Vacation Fund

Steps to Access Your Vacation Fund

To better serve our members, we changed the Vacation Fund disbursement process last year to make your funds more readily accessible.

The credit union must abide by the rules and regulations of the State of California as we are a state-chartered credit union. This is also mentioned in section 7.41 of the Inside Wireman’s CBA. For the credit union to maintain compliance with the Department of Financial Protection and Innovation (DFPI)—the state auditors—you must now become a member of the credit union and open a shares account (a savings account) to access your vacation fund money.

We do charge the credit union member a small one-time fee of $5 to do this. We also keep $20 in your shares account to hold it open, but this amount will be returned to the member if they ever decide to close their account. If you don’t already have a shares account with the credit union, you can get one by stopping by in person at either our Pasadena or Commerce branches. You will need to provide a current dues receipt and a government-issued ID (i.e., driver’s license, passport, CA state ID, etc.). You will also fill out a membership signature card.

Once you have completed the membership process, you can get your VF money right away, either via cash at the Pasadena branch ($2,500 limit) or via check at the teller windows at both branches.

Once a member, you can access your money via our online banking platform, which is accessible through our website. Once you log into the site, you will be able to see your vacation fund disbursements, enter your vacation fund account and then be able to withdraw them at any time. Remember, you used to get two checks a year as this is a negotiated benefit (per section 7.40 of the CBA), and we are not here to eliminate this benefit. We are just trying to increase your access to it. For this reason, we allow two free withdrawals per calendar year and charge a $10 fee for each additional withdrawal or transfer.

To become an L.A. Electrical Workers Credit Union member, simply walk into our office and sign up. If you are a Local Union 11 member, bring a copy of a current dues receipt, a valid driver’s license, and your Social Security card. Once you become a member, you are automatically eligible for any product or service we offer. The minimum amount to open a savings account is $20, and a $5 one-time membership fee. You also have the option to open a checking account. No fees apply.

As a member of L.A. Electrical Workers Credit Union, your spouse and/or children are also eligible to open a share account with proper documentation, such as a Social Security card and a valid ID. No dues receipt is required. Proof of marriage license will be required if the married couple does not share a last name.

For more information, visit IBEW Local 11 Vacation Fund Updates.