Teen Accounts
Brooklyn Coop offers saving and checking accounts for teens so you can get a head start on achieving financial security.
Teen Savings and Checking Accounts
| Features | CHECKING ACCOUNT | SAVINGS ACCOUNT |
| Eligibility | ●From ages of 16-17 | ● Between the ages of 14-17 |
| Account Ownership |
●No parent or guardian is required to open the account ●Checking accounts not available to youth under 16. |
●No parent or guardian is required to open the account. |
| Minimum Balance | ●Minimum requirement for opening deposit is $5 and can be made at account set-up or by direct deposit within 30 days of opening account | |
| Fees |
●No monthly fees. ●No inactivity fees for the first 2 years |
●No monthly fees. ●No inactivity fees for the first 2 years |
| Withdrawals |
●In-Network ATMs are free ●Individuals will not be charged for use of Out-of-Network ATMs (not including fee of local ATM) ●Limits: $500 / day |
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| Overdraft Capability | ●Access denied when insufficient funds | |
| Debit Card | ●Daily limits for Point-of-Sale purchases (at a store or online) are: $150 / day | ●No debit transactions allowed; only ATM |
| High Yield Account |
Members may open a High Yield Club Account ●High Yield Club Accounts are frozen for withdrawals except for the months of December and June. ●Money can be deposited electronically into the High Yield account, but it can only be withdrawn in person. |
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| Online Banking | ●Free access to online and mobile banking plus Bill Pay. | |