Union Vacation Fund
Monthly Access to Vacation Funds!

The unions for the Carpenters and Lathers have agreed that the Carpenters Federal 
Credit Union would be the depository for participant accounts for the Vacation
Fund. This arrangement will give members new access options to these funds.*

Option 1: Do Nothing
If you choose to continue to receive your funds twice a year as you have in the 
past, no action on your part is required.  Your checks will be mailed in May 
and December.

Option 2: Become a Member of the Credit Union
Monthly access to your vacation funds requires that you become a member of the 
Credit Union which requires that you open a $25 Share Account. As a Credit Union 
member, you can open a Draft Account which will give you access to your vacation 
money by check or ATM/Debit card. Your Vacation Fund contributions will be 
automatically transferred monthly into your Draft Account.

New Credit Union member packets are available at your local union, the Regional 
Council or Carpenters Federal Credit Union.

Once a member, always a member. Your immediate family members including all 
blood and adoptive relatives are also eligible to join.

Frequently Asked Questions:

Why am I getting my check from Carpenters Federal Credit Union?
Your union has entered into an agreement with the Carpenters Federal Credit Union 
to have the Credit Union act as the depository for participant accounts under the 
Vacation Fund. Under this agreement there is a new way for union carpenters and 
lathers to receive their vacation funds rather than getting a check twice a year.

Can I get my money whenever I want?
Yes, as long as you have established membership at Carpenters Federal Credit Union.

Does membership at the Credit Union cost me any money?
You need to maintain a minimum balance of $25 which is equal to one share of the 
Credit Union. This $25 is your money. If you were to ever leave the union and close your
membership at the Credit Union, you will get your $25 back.

How do I join the Credit Union?
You need to fill out membership information and provide a current copy of a driver's license
or state ID card. You need a membership packet which you can get by calling the Credit 
Union at (651) 646-8827 or (888) 815-8827. Membership packets are also available at 
your local union hall or at North Central States Regional Council of Carpenters.

How do I get my money?
Your vacation fund deposit will be in your account by the 5th of each month. It can stay in
your vacation fund account or be transferred to a savings or checking account where you 
may access it with an ATM or VISA Debit card. You may also call to get a check sent to 
you whenever you want or come in and withdrawal your funds whenever you want.

Do I earn dividends on my money?
Yes, your minimum deposit as well as your vacation fund deposits will earn dividends as 
long as they are in a dividend-bearing account (checking account may not apply).

When does the Credit Union get my deposit for my vacation fund contributions?
Example: The money deducted from your check for the hours you worked in January must
be received by Wilson McShane from your employer by February 15th. That deposit will 
be available in your Credit Union account by March 5th.

What months contributions show up on my May 1st and December 1st checks?
May 1st payout: Contributions sent by your employer to Wilson McShane for money 
deducted from your checks from July thru December of the previous year, but sent to the 
Credit Union by February 28. So, the balance in your Credit Union Vacation Fund account 
on February 28th will be your May 1st check.

December 1st payout: Contributions sent by your employer to Wilson McShane for money 
deducted from your checks from January thru June, but sent to the Credit Union by August 31.
So, the balance in your Credit Union Vacation Fund account on August 31st will be your 
December 1st check.

What happens if my employer pays in late?
Example:  If your employer paid in your December contributions on January 16th, the Credit 
Union would not receive them until March, and they would not be included on your May 1st 
check. Your May 1st check includes contributions received by the Credit Union before 
February 28th.

What if I don't agree with the amount deposited to my vacation fund?
You must call Wilson McShane. The Credit Union does not know the details on your deposit 
as far as how many hours or for what month your deposit is for or if your employer has paid
in late.

*must be eligible for membership at Carpenters Federal Credit Union