Monday, February, 26th, 2024 in Credit Union News
Following lobbying and representations by the ILCU and credit unions, commencement orders were signed by the Department of Finance on 21 February 2024, paving the way for the Minister to increase the amount that can be disposed of under a valid nomination by means of Statutory Instrument.
A new statutory instrument is in operation from 22 February 2024. This increases the maximum amount that can be nominated under section 21 of the Credit Union Act 1997 (as amended) (“the
Act”) from €23,000 to €27,000. The statutory instrument also introduces a new requirement for a nomination to be witnessed by two persons.
Please note that the increases to the nomination limit applies to all deaths occurring or nominations made from 22 February 2024.
We advise members to check if they have a nomination on their account, if you do check that you are happy with it, they can be changed at any time. If not set one up – as a credit Union member (aged over 16) you can nominate a person(s) to receive the proceeds of your account up to a maximum of €27,000 on your death (any excess amount will fall to your estate).
Nominations can be set up and amended in any of our offices as they require a witnessed signature.
More information on nominations available here .
