Bristol Credit Union
Bristol Credit Union (BCU) is the perfect partner for Bristol Pound CIC, providing expertise in managing accounts, payment services and providing security for Bristol Pound deposits. In return, Bristol Pound is raising awareness of BCU around the city and attract many more members into the credit union. Both partners are very closely aligned in values.
All Bristol Pound accounts are held with Bristol Credit Union and so account holders (Members) will need to be members of Bristol Credit Union. There is a single application process for Bristol Credit Union and the Bristol Pound.
What is Bristol Credit Union?
Bristol Credit Union is a financial services co-operative providing ethical community banking for people and organisations in the former Avon County area.
It is owned and controlled by its customers who are members of the cooperative. BCU exists solely to provide services for its members.
BCU is authorised and regulated by the Financial Services Authority, reference 213583. It is a member of the Financial Services Compensation Scheme, and subscribes to the Financial Ombudsman Service.
What role does Bristol Credit Union play in the Bristol Pound?
Bristol Credit Union will:
- Hold and manage all Bristol Pound member accounts.
- Hold sterling deposits and manage the process of exchange between Bristol Pounds and sterling.
- Help ensure that disadvantaged people have access to this new financial service and a stake in its development.
Every Bristol Pound in circulation is a pound that strengthens Bristol's local, ethical and cooperative alternative to high street banks.
What does BCU membership mean for Bristol Pound Members?
To join the Bristol Pound and have a Bristol Pound account you must also become a member of Bristol Credit Union. This can be done through a single application process.
By joining Bristol Credit Union through the Bristol Pound application there are no membership fees for joining BCU (normally £2.50 for individuals).
Membership of BCU requires that a minimum of £1 be held in a share account as the members share in this financial services co-operative.
Bristol Credit Union Governance
BCU is run by a volunteer Board of Directors which is elected by the members. The directors have responsibility for ensuring the safety and soundness of BCU is maintained for members' benefit. The Directors employ a professional staff team to deliver services and to assist them in the on-going development of the credit union.