Question: Due to the economic crisis, and in particular the banking crisis, I have taken the decision to lodge all my savings with my local Credit Union. I have been a member of the Credit Union for upwards of 30 years but historically I would have minimum savings in my Credit Union. However, I have now transferred all my bank savings to my local Credit Union. I have been informed of a rule which allows me to nominate a person to become entitled on my death to some or at least part of my shares. Can you clarify this rule?
Answer: Rule 27 of the Standard Rules for Credit Unions allows a member of a Credit Union who is or over the age of 16 years nominate a person or persons to become entitled at that member’s death to the whole or part of the shares in the Credit Union which that member may have at the time of their death. It is very important to note that any nomination shall be valid to the extent of €23,000 or such other maximum as may be prescribed by law but not further. The figure of €23,000 is subject to review and may change at any time and will be reflected in a change in the Standard Rules. Most importantly, the nomination will take precedence even over a will as many beneficiaries have found out to their cost.
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