Many people don't know that SICOOB, Credit Union System, It is the largest cooperative financial system in Brazil, according to recent surveys, there are more than 4.3 million members, 2.8 thousand service points, distributed throughout the country.
It is made up of financial cooperatives and support companies, which together offer members current account, credit, investment, card, pension, consortium, insurance, bank collection, electronic payment acquisition services, among others.
It is the 5th largest banking service network in Brazil, after Banco do Brasil, Bradesco, Caixa Econômica Federal, and Itaú. According to the bank, in 2018 alone, net surplus (profit) was R$3.12 billion.
Non-cooperative organizations that make up Sicoob:
Banco Cooperativo do Brasil S/A (Bancoob), Bancoob DTVM (a wholly owned subsidiary of Bancoob, manager of third-party resources), Sicoob Previ (a foundational entity, sponsored by Bancoob, provider of private pension solutions), Ponta Administradora de Consórcios (a wholly owned subsidiary of Bancoob, responsible for consortium products),
Also part of Banco Sicoob, Cabal Brasil (joint venture between Bancoob, Controller, and Grupo Cooperativo Argentino, with the roles of card processor, brand and acquirer, in this case especially in relation to the BNDES card) and Credit Union Guarantee Fund (FGCoop).
How does Banco Sicoob work?
The business model of a cooperative bank works like this: you are more or less the owner of your own bank. That is, you, the cooperative member, participate in all decisions and profits; in the case of cooperatives, profits are called surpluses.
The cooperative bank also offers all the services that a traditional bank offers. To be validated, the cooperative needs to be connected to a supreme body. Therefore, in this case, the Banco Cooperativo do Brasil, Sicoob.
The cooperative bank Sicoob is the Credit Cooperative System of Brazil, that is, it is the financial system that brings together members from all over the country.
What are Sicoob bank's opening hours?
Main products of Banco SICOOB
Banco SICOOB, as it is a private and corporate bank, works with several products, vehicle financing, home financing, household appliance financing, personal loans, special credit, and many others.
What are your rates and interest?
Sicoob (Bancoob) private loan interest rate: 1.84% per month. This value is an average of the interest rate charged by Sicoob (Bancoob) for private loans. This data is from the Central Bank of the last year of 2019.
How do I create an account at Banco SICOOB? Is it possible to open one online?
You can also open your account!
- First, choose what type of account you need, i.e. university account, account for receiving payments only, account for large financial transactions, etc.
- He chose?
- – Gather the necessary documents. Normally, to join a cooperative you only need: …
- – Analyze the Articles of Association. …
- – Deposit your share(s). …
- – Also open an account with a cooperative financial institution
Do you have an agency outside Brazil?
According to official information from the bank (where you can check by clicking here) you can send or receive funds from abroad and pay your bills anywhere in the world quickly and safely. See the services:
• Main international activity: Import and export;
• You can also do: receiving/paying for courses, conferences and maintenance of residents abroad;
Another important thing: receipt/payment of services, rent and loans;
It is possible to make transfers of assets and availability;
• Purchase and sale of checks in foreign currency;
• Acquisition of property, among others.
What is the code for the Sicoob cooperative?
Is it worth getting vehicle financing?
Yes, it is definitely worth it, because with SICOOB financing, you will finally be able to get your new vehicle with installments that fit your budget.
Who doesn't dream of having that car of the year, right?
So, friends, take advantage of the opportunity to make your dream of owning a new or used vehicle come true. With Sicoob Vehicle Financing, you can purchase your car, motorcycle or heavy vehicle*, of any make and model, and you can also choose the most suitable payment term.
Finally, for more information about SICOOB financing, Click here.
Is it worth taking out a personal loan?
You need to do an online simulation at other banks and compare the rates according to the amount you want to borrow. As the Bank works in a more particular way than others, you may not be happy with the rates and interest, but we can say in advance that yes, it is worth it.
But anyway, try doing an online simulation on the bank's official website to be sure of what we are talking about, the official link is throughout this article.
What are the advantages of Sicoob bank?
We can say that the great benefit of having an account at Sicoob is the possibility of having the profits divided among members.
In this way, the profit can be shared, as the more people invest and deposit, the more profit they will make. In addition, Sicoob has complete financial solutions. This is due to its extensive service network, in addition to other benefits.
These include reduced rates, easy access to credit, service provided by qualified professionals, the ability to check your statement, and more.
- More competitive loan rates;
- Lower service rates;
- Better return on investments;
- Cooperative member participation in financial results;
- Personalized service;
- Democratic decisions;
- Investment in communities;
But can everyone open an account at SICOOB?
Yes, of course. However, just like any bank, there are rules that you need to follow, as the bank has a special criteria for approval, which differs from other banks, so first of all, you must gather mandatory documentation.
It is important to say that Sicoob is a traditional cooperative bank in Brazil, therefore, readers of Digital Insurance, it is common that many users want open an account to take advantage of special rates. Thus, the unit currently has more than three million members.
This institution offers the same services as a traditional bank, however, its difference is that it is aimed at members and because it is a cooperative bank.
Anyone interested in being part of this bank You must have the following documents on hand: Proof of residence; CPF; Original ID or official identification document with photo (driver's license or work license).