Bethex Federal Credit Union was organized in 1970 by Joy Cousminer, currently the President and CEO, together with the “welfare mothers” who comprised her Adult Basic Education Class. It was in response to the women rushing off to the pawnshop or the loan shark to solve their cash emergencies.

In the beginning, before the days of seed money and grants, the credit union was operated by volunteers, as the founding members saved their nickels and dimes in true grass roots fashion. Once they had sufficient capital they began to make small loans. Sometimes there was not enough money to meet the borrowers’ needs, and a waiting list was set up. The returns were invested in the membership and the community again and again over the years and were the foundation of what Bethex is today.

Now Bethex is a respected financial institution with just under $15,000,000 and serves over 9,000 members. Its lending pool is enlarged by low- to no-interest non-member deposits from banks and foundations. A wide range of financial services is available to the members from three full service branches – the Main Branch at Mt. Hope, the Mott Haven Branch in the Bronx Empowerment Zone, and the newest one is the CSAE Brach in Manhattan.

These services range from share (savings) accounts; share draft (checking) accounts; children’s accounts; holiday accounts; Direct Deposit; ATM cards; VISA cards; personal, car, business and mortgage loans; student loans; IRAs; and most recently online banking with bill pay. Bethex also offers credit and budget counseling as well as homebuyer counseling. During tax season the credit union is a VITA site, offering free tax preparation, helping members receive the EITC they are entitled to.

An innovative partnership with checkcashers permits Bethex members to make electronic deposits directly into their credit union accounts, using their ATM card, at over 130 checkcashing sites throughout New York City.

Bethex FCU is a democratically run not-for-profit financial institution. It has a volunteer Board of Directors, elected by the members at an Annual Meeting, on a one member, one vote basis. Bethex is a federally chartered cooperative, and members’ shares (savings) are insured up to $100,000 per depositor by the National Credit Union Administration (NCUA), an agency of the federal government.

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