Who can join?
We are an open bond Credit Union and membership is open to residents of the Commonwealth of The Bahamas.
How to join?
Person must complete an application form for membership and provide the following documents:
Passport -if a member has no passport, we will accept a birth certificate together with the NIB card.
Proof of address
- A copy of your utility bill
- Voter’s card
Deposit for opening the account $125.00 (cash or cheque)
Letter of employment/Business License (Self-Employed Persons)
The membership application form is to be completed and returned to our office in person for processing.
The Grand Bahama Co-operative Credit Union Limited is a financial co-operative. A not for profit financial organization joined by people with a common bond, who pool their money through savings and lend to each other for worthwhile purposes. Being a co-operative, The Grand Bahama Co-operative Credit Union Limited is owned by its members. We charge the lowest possible interest rate, pay interest on deposits, reduce red tape, offer financial services, counseling and education. Effective May 2017 Our credit union is open to all residents of The Commonwealth of The Bahamas who can use our services.
The Grand Bahama Co-operative Credit Union Limited is formed under the Co-operative Societies Act (1974) with the Department of Co-operative Development. Effective June 1, 2015 all credit unions are regulated by the Central Bank of the Bahamas and governed by the 2015 Co-operatives Act. We are members of: The Bahamas Co-operative League Limited, and the World Council of Credit Unions.
We were established on September 17, 1980 as the first community based credit union in the Bahamas and we were the first credit union formed outside of Nassau. We are currently Grand Bahama’s only credit union. We are the sixth largest credit union in the Bahamas with an asset base of $25 million and we continue to experience steady and continuous growth in spite of the tumultuous economy. Our success speaks to the resilience of Grand Bahama and its residents. We offer a variety of savings and loans products, which we tailor to meet the needs of our new and existing members. Our basic principle is “People helping People, to help themselves”.
We have insurance on members savings and loans, bond protection insurance, a statutory reserve fund, a liquidity fund and a contingency fund plan in order to offer our members protection on their savings as well as confidence in their credit union.
We also own the building known as the Four Way Co-op Plaza located at the junction of Pioneers Way and West Atlantic Drive, which has 14 rental units. Our Plaza also has a modern conference center that is available for conferences, training sessions, meetings and social gatherings.