A nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. Here are some frequently asked questions to explain further:
What happens to my shares when I die? If you have completed a Nomination Form, your nominee/s will receive your Credit Union Shares and insurance benefits (if any) up to €27,000 when you die.
Who can I nominate? You can nominate anyone, family or friend or group of people. It is important that you review your Nomination Form regularly.
Can I change my nomination? Yes, by filling in a new Nomination Form A nomination becomes invalid if you get married or the person that has been nominated dies. It is a good idea therefore to review your nomination form 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.
Should I ask about my nomination? Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.
My account was opened for me when I was a child? If you joined as a child you would not have had a Nomination Form completed. Once you reach the age of 16 you should fill out a Nomination Form.
Where do I get a Nomination Form? You can call into any of our 3 branches and complete a Nomination Form at any time.
Terms & Conditions
Personal account holders in Mitchelstown’s Credit Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.
Under credit union rules it is important to note the following:
*Small Payments Provision: Where no valid nomination exists and the amount in the member’s account is under €18,000 in total (including insurance etc.) the board of directors of the credit union may, without letters of administration or probate of any Will, distribute their property in the credit union to such persons as appears to the board to be entitled by law to receive it.
Please contact Mitchelstown Credit Union to ensure you have completed a nomination form.
Nomination forms are available from all our offices.