Members of the credit union can nominate a person to receive their credit union shares up to €23,000 on their death.
A member can nominate anyone – family member, friend or group of people. It is important that members review their nomination form regularly.
Yes, by filling out a new nomination form. A nomination becomes invalid if the member gets married or the nominee dies. It is a good idea therefore to review the nomination from time to time to ensure that the person(s) nominated is/are the most appropriate. Please note that divorce or legal separation will not revoke a nomination.
If you joined as a child, you would not have filled out a nomination form. Therefore, once you reach the age of 16, you will need to fill out the nomination form.
If you elect not to complete a nomination, the proceeds from your account will form part of your estate on your death and will be dealt with under the terms of your will, or if you have not made a will, under the rules of intestacy or under the small payments provision. Small Payment Provision: where no valid nomination exists and the amount in your account is less than €15,000 in total (including insurance etc.), the Board and Directors of Kilmallock Credit Union Ltd. may, without letters of authorisation or probate of any will, distribute your property in the credit union to such person(s) as appear to the Board to be entitled by law to receive it.
You can drop into any branch and ask a member of staff or call 063 98355.