1. What is Credit Union?
A credit union is a financial institution that is owned by its members. The objective of a credit union is to service the financial needs of its members.
2. What is a co-operative?
A co-operative is a group of people coming together and pooling their resources to help each other to achieve a common goal. The universal motto of co-operatives is “People helping people to help themselves”.
3. Is my money safe in a credit union?
All credit unions in The Bahamas are regulated and monitored primarily by The Bahamas government and secondarily by the Bahamas Co-operative League Limited. No one has ever lost money in the credit union system in The Bahamas
4. Is a credit union different from other financial institutions?
Yes! The credit union is owned by its members and democratically controlled by affording each member one vote. Each member has an equal voice in the operation of the business (regardless of how much money they have in the Credit Union).
5. What are the benefits of joining a credit union?
No stamp tax on loans
Competitive interest rates
Members receive personalized attention and service
The Earnings of the Co-operative remain in the country
Technical and Personal Development workshops
Savings and loans are insured
6. How Many credit unions operate in The Bahamas?
There are fourteen Credit Unions in The Bahamas. Four of which are open to the general public with the others being restricted to a specific field of membership.
1) Teachers & Salaried Workers Co-operative Credit Union – East West Highway & East Street –323-4488 (Open to the general public)
2) National Workers Co-operative Credit Union – Harold Road
326-5806 (Open to the general public)
3) Bahama Islands Resorts & Casinos Co-operative Credit Union – Village Road 394-0331
(Open to all resort employees in The Bahamas, their spouses and children)
4) Bahamas Law Enforcement Co-operative Credit Union – Collins Avenue – 356-7443
(Open to all members of the Prison Services, Police and Defense Forces, Immigration, Customs, Road Traffic Departments, their spouses and children)
5) Public Workers Co-operative Credit Union – Wulff Road – 323-6594
(Open to all Public Officers, employees for public corporations their spouses and
Children)
6) Grand Bahama Co-operative Credit Union – Freeport, Grand Bahama – 352-4139 (Open to the community of Grand Bahama)
7) Bahamas Utilities Co-operative Credit Union – Wulff Road – 326-8670
(Open to employees of Public Utility companies, their spouses and
Children)
8) Transportation & Service Industry Co-Operative Credit Union – 145 Nassau Street
326-2691 (Open to the general public)
9) Cat Island Credit Union – Knowles, Cat Island – 342-6027
(Open to the community of Cat Island)
10) Inter-Faith Co-operative Credit Union – Jerome & Campbell Avenues – 393-3441
(Open to the Christian Community)
11) Berry Island Co-operative Credit Union – Berry Island – 367-8744
(Open to the community of Berry Islands)
12) Salem Baptist Church Co-operative Credit Union – Taylor Street – 323-4806
(Open to members of Salem Baptist Church)
13) Bethel Baptist Church Co-operative Credit Union – Meeting Street – 323-5000
(Open to members of Bethel Baptist Church)
14) Prince Hall Family Co-operative Union – Baillou Hill Road – 322-8561
(Open to members of Prince Hall Lodge)
7. How would I get additional information on credit unions?
Contact The Bahamas Co-operative League Limited at 302-0100 – Russell Road, Oakes Field.
8. How can I become a member of a Credit Union?
i.) Complete the credit union’s membership application
ii.) Assign a beneficiary and
iii.) Purchase the required amount of qualifying shares
9. What are the Products & Services Offered by Credit Unions?
Auto Loans
Consumer Loans
Small Business Loans
Regular Deposit Accounts
Back-to-School Savings Accounts
Savings Accounts
Christmas Club Accounts
Fixed Deposit Accounts
Vacation Club Accounts
Credit Card Accounts
Insurance Products
Financial Counseling
Investment Retirement Accounts*
Mortgages*
*Teachers & Salaried Workers Co-operative Credit Union
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