Deceased Accounts

Firstly, we would advise any next of kin to contact the Credit Union. We have employees who are very sensitive to these situations and try and make the process as easy as possible for you.

You will need some of the listed documents and information below to commence the process.

• Death Certificate for your loved one (generally available from your local Births, Marriage and Deaths Office in your HSE area) or an interim death certificate (available from your local coroner’s office).

• Photo ID (passport or driver’s licence)

• Details of the Solicitor where one has been appointed.

• Copy of the Will (if any made) may be requested.

Nominations

Value of funds in the account and whether a Nomination was filled out affects how funds are handled. A Nomination is a form the deceased will have filled out, outlining whom the funds should be paid to following their passing. Deceased accounts are dealt with as follows:

• In the event that the Deceased filled out a Nomination, (that covers any amount in their account up to maximum of €27,000) to the Nominee(s). Any monies held in the account above €27,000 requires Grant of Probate to enable payment to the Executor or Solicitor.

• In the event that the Deceased did not fill out a nomination and the balance in their account is €18,000 or less, the amount may be paid to the next of kin in line with Succession Law. Accounts that hold in excess of €18,000 requires Grant of Probate which in most cases is applied for with the help of your solicitor.

• Copy of the will may be required to identify Executor and to allow access to deceased a/c information.

• In the event that no known will exists, a family member needs to act as the Administrator for the deceased members estate and will most likely need to engage with a solicitor to help them through this process.

• It is the beneficiary's responsibility to report inheritance to Revenue.

It is essential that there is an up-to-date nomination on the account.

You can update your nomination at any time and as often as you like. You must call in to a Ballyfermot Inchicore Credit Union branch and a member of staff will assist you to complete a nomination form.

100% Cover

Funds lodged up to 55th birthday

75% Cover

Funds lodged between 55th and 59th birthday

50% Cover

Funds lodged between 60th and 64th birthday

25% Cover

Funds lodged between 65th and 70th birthday

Life Savings Cover

Life Savings Insurance is the life insurance cover we take out for all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. The amount paid out in the event of a member’s death will depend on their age and how much they have saved with us over the years. There is no additional direct cost to you, the member.

It is subject to a maximum set by Ballyfermot Inchicore Credit Union at €12,700*. Every €1 you save before the age of 55 provides €1 of benefit. So, if you are 54 years of age with €3,000 saved in your credit union shares account, an insurance benefit of €3,000 in addition to your savings will be paid out on your death.

No insurance is payable on amounts saved after your 70^th Birthday. Once earned, your insurance remains in force as long as you leave the savings in the Credit Union.

IMPORTANT: Withdrawals may affect the amount payable.

*(correct as at January 2025). Subject to change. Terms & Conditions apply. Please contact our office for latest information.