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Deceased Account Information

SRGCU Process for managing deceased accounts – Member Information[1]

Member Factsheet

 

The Board of Directors, Management and staff of St. Raphaels would like to express our condolences on your sad loss.

We aim to deal with the settlement of your beloved relatives account in as professional and sympathetic manner possible but at the same time we have to ensure that we comply with the relevant legislation placed on the Credit Union by Credit Union and Revenue legislation.

 

Death Grant (if Applicable)

Is a discretionary payment (€2,500) made by the Board of Directors from the Credit Unions own funds to support families at the time of a bereavement. There are 4 eligibility criteria that apply and these are available at https://www.straphaelscu.ie/membership/member-benefits/death-benefit-grant/

Once we receive notification of the death from the deceased member’s Next of kin, Family member, Executor, Administrator or Solicitor, we aim to process the payment within 5 working days.

Required to process

  1. Death Notice from RIP.ie or National newspaper

 

UNDERTAKER EXPENSES

St. Raphaels Garda Credit Union will (if the family are not in a position) pay the Undertaker expenses from the deceased member’s account provided sufficient funds are available. The Undertaker expenses will be paid directly to the undertaker once an invoice from the undertaker is provided by the next of kin or executor. Conditions apply.

We aim to process the payment within 5 working days.

Required to process

  1. Sufficient funds in deceased member’s account
  2. Signed Expenses Indemnity
  3. An original invoice from funeral undertaker

 

SHARE ACCOUNT INSURANCE (IF APPLICABLE)

In most cases the deceased members share account will be covered by Insurance (Some terms and conditions apply see https://www.straphaelscu.ie/financial-services/share-accounts/ ). St. Raphaels Garda Credit Union will arrange for a claim to be processed immediately upon receipt of the Final Death Cert (Insurance company requirement before they will process). When claim pay -out is made by Insurance Company this will be applied to deceased member’s account immediately.

The Claim process normally takes 5/6 weeks from receipt of the Death Cert

 

Age Rate of Cover for funds lodged
Up to 55 100%
55 to 60 75%
60 to 65 50%
65 to 70 25%
Over 70 0%

 

Required to process

  1. Final Death Cert[2]

 

LOAN ACCOUNT INSURANCE (IF APPLICABLE)

In most cases the deceased member’s loan account will be covered by Insurance (Some terms and conditions apply see https://www.straphaelscu.ie/loans/loan-insurance/ ). St. Raphaels Garda Credit Union will arrange for a claim to be processed immediately upon receipt of the Final Death Cert (Insurance company requirement before they will process). When claim pay -out is made by Insurance Company this will be applied to clear the deceased member’s loan account immediately.

The Claim process normally takes 5/6 weeks from receipt of the Death Cert

Required to process

  1. Final Death Cert[3]

 

SETTLEMENT OF DECEASED MEMBER FUNDS

Once the Insurance claim is paid out by the Insurance Company we will immediately start to settle your deceased relative’s credit union funds. If the deceased member had placed a nomination on the account, funds up to a max value of €23,000 will be disbursed to the nominee(s). Any remaining funds will be distributed when Grant of Probate or Grant of Administration is received by Credit Union.

Where no nomination is in place the funds will be distributed when Grant of Probate or Grant of Administration is received by Credit Union

We aim to complete this process within 7 working days of receipt of the required documents.

Required to process

  1. Grant of Probate or Grant of Administration

 

 

USEFUL INDEPENDENT SOURCES OF SUPPORT AND INFORMATION

Probate: http://www.courts.ie/

Revenue: http://www.revenue.ie/

Citizen’s information Bureau: http://www.citizensinformation.ie/

 

[1] The timeframes included above are indicative only. Depending on the complexity of the individual case the timeframe may vary.

[2] Interim Death Cert not acceptable to Insurance Company

[3] Interim Death Cert not acceptable to Insurance Company