Ever wondered about the federal credit union in your neighborhood? Unlike a bank, why does a credit union require membership? Are there benefits? How do banks and credit unions compare?
If you reside in a more progressive community, these financial questions may come up for you. We asked the Branch Manager of Brooklyn Cooperative Federal Credit Union (BK Coop) in Bed Stuy, and she helped us (NYRP) navigate some answers to our questions…
NYRP: So, lets start at the beginning. Will you define a credit union?
BK COOP: A credit union is a cooperative, meaning that it is owned by the same people who utilize its services.
NYRP: Interesting. And these people are its members?
BK COOP: The owners of a cooperative are its members and a credit union can only serve its members. This is why membership is critical. It is different from a bank, which is owned by its shareholders who may or may not use the bank’s services. By contrast, a cooperative is a not-for-profit organization that places the interests of its members first.
NYRP: Meaning they really care about their member services…
BK COOP: Precisely. This also means that the people who use the credit union’s services on a daily basis can also influence the direction in which the credit union grows, its loan and account policies, and many other governing decisions. Membership means you have a voice. This is what makes Brooklyn Coop completely different from how most other financial institutions.
We are a grassroots, transparent, and accountable financial institution that prioritizes the financial stability of its members above all. Join us!NYRP: Would you say that is the biggest distinction or even benefit to joining a federal credit union, like Brooklyn Coop?
BK COOP: There are a few benefits, I would say. We have the lowest account interest rates in all of Kings County (Brooklyn), we offer competitive lending options, bilingual tax preparation services year-round and more.
Aside from our reliable services, becoming a member of Brooklyn Coop is one way to strengthen financial institutions that are locally governed and accountable to the people they serve. We stand by our slogan…
Invest in Brooklyn. Bank With Us.
Essentially, the benefits of joining a federal credit union are similar to those of choosing an organic lifestyle… satisfying YOUR needs while considering the needs of others, particularly your neighbor.
A financial recipe with healthier ingredients…
Here’s to another community membership… funds to table.