Bedford Credit Union (BCU) is a not-for-profit organisation owned and run by its members, providing savings facilities and low-cost loans. BCU :

• provides 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.
• encourages regular saving and thrift.
• aims to educate our members in money management and offer access to a local debt counselling service when required.
• is run by the efforts of a group of local people who have come together with the aim of taking practical action against financial exclusion.

Bedford Credit Union is about People Helping People 

Community Service is at the foundation of Bedford Credit Union, 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.

Bedford Credit Union's Common Bond 

The uniqueness of a Credit Union is the common bond - this means that our members have to live or work in Bedford Borough or North Central Bedfordshire (see the list of on the Common Bond Page, as not all communities in those areas are covered).

How does Bedford Credit Union operate to benefit its members?

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 1200 members who make use of our services and 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 or re-invested.  Also available to the residents of Bedford and Kempston and North Central Bedfordshire (under 18 years of age) is the thriving Junior Account. Currently we have over 150 junior members. 

Your Money is Safe and Secure

The deposits of Bedford Credit Union members are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to members if a Credit Union is unable to meet its financial obligations. Most members are covered by the scheme.

In respect of deposits, an eligible member is entitled to claim up to £50,000, which  relates to the combined amount in all the eligible member's accounts with the Bedford Credit Union, including their share of any joint account, and not to each seperate account. 

For further information about the scheme (including the amounts covered and eligibility to claim) please ask us, refer to the FSCS website or call 0800-6781100.