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Bedford Credit Union is a not-for-profit organisation owned and run by its members, providing savings and low-cost loans. We provide an alternative service to the high street banks and the doorstep lenders. Often those on low incomes are dependent on "loan sharks" and high interest lenders. BCU encourage regular saving and thrift. We aim to educate our members in money management and offer access to a local debt counselling service when required. Bedford Credit Union is run by the efforts of a group of local people who have come together with the aim of taking practical action against poverty.
Community Service is the foundation that Bedford Credit Union is based on, and as such we involve a large number of volunteers, 38 in total. Volunteers carry out all of the key functions from acting as cashiers at our collection points, making decisions on loans, fundraising, ongoing internal auditing of procedures and decision making, providing a reception service. People helping people.
The uniqueness of a Credit Union is the common bond - this means that our members have to live or work in Bedford or Kempston. The members save regularly and create a fund to make loans to each other. The Credit Union offers a basic financial service to its members. BCU Currently have over 900 members who make use of our services and that our membership is growing every day.
Bedford is a member owned organisation, a social enterprise - the surplus income generated from loans is returned to the members as a dividend on their savings.
Also available to the residents of Bedford and Kempston (under 16 years of age) is the thriving Junior Account. Currently we have over 150 junior members.
BCU is a safe place to invest your money. Regulated by the Financial Services Authority (FSA) just as any Bank or Building Society is. You are covered by the Financial Services Compensation Scheme (FSCS) which acts as a final safety net for consumers who have claims against regulated companies in the finance sector that are unable to pay them.
BCU also hold a Fidelity Bond which insure the BCU in case of theft internal and external.
Whenever you deal in money / finance there is always a risk of bad debt. BCU set aside a provision in case of loss. We continue to monitor our update our procedures against Risk Management and Money Laundering.