Brooklyn Cooperative

Frequently Asked Questions

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Q: How old do you have to be to have an account?
A: If you are above 12 years old, you can have your own account at the credit union, which you can use for deposits and withdrawals. Children below 12 years old need to be on an account with an adult.

Q: Do I have to live in Bushwick or Bedford-Stuyvesant to open an account?
A: No, you don’t have to live here, but you should have some connection to Bushwick or to Bedford-Stuyvesant. For example, if your family members live here, if you go to church in the neigborhood, or if you work in these neighborhoods could all count as possible connections.

Q: Do you need to be member of the credit union to apply for a loan?
A: Yes, you do have to open an account at the credit union before applying for a loan. However, you do not have to wait some time before submitting an application. You can become a member and apply for a loan on the same day.

Q: What do I need to open a savings account?
A: You also need to bring a identification card with a photograph, your social security card or ITIN card (or a paystub or health insurance card with your SS number), and a proof of address, such as a bill that has been mailed to your address in your name. There is a one-time $10 nonrefundable membership fee to join the credit union and you must maintain a minimum balance of $5 in your savings account at all times.

Q: What are your rates for checking accounts?
A: The monthly fee for checking accounts is $5. However, you can write as many checks as you need during the month. Also, you must maintain a balance of $100 in your savings account if you have a checking account. These $100 will be frozen and not available for withdrawals or for funding checks you have written.

Q: When do my savings and checking account statements arrive?
A: Savings account statements are sent out quarterly, while checking account statements are sent monthly.

Q: Why did some of my checks bounce this month? I have overdraft protection coming from my savings account and I have more than enough money to cover those checks.
A: Reg D is a government regulation that allows up to 6 automatic transfers from a savings account per month. Once the 6th withdrawal has taken place, your requests to transfer funds from your savings account by Ernestine transfers, automatic payments or overdraft protection will not be processed.

Q: Can I deposit my wife's tax return check into my account? I've been a member for over 10 years.
A: You can deposit your wife's tax return check only if she is a signer on your account and she has endorsed the check. Third party government checks are not allowed and there are no exceptions.

Q: I'm going to be moving to Texas. Can I keep my membership open?
A: Of course! But please fill out a change of address form. You can send your deposits through the mail, make transfers over the phone, and even apply for loans.

Q: Can I add my friend to my account without being present?
A: No. Your friend must accompany you to the credit union and bring a photo ID and their social security number in order to become joint on your account.

Q: Do I earn dividends on my deposit accounts?
A: You earn dividends on your savings account but not on your checking account.

Q: What kind of documentation do I need to apply for a loan?
A: You should fill out a complete application. Be sure to bring in one month of recent pay stubs, or any other letters or proofs of income that you receive. If you're self-employed, some record of your income and expenses – such as bank statements, cancelled checks, receipts, or a daily ledger – will be required. You should also bring two recent rent receipts or your lease. If you are not on the lease and/or share the rent, we will ask you to bring in a notarized letter from the leaseholder describing the rent you pay. Finally, there is a $10 fee for applying.

Q: Should I call to set an appointment before turning in my application?
A: An appointment is not necessary. You can drop off your application at our office at anytime. You may mail or fax it in, but you will need to be available for a loan interview either on the phone or in the offices, and you will need to come in if the loan is approved.

Q: How long is the loan process?
A: Consumer Loans usually take two to three business days once all the documentation is complete. Microenterprise loans can be more complicated, and may take up to two weeks.

Q: If I currently have or had bad credit in the past can I still apply for a loan?
A: Yes. When processing your application we will look at your situation as a whole and try to determine what are the best options for you. We approve over 90% of loan applications, either for the amount requested or for a lower amount.

Q: Do I need a co-signer for my loan?
A: We are unable to tell you until we have processed your application. Most of the time, members who are borrowing for the first time, members who have limited income, or members with limited credit history generally should think of possible co-signers as a co-signer will strengthen a loan application.

Q: What is a Share Secured Loan?
A: A Share Secured Loan is a loan that is secured by the money in your savings account. These types of loans are for those members trying to establish or re-establish credit.

Q: Does the Credit Union share my personal information with other companies?
A: No, we do not sell or share member information with other companies. The Credit Union does report all loan information to the credit reporting agencies that may include Experian, Trans Union, and Equifax.

	MEMBER PROFILE When Lydia Paul came to the credit union, she was desperate. Her business was in dire straits due to a series of break-ins which had left her thousands of dollars in debt to her suppliers. Lydia went to bed each night, “wondering if the next day would be the last for my business and the end of my dream ...
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| Brooklyn Cooperative FCU |

Tel: (718) 418-8232 - Fax (718) 418-8252
1474 Myrtle Avenue - Brookyln, NY 11237

750 Myrtle Avenue - Brooklyn, NY 11205
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