Age Friendly Services & Nominations
We wish to facilitate the needs of all our members and age often brings different requirements in our lives. We want to tailor services to meet your needs at all stages of your life. The areas that may be of interest to you are as follows:
- Once you turn 65 you may be eligible to DIRT exemption. See the Savings part of the website for more details.
- You can pay in funds to your a/c from your bank a/c using your Debit Card over the phone. You may want to put financial arrangements in place that facilitate you paying your bills with greater convenience and mechanisms to support you to remaining in your own home and community.
- Internet access is available to you
- If you have not filled out a Nomination you may wish to consider doing this. Whilst none of us want to think about passing on, this will help your family after you pass away as it increases the funds they will have access to. Otherwise, your family may have to wait for Grant of Probate to gain access to funds in your a/c. This can take up to 18 months to secure. An update to a Nomination may be needed if you have married since you became a member or last made a Nomination. A nomination is outside of the arrangements in your Will.
- You can authorise someone you trust to withdraw only from your a/c. This can be limited by amount or time or can be a one off. This may help where you are not able to visit the Credit Union yourself. This will not give others access to the balance, statements or other information on your a/c. You still remain in control of your account. There are controls in place around these arrangements.
- Power of Attorneys can be set up, in advance, by your solicitor with the help of your GP, to manage your financial affairs by a close family member in the event that you are not able to do this.
- We will request copies of invoices for expenses on your account.
- If you need nursing home care and are unable to operate your account we will need:
a) a letter from your GP to confirm this and
b) a letter from the HSE confirming an application on your behalf to the Fair Deal scheme. We will need this letter also to provide a Statement to the HSE and
c) Invoices for any nursing home care.
This must be approved, as required by law, by the Board of Directors, so please ensure all such requests reach us as soon as possible.
The Credit Union may request an assessment for capacity before offering some of the above facilities. This is to protect you and meet requirements as set out in legislation. The Credit Union may also phone you to check you are happy with instructions / arrangements. You can change or revoke any of the above facilities that are offered by the Credit Union at any time.
Assisted Decision Making Act 2022 - this Act aims to help people who may need support with decision making. This is being operated by the Decision Support Service, the DSS, which is a new government agency and is a very helpful and user friendly service. The DSS can be contacted by telephone on 01 211 9750 or by email at firstname.lastname@example.org
If you want to check any of the above information held on your a/c please contact the Credit Union.
- Here is a short 13 minute video on this helpful service:
Personal account holders in Thomastown Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.
Under credit union rules it is important to note the following:
- A nomination must be in writing.
- The statutory maximum amount that can pass under a nomination is currently €23,000. Any amount in excess of this will form part of the deceased member’s estate.
- For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
- Members may revoke or vary a nomination at any time by completing a new nomination form.
- A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
- A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
- A nomination is automatically revoked by the account holder’s subsequent marriage. This means a new nomination must be completed.
- Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
- The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.
Small Payments Provision: Where no valid nomination exists and the amount in the member’s account is under €15,000 in total (including insurance etc.) the board of directors of the credit union may, without letters of administration or probate of any Will, distribute their property in the credit union to such persons as appears to the board to be entitled by law to receive it. This also means where there is no nomination a board will be limited to a pay out of €15,000 instead of the higher value of €23,000 where there is no nomination. All such pay outs require board approval.