A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.
The Nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties.
Members of the Credit Union can nominate a person to receive their Credit Union Shares and insurance benefits (if any) up to €23,000 on their death.
A member can nominate anyone; family, friend or group of people. It is important that members review their nomination form regularly.
Yes, by filling in a new nomination form. A nomination becomes invalid if the member gets married or the person that has been nominated dies. It is a good idea therefore to review the nomination from time to time, in order to ensure that the person/s nominated is/are the most appropriate. Note Divorce or legal separation will not revoke a nomination.
Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
If you joined as a child you would not have had a nomination form completed. Once you reach the age of 16 you will need to fill out the nomination form.
Call into the office at any time and complete the form.