Nomination of Your Account

This is a valuable and unique facility for members of Credit Unions.

What is a nomination?

A Nomination is a legally binding, written instruction that tells us what to do with your money after your death.

The member completes a Nomination Form which allows the member (nominator) to nominate a person/persons (nominees) to become entitled to any funds in the Credit Union in the event of their death. The Nomination service is very valuable to our members in that it allows access to nominated funds by the nominee within a very short period of the death of the member.

If you are over 16 years of age, you can nominate someone to receive the funds in your credit union account/s upon your death. This is of huge benefit if the member dies without leaving a will, as the money up to the maximum value left in the credit union may go straight to the person/persons that the member has nominated.  And while it will not relieve the loss suffered by the nominee, it is a big help to our members.

A completed nomination must be in writing, signed and witnessed by 2 people. Ask in the office and a staff member will help you complete the relevant form and witness your signature.

Important Information

  • The statutory maximum amount that can pass under a nomination is currently €27,000. Any amount in excess of €27,000 will form part of your estate. (On receipt of Grant of Probate).
  • You can nominate more than one person to share up to the statutory maximum.
  • A member can nominate anyone – family member, friend or group of people.
  • You may change the details of your nomination as often as you like. The most recent nomination is the valid nomination.
  • If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under small payment provision*.
  •  The most recent nomination covers all accounts held in the credit union.
  • Joint Account holders need not nominate as the monies in the account automatically become the property of the surviving joint account holder.  (Terms & Conditions apply depending on relationship and balances in account).
  • A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
  • The nominated property does not form part of a deceased person’s estate.
  • A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination.  If you do not, your property in the credit union may form part of your estate.
  • Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
  • A nomination is automatically revoked by your subsequent marriage, but not revoked by a divorce or separation.
  • A person under 16 years of age cannot make a valid nomination.

When should you update the Nomination on your account?

Have you recently

  • Reached the age of 16
  • Gotten married
  • Divorced or sepearted
  • Had a baby
  • Had a death in the family

If you answer yes to any of these questions, it’s time to update your Nomination Form.

Making sure your Nomination Form is up to date couldn’t be easier and you should do this on a regular basis.  Simply ask any member of staff to check whom you have nominated as beneficiary on your account.  If you would like to change the nominated beneficiary then simply fill out a new Form of Nomination and leave the rest to us.

It is each member’s personal responsibility to ensure that their nomination is current and we would encourage all members to ensure they have an up to date nomination form on file.

A change in family status doesn’t automatically change a previous Nomination Form (Beneficiary); a benefactor on an old form could still receive the benefits you designated.

If the nomination becomes invalid, then the credit union account can form part of the deceased’s estate. If a share balance is below €18,000 then Section 23 of the Credit Union Act 1997 (as amended) Provision of Small Payments* allows our Board of Directors to make a decision on how shares are released from account.

*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.

For any queries, please contact a member of our friendly staff who will be happy to help. Contact