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.

October 7, 2017

I find that at the Credit Union there is a great level of personal interaction between the members and the staff. It is very family-like. I give special commendation to the Loans Officer who is very helpful and thorough