Nominations & Joint Accounts Explained

When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

Summary of Nomination Rules for Carrick-on-Suir Credit Union

• The maximum amount that can pass under a nomination is €27,000. Any amount in excess of this balance becomes part of the deceased member’s estate.
• If a member elects not to complete a nomination, the proceeds of his account become part of his estate on his death, and are dealt with under his will or under the rules of intestacy if he makes no will.
• A member may revoke or vary his original nomination at any time by making a new nomination. However, a nomination is not revocable or variable by the terms of the nominator’s will.
• A nomination is automatically revoked when the death of the nominee occurs before the death of the nominator. In this case, the deceased’s property in the credit union passes to his estate.
• A nomination made at the time a member opens his account will be automatically revoked by a subsequent marriage. Divorce does NOT revoke a nomination. A new Nomination Form should to be completed after either event, if desired.
• The nominated property does not form part of a deceased person’s estate. Therefore, a payment made under a nomination does not affect a nominee’s entitlements under a will, i.e. he is not deemed to have received property due to him under the will by virtue of his having benefited under the nomination.
• A person under 16 years of age cannot make a valid nomination.

Joint Accounts

By virtue of the right of survivorship on the death of one of the parties to a joint account, the account becomes the property of the remaining party or parties to the account.

How to create a joint account

To create a joint account we require:

• Visual ID e.g. passport, drivers licence.
• Proof of address e.g. household bill (no more than 3 months old).
• Proof of PPSN e.g social services card, payslip.

All parties must be present in the office to sign the application form for a joint account

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