Bereavement

What To Do With The Deceased's Account

We fully understand how difficult and distressing the loss of a loved one can be. Unfortunately, at this difficult time, you will find you have a lot of admin to do to settle the deceased's affairs. We want to make this as easy for you as we can in relation to a member's account(s) with us.

The first thing to do is to notify us of the death, and to supply a death certificate and funeral bill as soon as possible. If there is a Solicitor handling the estate, we will need to know who they are.

If a member has completed a nomination on their account, we will make contact with the nominee(s).

Members who joined Altura Credit Union before age 71, and had a balance of €250, or more in their share account qualify for death benefit insurance of €1,300. If the deceased member opted into the additional Member-pay Death Benefit Insurance, before age 71 and has met all of the payments for same, and additional €2,000 is paid out on death (terms & conditions here).

Most members will have accumulated some life savings insurance over the lifetime of their memberships. We will calculate this and claim this on behalf of the deceased member. The maximum this could be is €5,000.

If a member has a loan, this will be covered by loan protection insurance in most cases. Some members will have had exclusions on the insurance, if this was the case - they will have been informed of this prior to loan draw down.

Once we have received the death certificate, copy of will (if applicable), details of executor/nominees and proof of their identity we work on finalising the account. This process will take several weeks due to the various insurances and other administration involved.