Has anyone any expertise in credit union law. What happens if a member dies, when I joined mine years ago, the loan was cleared and the shares doubled and paid to next of kin. Where is the best place to get a copy of the terms and conditions.
Thanks very much for any help.
Do different CU's have different rules, or are they all covered by one.
From :[broken link removed] (Link has all info on CU's)
On joining the credit union, the member makes a written statement nominating a person or group of people to become entitled to any property in the credit union, e.g., savings, loans or insurance, at the time of his or her death to a maximum of €13,000. The member can change the person nominated in writing at any time during the member's lifetime. The nominated person will be contacted by the credit union on the death of the member.
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