Trouble Opening a Savings Account for Non-Verbal Person

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alexandra123

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Hi, I am looking for some advice

My mother is disabled and non-verbal through an accident nearly 20 years back. I am trying to get a credit union savings account set up for her so that I can avail of the 'ECCU Assurance DAC for your Whole of Life Insurance Policy' which only give policies to people with a credit union account. This policy is a no questions asked policy.

The credit union dont know how to facilitate this as my mam is non verbal and is unable to write. Does anyone know how to get around or through this?

She is not a ward of court.
She lives between both myself and my dad
She is 72
She does have a bank account
I do not want to go down the solicitors road
The payments into the policy will be done via my money into her account.

We faced this same type of nightmare years ago, trying to sort out all her bills and direct debits.


Is anyone been in a similar situation and able to resolve ?
 
Are you sure that there are no terms and conditions

For example, for the savings insurance, your mother would be ruled out

The calculation of the Life Savings insurance benefit is based on a member’s savings balance(s), the age of the member and the maximum Life Savings limit arranged by your credit union. This insurance is subject to policy terms and conditions but simply summarised, the following rules apply regarding savings:

  • any savings lodged by a member on or after age 70 will not form part of the benefit calculation and,
  • any withdrawals of savings may reduce any benefit payable and,
  • any savings lodged must be done when the member was actively at work and regularly performing all the usual duties of their occupation or when they were in good health.
 
The ECCU policy does not pay out if the person dies in the first 24 months.
There does not appear to be an age limit on it.

Which credit union is it?

How much is the premium and what is the amount payable on death?


It seems like a strange insurance in that presumably only older people would take it out, although knowing the irrationality of some credit union members, maybe young people take it out as well.

Brendan
 
Ah, the premium is based on age.

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If she dies between 2 and 6 years, she will make a profit (ignoring investment returns)
If she dies with 24 months, she loses her money
If she dies after 6 years, she will be under water.

I imagine it would be easier just to put the premium in a savings account and take your chances.
 
Thanks for the replies. If she dies within 2 years they can still pay out, but it depends on the cause of death, like if it was accidental, like getting knocked down. It looks like I wont be able to get this account set up for her due to her not being able to communicate for herself.
 
@alexandra123

In order for your mother to open an account, she must be in a position to assent to its opening, even if this is non verbal. Assuming that this is the case, given that she is not a Ward of Court and you do not mention having an EPA for her, I'd suggest proceeding as follows:

Break this up, into two parts:

1 - Opening the account: Send a letter (by registered post if you want to avoid time wasting and show you are serious):

The Manager
XYZ Credit Union

Dear Madam/Sir

My elderly mother wishes to open an account with your Credit Union. My mother's communication is limited as she does not speak and does not write. I assister in personal and financial matters.

In order to facilitate this we would request a meeting with you in a private area in your ABC Branch at 2.00pm on Friday 22nd March, or at such other time as suits you - please give seven days notice.

My mother will bring her passport and two utility bills with her on the day. If anything further is required please let us know in advance. I can provide all the required information on the day and my mother will nod her ascent.

You might confirm the above appointment at your convenience.

My number, should you wish to contact me is xxxxxxxxx. Best time is weekdays from 9am to 1pm (or whatever)

Yours faithfully


Take €100 with you as an opening balance. Once you meet them they should be able to open the account there and then.

2. Once all of that is done, introduce the issue of the insurance policy. It may be that the monthly premium has to come from your mother's CU account. If this is the case, you can transfer money into her account monthly or from time to time to meet the premium due.

One thing to check in advance - not all Credit Unions are affiliated with ECCU, and not all of those that are offer the insurance product, and of those that do the terms and conditions can vary. You're sure that your credit union offers the policy you refer to ? (Not doubting you, just trying to avoid confusion)
 
Just an update on this and thanks again for the responses. The credit union is going to facilitate me with the opening of the account. I have a meeting with them on Friday. I think the registered post helped alot.
 
There are many factors to consider.

First check with your local credit union and ensure that they are part of the ECCU scheme and if so what level of Life Insurance do they offer as this can vary from Credit Union to Credit Union. Please note that not all Credit Unions are part of this scheme, so they may not offer any ECCU coverage at all.

I would also recommend contacting the Decision Support Services (dss.ie). Where Enduring Power of Attorney or Ward of Court are not in place, you may be able to apply for a ‘Decision -making Representation Order’ which will help both you and your mom.
 
Re Decision Making Representative (DMR), has anyone successfully applied and got this in place? Eager to hear of experiences re DMR. (Apologies if off topic)
 
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