Bermuda Credit Union Co-operative Society (BCU) is the only credit union in Bermuda that is uniquely positioned in the local market for its membership-owned, low-fee model and community-oriented financial services. Since its inception in 1965, BCU has provided a diverse range of financial products, including savings, loans, and insurance services, to individual and corporate members through a single branch and digital platform. Its brand mission is to "empower communities for a shared future" and promote financial inclusion and community development in Bermuda through member engagement and low-cost financial solutions.
Basic Bank Information
BCU is a privately held, member-owned credit union established in 1965 and headquartered at 49 Union Square, HM 12, Hamilton, Bermuda. As a member-owned not-for-profit institution, BCU is not listed on any stock exchange and its shareholders are 6,781 members (2022 data). Membership is open to all Bermudians and individuals residing or working in Bermuda, and non-Bermudians are required to provide proof of residence or work.
BCU's services cover the entire territory of Bermuda and operate primarily through a single branch in Hamilton, which is open Monday to Friday from 9:30 a.m. to 4:00 p.m. The bank provides convenient cash withdrawal services through the 1Link ATM network, enhancing customers' financial accessibility around the island. BCU is regulated by the Bermuda Monetary Authority (BMA) and complies with the requirements of the Credit Union Act 2010. Deposits are protected by the Bermuda Deposit Insurance Scheme up to a maximum of $25,000. There have been no recent major compliance issues, indicating stable operations.
Financial health
According to the Caribbean Federation of Credit Unions, BCU's total assets in 2022 were approximately $31.92 million, with member savings of $30.16 million, loans of $19.03 million, and total reserves of $1.16 million, indicating its financial health. As a BMA-regulated entity, BCUs are required to meet strict capital and liquidity requirements.
Deposit & Loan Products
Deposit
BCU provides a variety of deposit products to meet the savings needs of members:
current account: supports daily transactions, no interest, suitable for individual and corporate members.
Savings Accounts: High-yield savings accounts that offer competitive interest rates, which are subject to co-op inquiry.
Fixed Deposits: Fixed term deposits are available, and the interest rate is based on market conditions and the amount of the deposit.
Featured products: CU-CLUBBS account, designed for children aged 0-18, free of handling fees, encouraging saving habits; Payroll deduction service that allows employers to deposit payroll directly into a member's account.
Loan
BCU offers a variety of loan products covering personal and corporate financing needs:
Personal loans: to meet short-term funding needs, the interest rate is determined based on credit assessment.
Enterprise loans: support the development of small and medium-sized enterprises, the specific interest rate needs to consult cooperatives.
Mortgage loans: support for the purchase or construction of a dwelling, with fixed or variable interest rates, specific interest rates are subject to inquiry.
Car Loans: Support the purchase of new or used cars with flexible terms.
Flexible repayment options: Early repayment or adjustment of repayment plan are supported, and customers can apply through online banking.
Quality of customer service
The service channel
offers telephone support (+1 441 292-0385, open Monday to Friday 9:30-16:00), email (creditunion@bcu.bm) and social media responses (e.g. BCU Facebook). Members can book a face-to-face or telephone consultation through BCU Contact.
Security Measures
Securityof Funds
Member deposits are protected by the Bermuda Deposit Insurance Scheme up to a maximum of US$25,000. Standard anti-fraud technologies such as real-time transaction monitoring are used to ensure the safety of funds. CUNA Mutual provides loan protection to cover disability or death.
Market Position & Accolades
Industry
RankingsBCU is the only credit union in Bermuda, with 6,781 members and total assets of US$31.92 million in 2022, occupying a unique position in the local financial market.
Conclusion
Bermuda Credit Union is a member-focused, community-oriented financial cooperative that occupies a unique position in Bermuda's financial market with its low-fee model, high-yield savings, and diversified loan products. Through a single branch and online banking platform, BCU provides members with seamless financial services, especially for customers looking for low cost and community support. Its robust regulatory compliance, membership ownership, and commitment to community development make it a trusted financial partner for Bermuda. Although some of the financial metrics and expense details are not disclosed, BCU's long operating history and industry recognition ensure its competitiveness in the market.
