Vacation Fund Updates

IBEW Local #11 Members,

As previously stated in our Vacation Fund F.A.Q. mailer sent to you, the L.A. Electrical Workers Credit Union Board of Directors have been looking into ways that the Vacation Fund could be more accessible to the members. In doing so we had hired a consultant who has done the time-consuming research and we are proud to introduce some major changes in how the Vacation Fund will be managed. Below is a rough draft of what you can expect after the last Vacation Fund check is disbursed to you in mail in June of this year. Should you have any questions you can contact the Credit Union at 626-440-9284. The Board of Directors would like to thank you for your patience as we work through this process to provide you with better access to your Vacation Funds at the LAEWCU.

Your credit union is offering a new and improved way to handle the Vacation Fund.

For those who are already a member of the credit union: 

Funds will be deposited into your account as received from the trust and be available to withdraw when you need the funds… not on a predetermined schedule.  You may take them out at any time, however, there will be a $10 fee if funds are removed more than twice per year.  Because of this change, vacation loans will no longer be necessary!

You can view the amount of your Vacation Fund account deposit through the credit unions’ home banking program, so you will be informed of your account balance at all times.  You can also transfer the funds to your savings account, checking account, or to make loan payments.

For those who are not yet a member of the credit union:

The credit union will open a Vacation Only account in your name, that will receive the funds as disbursed by the trust.  However, as a Vacation Only account, you will not be eligible for any other credit union service – saving, checking, or loans.  You may view your account by home banking, and you will receive electronic statements of your account.

You may call to request a check withdrawn from your funds up to twice a year without a fee.  Additional withdrawals will be subject to a $20 fee.

You may apply for a loan and the credit union will convert your account to a full membership account if your loan is approved!!!!

This change makes your funds readily available to do with what you wish!  This is another way the credit union is striving to make your membership more valuable as they serve the financial needs of IBEW Local #11 members!!

 

Board of Directors

Robert Corona – Chairman

Jeffrey Slomiak – Vice Chairman

Shomari Davis – Secretary

Marc Greenfield – Treasurer

Gary Tomlin – Director

Ladislao Ortiz – Director

Shawn McDonald – Director