- 49 Union Square, Hamilton HM12, Bermuda
- +1 (441) 292-0385
- creditunion@bcu.bm
Membership
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Membership at BCU
Join the Bermuda Credit Union family and embrace a partnership that supports your financial growth and contributes to our community’s well-being.
Membership is open to all Bermudians and individuals who live or work in Bermuda, offering access to exclusive financial products, lower fees, and better rates.
Members must be 18 or older. Children aged 0-18 can start with a CU-CLUBBS account.
As a member, you’ll not only benefit from personalized services and financial products but also have a voice in our operations. Together, we can achieve more, grow stronger, and build a financially secure future for every member.
How to Apply
To submit an application for membership, you will need:
1. A valid form of Government-issued identification, such as:
- Bermuda passport, driver’s licence, voter’s card, ID card, Special Person’s Card; or
- If non-Bermudian, proof of residence or employment such as a work permit, property ownership, pension payment or spousal letter.
- A utility bill tied to your home dated within the last 3 months (not a cell phone bill); or
- Employer’s pay receipt dated within the last 3 months.
- If bills do not come in your name, bring a signed letter from the person who lives with you in the same residence, including any of the above documents and their identification.
- Employer’s pay receipt, recent payroll slips and/or proof of consistent income within the last 3 months dated within the last 3 months; or
- If self-employed, payroll tax returns, financial statements or equivalent evidence demonstrating source of funds.
- $50.00 in Permanent Shares (This represents a member’s ownership or equity in the Credit Union. This amount cannot be withdrawn while the person remains a member.)
- $5.00 minimum balance in Ordinary Shares (Your main share savings account).
- $2.00 entrance fee.
5. A Completed Membership Application Form
FAQs About Membership
What is a credit union?
A credit union is a member-owned financial cooperative that provides a safe place to save and borrow at reasonable rates. Unlike banks, credit unions return profits to their members in the form of reduced fees, higher savings rates, and lower loan rates.
What are the differences between permanent and ordinary shares?
- Permanent Shares: These shares are a one-time purchase that provides lifelong membership. Permanent shares represent your ownership or equity in the credit union as a voting member.
- Ordinary Shares: These are more like typical savings accounts. Members can deposit or withdraw funds as they see fit. Instead of earning interest, dividends are given on ordinary shares depending on the credit union’s profits.
Who can join the credit union?
Membership is open to anyone who shares the common bond defined by our charter – all persons living and working in Bermuda. This includes persons with Bermuda status and Bermuda residents.
What are the benefits of credit union membership?
- Better Rates and Lower Fees: Enjoy better access to loans and higher interest on savings compared to traditional banks.
- Member Services: Access a range of products tailored to meet your financial needs, including savings accounts, loans, and more.
- Democratic Control: Each member has one vote in electing the board members who oversee the credit union, regardless of how much money you have on deposit.
- Community Focus: We pride ourselves on community involvement and contributing to the welfare of our members.
Is my money safe in the Credit Union?
Absolutely. Just like banks, savings are insured with the Bermuda Deposit Insurance Company up to $25,000, ensuring that your money is safe and secure.
How can I access my funds?
You can access your funds at any time using our online banking platform to make transfers, or by visiting our branch during business hours to deposit and withdraw.
