check stubs with earnings summaries. Cost is based on the size of the payroll, that is the number of employees to be paid, and frequency. For example, one credit union might pay employees every week while another issues paychecks every two weeks. Through LSI Payroll Services participating credit unions receive payroll reports, federal and state tax forms filled out and ready for signature, prepared W-2s, and W-3 and state annual reconciliations. The only challenge, Smith says, has been getting all the initial data and making certain it's entered accurately. "Once that's done, things seem to run very smoothly," she indicates. "We've found we've been able to meet a lot of varying needs. Every credit union seems to have a little different requirement for how they want things done, and we seem to have been able to adapt to most of those needs without any real problem." -