Nominations

When a member joins the credit union they are asked to fill out a nomination form. This is to inform the credit union of your wishes and who to contact with regard to your shares in the event of your death.

Is your nomination up to date?

Did you know…….that your loan dies with you …… and that your shares are insured?

At the time of joining the credit union the new member is asked to nominate a beneficiary The person nominated will benefit from the member’s shares at the time of death. It is therefore important that members update this form to ensure that it reflects any change in his/her status. In circumstances where the nominated beneficiary pre-deceases the Credit Union member another beneficiary should be nominated. When a Credit Union member gets married the original nomination form becomes void and should be remade.

The following is the insurance paid on shares saved and the age scale:

  • Up to age 55 years €1* for every €1 you have saved(this means your savings are doubled)
  •  55-60 years 75c paid for every €1 saved
  •  60-65 years 50c paid for every €1 saved
  •  65-70 years 25c paid for every €1 saved
  • Savings are insured up to a maximum of €12,700

If a person withdraws shares over the age of  55 the balance for insurance purposes will be affected as life savings insurance is based on the lowest share amount after the age of 55. 

There is a maximum of €23,000 that can be passed to a nominee/s.  The balance if any goes to the deceased members estate.