CU Online LoginNominations: a Free Member Service
A nomination is a legally binding contract that instructs us with what to do with your money after your death.
All members over the age of 16 can nominate one or more nominees to receive funds up to the value of €27,000 from their account in the event of their death.
You can complete a nomination form enabling you to nominate one or more person to receive the money in your account up to a value of €27,000.
Members can call into office and complete a nomination form at any time.
The Lough Credit Union advises that all our members over the age of 16 make their account nominations. Your account nomination and savings are separate to your will and estate and are not affected by the terms of your will.
Nomination FAQs
How do I add/change a nomination on my account?
To add or amend an existing nomination, please call into either our Bandon Road or Togher office with Photo ID to complete a short form.
How do I know if I already have someone nominated on my account?
Our staff at either branch would be happy to check this information out for you – just mention it the next time you call in!
What happens to the money in my account after my death?
If a nomination form is completed on your account, that person(s) will receive your Shares and insurance benefits (if applicable) up to the value of €27,000.
Does anything change my nomination?
Yes – in the event of marriage, all former nominations on the account become invalid. This is the same case if the person you have named as your nominee dies. In both these events, you will need to complete a new nomination form.
*Small Payments Provision: Where no valid nomination exists and the amount in your account is under €18,000 in total (including insurance, etc.) the Board of Directors may, without letters of administration or probate of any Will, distribute your property in the credit union to such persons as appear to the Board to be entitled by law to receive it.
