Credit union

BLA BLA BLA · 30-09-2014 10:44PM #1

Hi,
I was nominated for my uncle's credit union account 3 and a half years ago in our local credit union. After a month of his death, I got a letter to say I had been nominated and to call in to talk about this account. When I called in I was just asked to bring a death certificate in and told that there was money in his account and also loans and shares which were insured. Since then I have heard nothing from the credit union in relation to this. I also have an account of my own with this credit union which I haven't touched in years with a small bit of money in it and when I get the annual statement about this account it still never mentions the other account. I was just wondering why this would be?

James esq · 30-09-2014 11:59PM

If there is any money in the account you get it, you may also get an insurance payment if you credit union is in the insurance scheme. Give them a ring and arrange to bring around the cert, they will give you the cash, they need the cert for their records.

coylemj · 01-10-2014 12:55AM

James esq wrote: »

If there is any money in the account you get it, you may also get an insurance payment if you credit union is in the insurance scheme. Give them a ring and arrange to bring around the cert, they will give you the cash, they need the cert for their records.

Not that simple, you don't necessarily get all of the money. A nomination under S.21 of the Credit Union Act 1997 only covers amounts up to €23,000 of the nominator's account. Anything else in the account and any monies due under insurance will form part of the deceased account holders estate so will be eventually handed over to the executor when probate is granted.

Anecdotal evidence suggests that in many cases, other members of the family contest the nomination but the reality is that legally there is nothing to stop the CU manager from writing you a cheque, it does not require probate to be issued as nothing in the will can vary the nomination. Unless the OP's uncle made a subsequent nomination or got married, the original nomination would stand.

OP, once you hand them a death cert, they should give you the money straight away, can't see any reason for the delay.

BLA BLA BLA · 01-10-2014 01:33AM

coylemj wrote: »

Not that simple, you don't necessarily get all of the money. A nomination under S.21 of the Credit Union Act 1997 only covers amounts up to €23,000 of the nominator's account. Anything else in the account and any monies due under insurance will form part of the deceased account holders estate so will be eventually handed over to the executor when probate is granted.

Anecdotal evidence suggests that in many cases, other members of the family contest the nomination but the reality is that legally there is nothing to stop the CU manager from writing you a cheque, it does not require probate to be issued as nothing in the will can vary the nomination. Unless the OP's uncle made a subsequent nomination or got married, the original nomination would stand.

OP, once you hand them a death cert, they should give you the money straight away, can't see any reason for the delay.

Thanks for the replys. I did give them the certificate over 3 years ago tho and still haven't heard anything, I just assumed at the time I'd get a letter in the post informing me of my next step.

coylemj · 01-10-2014 11:20AM

BLA BLA BLA wrote: »

Thanks for the replys. I did give them the certificate over 3 years ago tho and still haven't heard anything, I just assumed at the time I'd get a letter in the post informing me of my next step.

You should have been handed a cheque on the spot or at least in the post a couple of days later. There is no 'next step', they are allowed release the money straight away. A relative of mine went to a CU with the death cert. of an aunt of mine, was shown into the manager's office and was handed a cheque there and then. This was within a couple of weeks of the aunt's death and several months before probate was granted.

Did the nomination mention a specific amount of money? Do you still have the letter from the CU informing you that you were the nominee? I think there's a serious problem if three years have elapsed. I'd call in to see the manager and ask why nothing has happened, if you get an unsatisfactory reply I'd be seeing a solicitor.

Just to be clear, you are entitled to the money regardless of anything your uncle said in his will.

This is the relevant legislation, the limit is now €23,000 ......

http://www.irishstatutebook.ie/1997/en/act/pub/0015/sec0021.html#sec21

James esq · 01-10-2014 11:57PM

so off ye go to the office and pick up the cheque - yes it is as simple as that ....

coylemj · 02-10-2014 12:11AM

James esq wrote: »

so off ye go to the office and pick up the cheque - yes it is as simple as that ....

He gave them the cert three years and heard nothing. They know where he lives because he has an account with them and because they wrote to him about the uncle's nomination. Something tells me it's not going to be as simple as showing up and collecting a cheque.

I'd say the CU will say that there are/were 'issues' and 'difficulties' with the nomination. My money says that either another family member or a local solicitor has bullied the CU into stalling on paying out on the nomination. The money may even be all gone at this stage - cleaned out by the executor.

James esq · 02-10-2014 02:02AM

A rational approach to to collecting money that you are owed is to follow it up until you get it. Other scenarios already mentioned are far fetched and unlikely... I have never come across a nomination form that was not respected by a credit union, the nomination form is a cental pillar of the credit union movement,

Beano · 02-10-2014 10:24AM

Has the OP actually asked the credit union what the situation is? that seems a reasonable starting point.

amen · 02-10-2014 02:25PM

I'd say the CU will say that there are/were 'issues' and 'difficulties' with the nomination. My money says that either another family member or a local solicitor has bullied the CU into stalling on paying out on the nomination. The money may even be all gone at this stage - cleaned out by the executor

if that actually happen is the credit union responsible and would the nominee get the funds from the CU ?

coylemj · 02-10-2014 02:32PM

amen wrote: »

if that actually happen is the credit union responsible and would the nominee get the funds from the CU ?

That's what solicitors are for. It's all speculation on my part at this stage but I'd be worried that they didn't send him a cheque and seem to have done nothing in three years.

nuac · 07-10-2014 06:02PM

The right of a member to nominate goes back to the earlier cooperative legislation, the Industrial and Provident Societies Act 1893. At that time few members of I and P societies would have enough assets to require wills.

Nowadays it is easy and relatively cheap for anyone to make a will.

I have advised some CUs against providing these nominations because

1. In the early days - nearly 40 years ago - a family dispute broke out over a nomination, with accusations of undue influence against a CU unpaid staff member. Managed to settle it before court, but it was a worry to the CU for some time.

2. Being a director or employee of a CU is become more demanding and complex by the year. Directors and staff have to attend various courses and cope with a range of audits. Directors serve voluntarily. In some areas it is difficult to persuade new people to stand for election

James esq · 08-10-2014 01:40AM

BLA BLA BLA - pm me and I will get the money for you from the cu, I have been involved in the CU sector for many .

Pat Mustard · 08-10-2014 09:59AM

James esq wrote: »

BLA BLA BLA - pm me and I will get the money for you from the cu, I have been involved in the CU sector for many .

Mod:

Nobody should send any financial details.

James esq, please don't solicit financial details from people.

As you are a new user, you have the benefit of the doubt.

Please read the forum charter to familiarize yourself with it, before posting again.

Credit union

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