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Credit Union - nomination of entitlement to savings

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  • 17-04-2019 3:51pm
    #1
    corajen
    Registered Users Posts: 59 ✭✭


    Hi,
    My mother passed away sometime ago and named me on her credit union account (Nominated me) the Credit Union only said there is money in the account and that there's €23,000 allotted to the nominated person. i gave them the dearth cert and they said that their legal people are reviewing the account and once this is done (4-6 weeks they say) they will release the €23,000 to the nominated person but did not say it was me. Can anyone tell if this money is mine or dose it form part of the estate to be divided and how soon will the credit pay out the money. Totally lost by all the happenings of late.
    Regards
    Dave


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    #2
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    It does not form part of the estate and is not subject to probate i.e. the CU can release the money to the nominee straight away.

    I'm not sure why there is a delay, local policy (which varies form CU to CU) may say that it requires approval from the board of directors but your case suggests that there's been plenty of time for that to happen. The fact that they have mentioned that 'legal people' are 'reviewing' the account suggests that that isn't a straightfoward case.

    By any chance are you now or have you ever been a director or member of staff of the CU? Or, did the deceased get married after making the nomination?


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    #3
    corajen
    Registered Users Posts: 59 ✭✭corajen


    Hi Thank you for your reply.
    No don't work for CU and married for 60+years.
    The only item I can think of is that the nominated person is not me.
    But the bills are mounting up. Should the CU give me the name of the nominee and what the amount is in the account I cant state Probate until I get this statement.


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    #4
    Mr. Incognito
    Registered Users Posts: 9,798 ✭✭✭Mr. Incognito


    Perhaps you are not the nominated person


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    #5
    ohnonotgmail
    Registered Users Posts: 40,179 ✭✭✭✭ohnonotgmail


    corajen wrote: »
    Hi Thank you for your reply.
    No don't work for CU and married for 60+years.
    The only item I can think of is that the nominated person is not me.
    But the bills are mounting up. Should the CU give me the name of the nominee and what the amount is in the account I cant state Probate until I get this statement.

    If the CU money does not form part of the estate as stated previously how is this holding up probate?


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    #6
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    corajen wrote: »
    The only item I can think of is that the nominated person is not me.
    But the bills are mounting up. Should the CU give me the name of the nominee and what the amount is in the account I cant state Probate until I get this statement.

    The only advice I can give you is that you ask them a direct question: 'Am I the nominee?' As I said earlier, this process has nothing to do with probate as nothing in the will can affect the nomination and the money can be paid out with no reference to the executor or the grant of probate.

    They're seriously taking the p1ss if you are not the nominee but they won't come straight out and tell you. But do not expect them to name the person if it's not you, you have no entitlement to that information.

    You mentioned €23,000 which is the maximum allowed under a CU nomination but of course that is also limited by the amount in your late mother's account as the nominaton only applies to money held in a CU account.

    They're obliged to pay out when they receive satisfactory evidence than the nominator has died ....

    22.—(1) Subject to subsection (2), where any member of a credit union has made a nomination under section 21 , the board of directors, on receiving satisfactory proof of the death of that member, and if and to the extent that the nomination is valid under subsection (1) of that section, shall in the case of each person entitled under the nomination either transfer to him, or pay him the full value of, the property to which he is so entitled.

    http://www.irishstatutebook.ie/1997/en/act/pub/0015/sec0022.html#sec22

    So if they're dragging their feet, you could potentially take it up with the regulator...

    https://www.centralbank.ie/consumer-hub/explainers/how-do-i-complain-about-a-financial-services-firm


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    #7
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    ohnonotgmail wrote: »
    If the CU money does not form part of the estate as stated previously how is this holding up probate?

    The money which is the subject of the nomination is separate but any balance will form part of the estate for probate.


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