Q: How do I qualify for membership?
A: Constitution – Article 2, Qualification for Membership amended December 1, 2011
Membership shall be open to:
- members of the Bermuda Industrial Union, together with their spouses and immediate members of their families;
- the Bermuda Industrial Union as an organization;
- such body corporate owned by the Bermuda Industrial Union;
- the employees of the Credit Union;
- members of registered Trade Unions in the islands of Bermuda
persons with common membership in an association or organisation including, but not limited to religious, social, co-operative, labour or educational groups.
Q: What do I need to open an account?
A: A copy of your last three pay-stubbs, a copy of one of your last utility bill, a government issued identification
Q: How do I qualify for a loan?
A: You need to be a member and saving consistently for at least six months. Contact the Credit Union for an interview date. On the date of the interview bring three copies of your latest pay-stubbs, a copy of one of your last utility bills, proof of the purpose of the loan. You are required to save a quarter of the amount you wish to borrow and placed in your collateral account at the Credit Union. Loan application forms may be completed on our website. .Visit Consumer Credit Application on our Home Page.
Q: What is Life Savings and Loan Protection Insurance?
A: If a member dies his/her beneficiary may receive up to three times amounts saved up to $4.000.00 and outstanding loan balances up to $20,000.00 are cleared. This benefit is made available to our members through CUNA Mutual Insurance Society, the insurance arm of 197 million Credit Union members worldwide. Conditions apply.
Q: How can I get a loan after becoming a member?
A: Membership of at least six months is required before a member ordinarily qualifies for a loan in excess of the member’s savings.
Q: What are the interest rates on loans and how is it calculated?
A: For loans that are above the member’s savings the interest rate is 1% per month on the reducing loan balance. For loans that are within the member’s savings the interest rate is 0.58% per month on the reducing loan balance.
Q: Do you provide debt consolidation loans?
A: Yes, a member may apply for loans to consolidate debt.
Q: What other kinds of loans are provided?
A: The Credit Union lends for provident and productive purposes. A member may obtain a loan for educational purpose, medical purpose, to purchase a motor bike, motor car, to assist with business start-up, to assist with a current business.
Q: What do I have to do to become a member?
A: To become a member, the know-your- customer requirements such as a Government-issued ID, the most recent utility bill are required. After that a minimum of $57.00 is required to begin the account from which an entrance fee of $2.00 is taken.
Q: How much interest can I earn on savings?
A: Certificates of deposits pay interest rates starting from 0.55% per annum to 2.05% over 5 years. Other savings e.g. the Gift To Myself earn an interest rate 0.50% per annum. This is credited to the account monthly. For the minors, there is the CU-CLUBBS. The interest rate is 0.75% per annum. The interest is also credited to the minor’s account monthly. The CU-CLUBBS account is for those 16 years and under.
