Learn about the benefits of membership, opening an account and other frequently asked questions.
Frequently Asked Questions
Q: How do I report a Lost or Stolen Debit Card?
A: To report a lost or stolen card, please call 1-866-546-8273.
Q: How old do you have to be to have an account?
A: If you are 12 years old or older, you can have your own account at the credit union, which you can use for deposits and withdrawals. Children younger than 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 or work in these neighborhoods, those facts could count as possible connections.
Q: Do you need to be a 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. You do not have to wait before submitting an application, however. 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 need to bring an identification card with a photograph,your social security card, or ITIN card. Acceptable alternatives are a pay stub or health insurance card with your SS number. Also bring proof of your address, such as a bill that has been mailed to your address in your name. There is a one-time $20 nonrefundable membership fee to join the credit union, you must maintain a minimum balance of $5 in your savings account at all times, and there is a $1 monthly membership fee.
Q: What are your rates for checking accounts?
A: The monthly fee for checking accounts is $4 for a "Start Checking" account; the "Unlimited Checking" account is free with a minimum balance of $1,200 or $8 per month if you fall below that level. You can write as many checks as you need during the month, however. Please see our personal banking web page for more details about these accounts.
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 six automatic transfers from a savings account per month. Once the sixth withdrawal has taken place, your requests to transfer funds from your savings account by 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 or online, 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 social security number in order to become joint on your account.
Q: Do I earn dividends on my deposit accounts?
A: You may earn dividends on your savings account but not on your checking account.
Q: What kinds of documentation do I need to apply for a loan?
A: You should fill out a complete application for a personal loan. 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 are modest application fees.
Q: Should I call to make an appointment before turning in my application?
A: An appointment is not necessary. You can drop off your application at a branch at any time. You may mail or fax it in, but you will need to be available for a loan interview either on the phone or in a branch office, and you will need to come in if the loan is approved.
Q: How long is the loan process?
A: Consumer loans usually take about one week once all the documentation is complete. The microenterprise and mortgage loan application is more involved, and thus will require more time for a response. In every case, we will work hard to get an answer for you as quickly as possible.
Q: If I currently have bad credit or did in the past, can I still apply for a loan?
A: Yes. When we process your application we will look at your situation as a whole and try to determine what the best options are for you. We approve over 90% of loan applications, either for the amount requested or for a lower amount.
Q: Do I need a cosigner for my loan?
A: We won’t be able 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 cosigners, since 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 reestablish credit.
Q: What is the best way to contact Brooklyn Cooperative if I need assistance?
A: You may call us at 718-418-8232 x0 or you may email us at firstname.lastname@example.org