How to withdraw funds
Cash withdrawal:
Members can collect funds in person at the premises of the Mutual Association by providing an identity card for identification.
Members must inform the Mutual Association, by letter, telephone or email, of the date they wish to collect the funds.
Members can withdraw a maximum of CHF 10,000 in cash per year. Amounts collected in cash from the CHF current account are taken into consideration. Members who wish to withdraw an amount exceeding CHF 10,000 must effect a bank transfer,
Withdrawals are, in principle, subject to a prior notice period of 3 working days, except for members who transfer funds through the website and have the notice reduced to 1 working day. However, the withdrawal notice for cash withdrawals may be extended as long as the maximum daily limit of cash withdrawals, set by the Board of Directors for all members, is reached. In this case, the members are put on a waiting list. If they do not want to wait they must process by bank transfer.
Cash withdrawals at ILO are limited to CHF 5,000 per member and per day of attendance,
Withdrawal by wire transfer:
Members are requested to undertake external bank transfers on-line through their secured access. Members who do not want to proceed with on-line transfers and who are victim of phishing and identity theft on their account(s) with the Mutual Association will have to assume all consequences,
Bank transfers to an external bank account can be done only if the beneficiary is:
- the member himself/herself,
- the persons holding a power of attorney registered by the Mutual Association.
Bank transfers in favour of a third person are refused.
Members who wish to transfer funds to a bank account outside Switzerland and do not undertake transfers on-line through their secured access must send the original transfer form to Mutual Association.
Bank transfers processed through the secured access are free of charge while those processed manually are charged CHF 20.-.
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In order to effect transfers through a secured login, the external bank accounts of the members will have to be previously registered by the Mutual Association. Members can register 2 external bank accounts per currency by filling the forms: Request to register bank accounts for transfers from the CHF deposit and current accounts or Request to register bank accounts for transfers from the USD account Only original forms to register external bank account(s) are accepted. Forms received scanned by e-mail or by fax are refused as well as incomplete and unreadable forms. |
For members who do not have a secured login, and for those who don't want to process through their secured access the original transfer form must be received by the Mutual Association unless transfers are made in Switzerland. In this case, the scanned form received by e-mail is accepted. For the CHF accounts, members who process manually are requested to specify which account should be debited (current account or deposit account). If not specified, the withdrawal is made from the CHF deposit account. Incomplete and unreadable forms are refused. |