Did You Know?

  1. As a credit union member (aged over 16 years), you can nominate a person(s) to receive the proceeds of your account up to a maximum of £10,000 on your death (any excess of this amount will fall to your estate).
  2. Your nomination falls outside of your will so the proceeds will not be subject to a lengthy probate process and may be paid directly to your nominee(s).
  3. You may change your nomination whenever you like. you may do so by completing a nomination form in your credit union.
  4. The option to make a nomination is exclusive to credit unions, you cannot avail of this option in your bank.

 Points To Note

  1. Have you married/entered a civil partnership or divorced since completing your nomination? If so, that nomination is no longer valid. But: if you have separated from a nominated spouse, your nomination DOES NOT cease.
  2. If your nominee(s) dies in your lifetime your nomination is automatically revoked and you may wish to update it accordingly.
  3. Making a new nomination will revoke any previous nomination(s).
  4. If your personal circumstances have changed, and you are concerned about your nomination, you should speak to an employee in your local credit union.