# Shane Ross in 'Indo' re Credit Unions



## oldtimer (16 Jan 2007)

Shane Ross wrote an article in the Sunday Independent about Credit Unions in which he stated ''if you are thinking of dying, join the credit union. If you pop off as a member your loans are written off and your savings are doubled.'' Can this be really true?


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## ClubMan (16 Jan 2007)

Yes - _CU _loans include "free" life assurance that clears the loan if you die and (within certain limits if I recall correctly) when you die your savings (or is it shares - or both?) are doubled for your next of kin. On the other hand _CU _loan costs are not always clear and the interest rates quoted don't necessarily (or ever?) reflect the additional cost of having money in shares/deposits while borrowing. Also the dividend and interest returns from many _CUs _are below the rates on offer elsewhere. Also - the cost of the "free" life assurance is paid for by members one way or another. The _CU _may be a suitable place for some people to save/borrow from but make sure that you are clear about all the relevant issues before deciding that it fits the bill for you.


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## oldtimer (16 Jan 2007)

I still find it hard to believe savings are doubled. I must pay a visit to my credit union to-day to check this out and find out what are the terms and conditions, if any. At my age (my AAM name is 'Oldtimer') it is important I know.


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## Guest122 (16 Jan 2007)

I think that there is a limit to what they will double.  AFAIK my local CU has a max of €20k that they double.  Any more savings than that are just left as is.  But €20k is not bad - as my parents say "wouldn't it bury you"..

BB


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## davidoco (16 Jan 2007)

oldtimer said:


> ''if you are thinking of dying



If you are thinking of dying take out your shares and go and spend the money on something like a holiday or do the “secret millionaire” thing and give the money away to some worthy causes.


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## Guest109 (16 Jan 2007)

when my spouse died i got £1000,as far as i know you must have an account in CU before you are 70 to qualify for any benefits


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## ClubMan (16 Jan 2007)

For more info on _CU Life Savings Protection _see [broken link removed].
For more on the doubling of savings (or is it shares) possibly up to some limit as mentioned above see .


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## therave (16 Jan 2007)

*Ballyphehane Credit Union Limited    *

* INSURANCE*
At no extra cost to the member, Ballyphehane Credit Union provides Life Insurance cover for all eligible members' share.

Insurance is available to a maximum of €7,700 on savings. The level of Insurance decreases as a member gets older. The following is a guideline of the insurance cover available by age.
Up to 55 years of age: any savings, up to the maximum of €7,700 are fully insured € for €.
55 years of age to last day of 59th year, 75c per day.
60th year to last day of 64th year, 50c per €1.
65th year to last day of 69th year, 25c per €1.
Once earned, the insurance remains in force, as long as you leave your savings in the credit union.

and
LOAN PROTECTION LIFE INSURANCE
All our members avail of free Loan Life Insurance up to the age of eighty. Subject to terms and conditions. Certain Limits apply. There is also insurance benefit available on members who are in the 80 age category.

these are my local's rules but i would imagine the standard accross most


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## oldtimer (16 Jan 2007)

The above is much different from the sweeping statement in the Sunday Indo. The Shane Ross article stated 'the money was doubled.' This gave the impression the issue was black and white, no restrictions. I thought it was too good to be true. I wonder how many more credit union members are under the same impression as Shane Ross?


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## ubiquitous (16 Jan 2007)

oldtimer said:


> This gave the impression the issue was black and white, no restrictions. I thought it was too good to be true.



I would have thought it obvious, to say the least, that *some* terms and conditions would have to apply to any offer such as the one referred to above? Its a bit much to expect journalists to have to include a "terms and conditions apply" disclaimer every time they make a flippant comment.


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## Guest109 (16 Jan 2007)

Shane Ross wrote an article in the Sunday Independent about Credit Unions in which he stated ''if you are thinking of dying, join the credit union. If you pop off as a member your loans are written off and your savings are doubled.'' Can this be really true?

this only applies if death happens before 55 th birthday ,the savings doubled i mean


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## ClubMan (16 Jan 2007)

ainya said:


> this only applies if death happens before 55 th birthday ,the savings doubled i mean


This is not correct. The 55 year condition seems to be that the shares were lodged before one's 55th birthday not that on must die before then! Check the _Google _search result links that I posted earlier. Bear in mind that different _CUs _may or may not have different rules on this issue but I don't think so.


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## Z100 (31 Jan 2007)

The in-laws need advice on this one. Their mother, who died a few months ago, had a CU account. When the father, the sole beneficiary in her will, went to the CU to enquire about sorting out the account he was told that because she was over 70 when she opened the account she had no insurance with them. 

They handed him a statement that showed she had roughly 32,000 in the account, and told him he would be entitled to 16,000, which they could transfer to his account once all the documentation was sorted. 

He still has to go back to finalise everything because the man who deals with deceased accounts wasn't there at the time. 

Does any one know if this 32,000/16,000 equation sounds right? Did he hear wrong? I could understand if, because of the age factor, he wasn't eligible for an increase in his wife's savings, but a decrease?? Can't make sense of it.

Thanks.


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## Brendan Burgess (31 Jan 2007)

Sounds like she has €16,000 in the account in real terms. 

But their computer showed it doubled to €32,000 because she had died. 

And they gave you the wrong statement.

brendan


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## Z100 (31 Jan 2007)

Brendan said:


> Sounds like she has €16,000 in the account in real terms. But their computer showed it doubled to €32,000 because she had died. And they gave you the wrong statement. brendan


 
Thanks Brendan, sounds like that could be it. Seems strange, though, that they would give him a statement showing double the real amount, you'd imagine they'd clarify everything first before giving him the statement.

Thanks again.


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## Guest109 (31 Jan 2007)

the £1000 i got from credit union on death of my spouse was death benefit,i got no insurance from credit union at time of the death though they say this was paid when spouse was 55 ,ie some £5000 so now im wondering was there a slip up here


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## therave (1 Feb 2007)

the above example i posted say's "Once earned, the insurance remains in force, as long as you leave your savings in the credit union."
so i take from this that any money that was in there before the 55th birthday is insured to the amount and % at that time..
always deal with the manager for advice on these matters and if not happy there is a board of directors  responsible.
remember as a member of a CU you are also a shareholder and these people employed there are technically employed by you and the other members..
slip ups do happen but everything should be explained in detail to you should you require it..
question every thing as it is your money after all.


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## ontour (1 Feb 2007)

bushfire,

Credit unions have a document called a nomination form where you can designate the proceeds of the account, sort of a will pertaining to your credit union money.  So the credit union were probably not acting on the will but on a nomination form if a valid one existed.

The 32/16 grand sounds more like the nomination form designating 2 beneficiaries of equal share.

very unlikely for a computer to show 32k that is actally 16k in a credit union account.


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## Z100 (1 Feb 2007)

ontour said:


> The 32/16 grand sounds more like the nomination form designating 2 beneficiaries of equal share.
> 
> very unlikely for a computer to show 32k that is actally 16k in a credit union account.


 
Thanks for that ontour, will pass that info on. The will in question was very straightforward, everything left to the husband, so I'm not sure about two beneficiaries for the CU account. He thinks he might have misunderstood what they told him but he does remember the 16k figure being mentioned to him - and he has the statement with 32k on it. I think he's going back tomorrow so hopefully everything will be cleared up for him then. Thanks again.


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## therave (1 Feb 2007)

bushfire.
this is probably a very hard time for you father in law after the death of his wife so if possible it might be a good idea for somebody to go along with him on the day...just been through something like this ourselves


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## dodo (1 Feb 2007)

would that include someone if they committed suicide?


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