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Credit Union Branch Coming To Bed-Stuy
By The Changeling | February 6, 2008
The Brooklyn Cooperative Federal Credit Union will be opening a new branch in Bed-Stuy soon. I spotted this banner hanging above a storefront on Myrtle between Nostrand and Sandford Place and found out from a reliable source that a branch will be opening in that spot. The credit union’s main branch is located on Myrtle Avenue in Bushwick.
Given the dearth of financial institutions in the area, this credit union branch is long overdue. The Chase Bank and Apple Bank that serve the North Stuy are not exactly in the most convenient locations (well, their locations are not convenient for me). While we don’t need the neighborhood to be “banked out” like some parts of Manhattan, two banks in the North Stuy is not enough and neither of them is going out of their way to service the residents of the community.
The Brooklyn Cooperative Federal Credit Union has a variety of services targeting moderate and low income individuals. They offer homebuyer workshops, homeowner counseling, free tax preparation (for qualified individuals) and downpayment assistance for first time homebuyers. They also have all of the usual banking services–they offer mortgages, checking accounts, etc. One thing I noticed is that their banking fees are considerably low. You can open up a savings account with $10 (minimum balance $5!) The credit union was recently awarded a grant of nearly $393,998.00 from the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund to “continue its valuable mission of expanding financial services to low and moderate income residents of Bushwick and Bedford Stuyvesant.” I’m sure there will be a lot of folks around here who will be grateful for this branch.
Brooklyn Cooperative Federal Credit Union
Bushwick Location: 1474 Myrtle Avenue (between Grove and Menahan)
Bed-Stuy Location (Opening Soon): 750 Myrtle Avenue (near Nostrand)
Tel: (718) 418-8232
March 20th, 2008 at 11:11 am
Hi,
Thanks so much for putting this information up. It’s true, Brooklyn Cooperative FCU will soon be operating in Bedford Stuyvesant, at 750 Myrtle. We are targeting April 16th, 2008 as our opening date. We look forward to our life in north Bed Stuy. We look forward to working with residents, small business, and neighborhood organizations to build a solid credit union presence in the community.
Jack Lawson
Chief Executive Officer
Brooklyn Cooperative FCU
718-418-8232, x201