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 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.

These, along with Prudential Standards set by the World Council of Credit Unions in accord with BASEL II, are what Credit Unions precluding the Bermuda Credit Union Co-op. Society are bound to, live by and are measured by.


I have always experienced nothing less than the highest level of professionalism when being served at the Credit Union. I have been a member since 2015 and apart from the excellent financial savings benefits, I have to highlight the excellent service that the staff consistently delivers.  The service delivery has lived up to the orientation meeting that was held with my staff and me.

Margaret Giloth September 20, 2017