Credit unions are member-owned, not-for profit financial institutions that provide services similar to banks, often with lower fees and better interest rates. Credit unions are a safe, affordable alternative to high-cost lenders and illegal money lenders (loan sharks).

Founded in 1998, BCU now has around 3000 members. We look after more than £1.45 million in savings and have a loan book of over £575,000. Our goal is to encourage regular saving and provide fair, affordable loans.

Credit unions are not-for-profit and member-owned, while banks are for-profit and owned by shareholders. This means credit unions put people and community first.

You can complete our application form to join:

• on our website
• on our BCU app
• in-person in our office with an appointment

You will need to deposit at least £5 to activate your account.

When you complete your application, you will need to give us your address and any previous addresses over 5 years, contact details and your Date of Birth. You will also need to tell us your overseas tax status, your nationality, ethnicity and gender.

You’ll need a National Insurance number, and after you submit your application, you’ll be asked to upload your ID.

The best ID is a photo ID with an address, such as a driving licence. If you don’t have that, a passport and proof of address (see list below) would be acceptable. If you do not have a passport, we can accept 3 of the following, including at least one with your current address:

• a referral letter from the DWP
• a referral letter from a support organisation
• a release letter from prison
• photo ID issued from another country
• council tax bill
• tenancy agreement
• utility bill
• birth certificate

Anyone over 18 who lives or works within our Area of Common Bond (Bedfordshire) can join.

You can apply for a Young Saver Account for someone under 18 if you are their legal guardian. You will need to provide a birth certificate in most circumstances, please contact us if this isn’t possible.

When you join, we require a deposit of £5 to activate your account, and you will need to have £1 in the account at any time to keep your account open. 

Each year, on the anniversary of your joining date, we will take a £5 annual membership fee.

Not only can you save up to £15,000 and borrow up to £10,000 as a member of BCU, you can save up to £200 in a PrizeSaver Account to enter a monthly prize draw to win £5000.

You can access discounts and offers on shopping and days out on our exclusive platform OnePerks and also access half price membership to Share Bedford Library of Things. Using each of these offers just once a year could offset your membership fee, making membership of BCU great value for money. 

You can find your Member Number:

• On your welcome email
• Online in your member area
• On the Membership Card in the BCU app 
• On our monthly news email

If you would like to receive our monthly emails to keep up to date with news, offers, competitions and new products, you can change your marketing preferences at any time:

• Online in your member area
• On the Membership Card in the BCU app 
• Call or email us to update your preferences

You can also follow us on Facebook and Instagram, or read our news in the app.

• Set up a standing order from your bank
• Pay via online banking
• Arrange payroll savings with your employer
• Have your salary, wages, or benefits paid directly into your account
• Deposit at our Bedford office

To pay money into your credit union account, either as a one-off payment or as a standing order, use the following details:

• Account Name: Bedford Credit Union (nb this is a business account)
• Sort Code: 30-90-66
• Account number: 01479698
• Reference: Member Number / Surname (this is important as we will not be able to match your payment to your account without it) 

You will need to provide these to anywhere paying money into your account, such as your workplace, DWP or HMRC (child benefit).

Deposits made outside of office hours will be processed on the next working day.

We accept cash or cheque payments at our office when we are open to callers. Please note, as we are not a clearing bank cheque payments take longer to clear through us.

You can request a transfer to your OnePay card or directly into your bank account:

• On our website via the member area
• On our BCU app 
• Over the phone
• In our office (although there is a limit to cash withdrawals)

Transfers are usually completed by bank transfer within two hours or next working day, at no extra cost. For smaller amounts, you may be able to withdraw cash at our Bedford office.

As a cooperative, we do not pay interest, but we may pay a dividend on your savings as a form of profit share. Whether or not we can pay a dividend each year and if so, how much it should be, is voted on by members at the Annual General Meeting. As a member, you will receive an invite to our AGM.

Every £1 of savings is a £1 co-operative share in BCU, which is why you’ll see your main savings account is called “Share 1”. Any surplus profits we make are reinvested in the business and distributed back to members. We never promise a return on savings as it is dependent on profit levels at the end of the year and members need to approve the payment at the AGM.

We do pay a dividend on Junior accounts.

We are regulated by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, and the Prudential Regulatory Authority FRN 213900. 

Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme, (FSCS), is the UK’s statutory fund of last resort for customers of authorised financial services firms. The Financial Ombudsman Services, (FOS), is the independent service for settling disputes between businesses providing financial services and their customers.

Your savings are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Eligible depositor is entitled to claim up to £120,000. 

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call 0800 678 1100

You can log into your online member area to download your BCU statements. You can also view them on the app. If you need to, you can call the office and arrange to get a printed copy.

BCU offer loans of up to £10,250, depending on your circumstances. We look at your income and outgoings to see how much disposable income you have (what is left over after you have paid for your essential living expenses). If you have requested more than you can afford to pay back we may offer you a lower amount.

Alongside the income and expenditure you record on our application form, we will ask you to provide three months’ bank statements or an Open Banking link so we can confirm your income and outgoings. Please make sure you supply information for all your active accounts.

If you are already a member, we will look at your history with us-for example, whether you have had a loan before and if it was repaid on time with no missed payments. We will also check whether you are saving with us, as saving is an important part of being a BCU member. 

We may also need additional documents to verify your identity or confirm your income such as payslips or a letter from DWP. We may contact you with further questions before making a final decision.

As a responsible lender, we cannot offer a loan if we believe you will struggle to repay it.

The three steps to making a loan decision are:

1. Check Affordability
2. Run a Credit Check
3. Review your Individual Circumstances

You can make loan repayments by:

• Standing order from your current account
• Having benefits paid into your credit union account
• Through payroll membership where the loan repayment is deducted directly from your wages/salary

To set up a loan repayment or have benefits paid into your account, use the following details:

• Account Name: Bedford Credit Union (nb this is a business account)
• Sort Code: 30-90-66
• Account number: 01479698
• Reference: Member Number / Last Name (this is important as we will not be able to match your payment to your account without it)

BCU does not charge Early Repayment Penalties – Pay off your loan anytime without extra fees.

You will receive an email to confirm the reason your loan has been declined. In many cases it may be because you have not saved with BCU long enough before applying for a loan. In that case, we strongly recommend continuing to save with BCU, so you can apply again in the future.

Top-Up Loans are available once you’ve repaid a third of your current loan. You can only take out one loan product at a time.

If you find yourself struggling to repay, or your circumstances change, the important thing is to get in touch with us as soon as possible. We are here to support you and together we can agree a payment plan that works with your financial situation.

You can sign up to Payroll Saver if your employer is listed on our Payroll Saver scheme. If your employer is not part of the scheme, you can pass on the information to your HR or Payroll department.

Join online and select “I am joining a Payroll Saver Scheme” under the Common Bond section of the application form. This will open up an extra section of the application form where you can provide your payroll details. We will send these, along with your member number to your payroll department.

You can contact us, or your payroll department directly to increase, decrease or cancel your Payroll Saver at any time.

Your savings or loan repayments are deducted from your net income, after tax has been calculated and deducted.