Frequently Asked Questions
Here are a few things people usually want to know.
Unlike banks, credit unions are actually owned by their members, all profits generated are a mutual benefit to the general welfare of the member. Credit unions encourage thrift, savings and good credit practices to enrich the lives of their members. We are not for profit organizations.
Banks, on the other hand, are for-profit owned by stockholders and they conduct business to increase the price of their stock and profit for the bank.
Credit unions are run locally, so the earnings remain in the Bahamas. Most banks have foreign ownership so the money is sent out of the country.
Each Credit Union is governed by a voluntary board of directors who are elected by and from within the Credit Union membership. Every member is an equal owner with an equal voice in the operation of the business (regardless of how much money they have in the Credit Union).
All credit unions in The Bahamas are regulated and monitored primarily by The Central Bank of The Bahamas. (As July 2020, the Government of The Bahamas will include Co-operative Credit Unions in the Deposit Insurance programme)
No one has ever lost money in the credit union system in The Bahamas.
No. Although some Credit Unions have been born out of Trade Unions they are not the same.
A trade union usually referred to as a union, is an organization of workers who advocate for improvements in working conditions, such as better wages and benefits.
A credit union is a financial institution of that offers financial products to it’s members such as loans, savings.