Nomination of Account Proceeds
This is a unique facility for credit union members.
Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death.
This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
This is a straightforward and inexpensive means of passing property in the credit union onto family or friends.
We advise all members to avail of this provision.
*Nomination forms are available in all our branches. Please note that as per the Credit Union (Amendment) Act, we now need two witnesses to the form which came into effect on the 22nd February 2024.
Key Points:
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You may be asked to fill out a nomination form when you are opening your account. You can complete or change this form at any time.
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The nomination must be in writing and witnessed by two people since 22nd February 2024.* The nomination can be revoked or varied at any time by the nominator, again this must be in writing.
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Making a new nomination revokes all previous nominations.
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The member must be 16 years or over to complete the nomination.
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A nomination can only be made in respect of a member’s sole account.
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The nomination shall not be revocable or variable by the will of the nominator or by any such codicil to the will.
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The marriage of a member shall operate in the revocation of any nomination previously made by the member before the marriage.
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A nomination will be revoked by the death of the nominee before the death of the nominator.
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The amount that can be transferred under a nomination is currently set at a maximum of €27,000.
Make sure your nomination is up to date.