Nominations

Questions & Answers about the unique Credit Union Nomination Process

What is a nomination?

 

A nomination is a legally binding, written instruction that tells Member First what to do with your money after your death.

 

Each member completes a Nomination Form which allows the member (‘nominator’) to nominate a person/persons (‘nominees’) to become entitled to any properties in their credit union account in the event of their death, up to the sum of €23,000.

 

What happens to my shares when I pass away?

 

Members of MFCU can nominate a person to receive their credit union shares up to the sum of €23,000 on their death.

 

Can I change my nomination?

 

You can change your nomination at any time by filling out a new nomination form. A nomination becomes invalid if the member gets married or the nominee dies. It is a good idea to review your nomination from time-to-time to ensure that the person(s) nominated remain the most appropriate. Please note that divorce or legal separation will not revoke a nomination.

 

What happens if I joined as a child?

 

If you opened a Juvenile Account as a child, you will not have filled out a nomination form. Once you reach the age of 16 you are eligible to provide a nomination.

 

Where can I get a nomination form?

 

To complete a Nomination Form you will need to visit a Member First branch. Here a member of staff will guide you through the process and setup your nomination.

 

Other important notes …

 

1. A nomination must be in writing.

2. A nomination is not revocable or variable by the terms of your will or by codicil to your will.

3. The statutory maximum amount that is paid our under a nomination is currently €23,000. Any amount in excess of this balance becomes part of the deceased member’s estate.

4. If you do not complete a nomination, the proceeds from your account will form part of your estate on your death and will be dealt with under the terms of your will.

5. You may revoke or vary your nomination at any time by completing a new Nomination Form.

6. A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination.

7. A nomination is automatically revoked by your subsequent marriage.

8. Divorce or legal separation will not revoke a nomination.

9. Any person under 16 years of age cannot make a valid nomination.