Business Accounts

Business Savings Account

Perfect for a business just starting out, or an unincorporated association like a tenants’ account, the Bk Coop Business Savings account offers a variety of free services such as online & mobile banking, direct deposit, electronic bill payments, bulk cash deposits, and receipt of wire transfers.

Additional services such as origination of wire transfers, money orders, cashier checks, etc… are available for a fee (view a full list of account services and their fees).

Business Simple Checking

For members who just wish to utilize physical checks, Business Simple Checking account is the right fit.  This account has all the same features as Business Regular Checking except for a Debit/ATM card.  The $10 monthly fee can be waived with a minimum balance of $2,500.

 

Business Regular Checking

Businesses that need a debit card to make purchases may opt for the Business Regular Checking account. There are no limits or fees for ACH or POS transactions and 4 free ATM withdrawals per month.  The $20 monthly fee is waived with a minimum balance of $5,000.

How to Open a Business Account

To qualify for a Business Account, Brooklyn Coop requires:

  1. Demonstration of your business entity.  Please scroll down to your entity type and gather the documents listed below.
  2. Identification of designated authorized signers.  Each authorized signer must provide an unexpired government issued photo ID, proof of Social Security Number or an ITIN letter and proof of personal address.  Personal identification documents do not need to be submitted before account opening for signers.  
  3. Completion of Beneficial Ownership form for Corps and LLCs form for all business entities except unincorporated associations and sole proprietors. Beneficial Owners must submit proof of their identity even if they will not be authorized signers on the account.  Beneficial Owners who will not also be signers must provide a copy of an unexpired government issued photo id prior to account opening. See an explanation of Beneficial Owners to the right. 
  4. Completion of Business Account Preliminary Info form.
  5. Completion of Membership Application.
  6. Review of our Membership Agreement and Current Fee Schedule.

Once you have collected the relevant business documents, please upload the requested forms and your business and beneficial owner identification documents here. Upon review of the documents we will reply to confirm receipt and provide you with a link to schedule an appointment.

Feel free to email us at business@brooklyn.coop if you have any questions.  

What is a Beneficial Owner? 

A Beneficial Owner is a person who EITHER owns 20% or more of the entity,

OR has significant control over the organization such as a Chief Executive Officer, Executive Director, CFO, COO, President, Board Chair, Treasurer, etc. .

A person that regularly performs similar functions even without a title counts as a Beneficial Owner.

All Beneficial Owners must provide:

– an unexpired government issued photo id 

Corporation (including Nonprofit Corporations)
  • Articles of Incorporation or NY State Certificate of Incorporation
  • A Resolution letter identifying authorized signers, signed by Board of Directors
  • Certificate of Good Standing if the Certificate of Incorporation is over 10 years old
  • IRS letter issuing EIN
  • All Beneficial Owners must provide ID verification and personal data for the Beneficial Owner form
Limited Liability Corporation (LLC)
  • NY State Articles of Organization
  • IRS letter issuing EIN
  • A document authorizing specific signers for the account. This may be a Resolution of Authority or an Operating Agreement or Certificate of Formation signed by the organization members or managers.
  • All Beneficial Owners or managing members must provide ID verification and personal identity data for the Beneficial Owner form

 

Partnership
  • Partnership Certificate issued by NYS county in which the business operates
  • Partnership Agreement
  • A Resolution letter authorizing the opening of an account, listing the signers on the account and signed by the partners
  • IRS letter issuing EIN
  • All Beneficial Owners or managing members must provide ID verification and personal identification data for the Beneficial Owner form
Sole Proprietor
  • Copy of Sole Proprietor’s Assumed Name or D/B/A papers if available
  • IRS letter issuing EIN
Unincorporated Association
  • Organization Resolution. The managers of the association should create and sign a letter authorizing the opening of an account and listing the signers of the account.*  Click here for a template for this letter.
  • IRS letter issuing EIN
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