Welcome! You have just entered the 1st Bermuda Credit Union website and we want YOU to benefit from the second-to-none services we provide. If you are not already a member, but qualify for a membership, we encourage you to learn more about the Credit Union and its valuable products and services. This site is an informative tool to help provide our members,
and interested members, with updates and extensive product offerings. It is our primary objective to go ‘above and beyond’ for our members because our mantra is ‘We do take Care’!
The formerly known BIU Members Credit Union Co-op. Society changed to the Bermuda Credit Union Co-op. Society since September 2017 was formed in 1972 through the instrumentality of the leaders of the Bermuda Industrial Union (BIU). The Credit Union is affiliated with the World Council of Credit Unions, which has a history dating back to the early 19th Century.
Within the Caribbean, there are 386 Credit Unions across 19 territories with assets in aggregate of US$7B. The Bermuda Credit Union Co-op. Society is the sole Credit Union in Bermuda, with an asset size of $24M and serves the financial needs of over 5,500 conscientious, ambitious and proud members. Everyone involved is proud to be associated with the only indigenous
financial co-operative on this island. Credit Unions today, though autonomous, operate under the fundamental tenets crafted by England’s Rochdale Pioneer Co-operators, namely
- Open Membership – nondiscrimination irrespective of colour, religion, class or creed;
- Democratic Control – one man, one vote, irrespective of share ownership;
- Continuous Education;
- Not for Profit, Not for Charity, but for service-surpluses that are spread equitably
across the membership and not to an elite class of shareholders; - Patronage Refund – where supernormal surpluses are made in any financial year,
refunds for interest paid on loans may be made; and - Co-Operation among Co-Operatives.
AFFILIATES/STAKEHOLDERS
World Council of Credit Unions
Caribbean Confederation of Credit Unions
International Co-operative Alliance
