What do I need to provide when informing the Credit Union of a member’s passing?

Dealing with the loss of a loved one can be a difficult and emotional process for everyone involved. As a credit union, it is important that we approach these situations with sensitivity and compassion. Here are the steps that we need to follow in order to deal with your loved one’s account.

• Provide us with an original Death Certificate/Coroner’s report.
• We may ask some questions about your loved one’s date of passing and health. If you find these difficult, you can have someone else available to provide us with this information.
• We will then freeze your loved one’s account, both savings and loan interest if applicable.
• We provide statements to our insurance provider to make claims on the Death Benefit Insurance (If applicable) and the life savings and loan protection insurance (if applicable) attached to the account. This normally takes around 6-8 weeks.
• Once final insurances are paid into the account we will seek to notify beneficiaries on the account.
• We will ask for the funeral bill in order to pay out the £2,500 Death Benefit Insurance (if applicable). We will normally issue a cheque payable to the funeral providers. This can take an added worry off the families of loved ones at difficult times.
• Any remaining funds would then be paid to the beneficiary on the account up to the amount of £20,000, any amounts exceeding this will require probate.

Can I choose who gets my Credit Union money when I die?

You can be certain your chosen person(s) receives your shares and any insurance attached to them when you die if you complete a Nomination form. This form is available to complete in our office. The individual(s) on the form will become your nominee. Larne Credit Union can disburse amounts up to £20,000 to the nominee nominated. Probate must be extracted on amounts over £20,000.

You must update your nomination if you marry, divorce or if the person nominated dies before you. As you go through the course of your life and update your will, make sure you update your nomination too! You may change your nomination as often as you like, and you may name more than one person as your nominee.

A properly completed Nomination takes precedence over a will.