Security & Privacy
Information about account security and privacy policies.
Security & Privacy Questions
When a member dies what happens with the account?
In accordance with the Co-Operative Societies Act 81:03:
"A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding fifty thousand dollars ($50,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty".
In summary:
- Up to $50,000 can be paid directly to the nominee or legal personal representative
- Any amounts over $50,000 will fall into the deceased member's estate
- These amounts will be subject to inheritance laws and estate duty requirements
Can't find what you're looking for?
Submit your question and our team will get back to you with an answer.