If you die while being a member of Glasgow Credit Union, your membership will end on the date of your death. What happens to your savings and any outstanding loans will depend on whether you have set up a Death Nomination or not.
Accounts Without a Death Nomination
If you have not made a Death Nomination:
We will settle your account with the administrator of your estate, following the laws of succession and any instructions in your will (or codicil, if applicable). Any outstanding Glasgow Credit Union loan or debt will be settled before any money is released to your estate. If there is a shortfall, your estate will be responsible for paying the balance. The administrator of your estate will need to provide us with any documents or evidence we reasonably request to complete the process.
Accounts With a Death Nomination
As a member, you have a legal right under the Co-operative and Community Benefit Societies Act 2014 to make a Death Nomination. This allows you to nominate one or more individuals to receive your savings (up to £5,000) in the event of your death. If the balance of your savings is £5,000 or less, it will be paid directly to the person(s) you nominate. If your savings are greater than £5,000, the first £5,000 will be paid to your nominee(s), and the remaining balance will be settled with your estate. Any outstanding loan or debt will be deducted before payments are made.
Making a Death Nomination
Some members prefer to set out their wishes for their account in their will, but a Death Nomination can give you extra peace of mind and make things simpler for your loved ones. If you would like to make or update a Death Nomination, please contact us and we’ll guide you through the process.