About Us The BIU Members Credit Union Co-op. Society was formed in 1972 through the instrumentality of the leaders of the Bermuda Industrial Union (BIU). The Credit Union is affiliated to the World Council of Credit Unions which has a history dating back to the early 19th Century. Within the Caribbean are found 231 of these Credit Unions in 18 territories with assets in aggregate of US$2.30B. The BIU Members Credit Union which is the sole Credit Union on this island with an asset size of $10M serves the financial needs of some 4,000 conscientious, ambitious and proud members. Proud indeed to be associated with the only indegenous financial co-operative on this island. Credit Unions though autonomous, today operate under the fundamental tenets crafted by England’s Rochdale Pioneer Co-operators, namely: • Open Membership-non discrimination 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.

• 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 BIU Members’ Credit Union are bound to, live by and are measured by.