Business Accounts
Brooklyn Coop offers flexible business accounts designed for small businesses, nonprofits, and community organizations.
Business Savings Account
Perfect for a business just starting out, or an unincorporated association like a tenants’ account. Includes free services such as:
- Online & mobile banking
- Direct deposit
- Electronic bill payments
- Bulk cash deposits
- Receipt of wire transfers
Additional services such as outgoing wire transfers, money orders, and cashier’s checks are available for a fee.
Business Regular Checking
Ideal for businesses that need a debit card to make purchases.
- No limits or fees for ACH or POS transactions
- 4 free ATM withdrawals per month
- $20 monthly fee Learn How to Waive This Fee
How to Open a Business Account
- Provide documentation demonstrating your business entity.
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Identify authorized signers. Each signer must provide:
- Unexpired government-issued photo ID
- Proof of SSN or ITIN
- Proof of personal address
- Complete the Beneficial Ownership form (required for all entities except sole proprietors and unincorporated associations).
- Complete the Business Account Preliminary Info form.
- Complete the Membership Application.
- Complete the Corporate Resolution.
- Review the Membership Agreement and Fee Schedule.
Once documents are collected, upload all required forms and identification Here. We will confirm receipt and provide a link to schedule an appointment.
Questions? Email us at business@brooklyn.coop
What Is a Beneficial Owner?
A Beneficial Owner is a person who either:
- Owns 20% or more of the entity, OR
- Exercises significant control (CEO, CFO, Treasurer, Board Chair, etc.)
Individuals performing similar functions without a formal title also qualify.
All Beneficial Owners must provide an unexpired government-issued photo ID.
Required Documents by Entity Type
- Articles or Certificate of Incorporation
- Board Resolution identifying authorized signers
- Certificate of Good Standing (if over 10 years old)
- IRS EIN letter
- Beneficial Owner ID verification
- Articles of Organization
- IRS EIN letter
- Operating Agreement or Resolution of Authority
- Beneficial Owner ID verification
- Partnership Certificate
- Partnership Agreement
- Resolution authorizing account opening
- IRS EIN letter
- Beneficial Owner ID verification
- Business Certificate or DBA papers
- IRS EIN letter
- Organization Resolution authorizing account opening
- IRS EIN letter