The for-profit neo-banks in the market usually don’t cater to these people because the economy is different from traditional checking accounts. âTheir balances are lower on average and creditworthiness can take a long time to achieve,â Kenworthy said, adding, âThe credit union movement is really about making products on a large scale that are safe and affordable for them.â
The name of the organization is inspired by the pioneer of credit unions Dora maxwell, who helped charter hundreds of U.S. credit unions and believed everyone should have access to fair deposit products.
With financial inclusion as a priority, the Dora Everyday Checking account offers no minimum balance, no monthly maintenance fees, prepayment with direct deposit, bill payment, a no-supplement network of over 30,000 ATMs nationwide and financial education opportunities – packaged in a fully bilingual experience.
A public launch took place at Inclusive Virtual conference 2021, 22-23 Sep 2021 with guest speaker Kris vanbeek, CEO of USALLIANCE Financial. Dora was founded by four credit unions: Affinity Plus Federal Credit Union ($ 3.5 billion in assets) headquartered at Saint-Paul, Minn.; Federal Digital Credit Union ($ 9.8 million in assets) in Marlborough, Mass.; Credit union ($ 5 billion in assets) in Portsmouth, New Hampshire; and Financial USALLIANCE in ($ 2 billion in assets) in Rye, NY Dora continues to seek additional credit union partners.
âSupporting the communities we serve, improving financial well-being and building lasting relationships is at the heart of what we do. At Service Credit Union, we understand that financial service is not universal. We are excited, through Dora, that we will be able to expand our impact to provide a trusted financial partner to the people in our community who need it most, âsaid David Araujo, Chairman and CEO of Service CU.
Dora has been certified with Bank on national account standards, which identify critical product characteristics for appropriate bank or credit union accounts for people outside the traditional banking system.
About Banque Dora FinanciÃ¨re
The country’s first neo-banking application based on credit unions, Dora was founded in August 2021 to serve the 50 million Americans who currently do not participate in traditional banking. Dedicated to financial inclusion, it includes a fully bilingual digital banking experience that supports low and moderate income earners. Dora’s products meet Bank On standards for those outside the traditional banking system. It is currently sponsored by four regional credit unions: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in Saint-Paul, Minn.; Digital Federal Credit Union at Marlborough, Mass.; Service Federal Credit Union at Portsmouth, New Hampshire; USALLIANCE Financial in Rye, NY Visit www.bankdora.com
About Service Credit Union
A dynamic member-owned financial cooperative, Service Credit Union is dedicated to provide a banking experience that improves the lives of our members and the communities in which they live. Created in 1957, to provide affordable credit to Peas The air base community, now the largest credit union in New Hampshire, with over $ 5 billion in assets and 50 branches in the New England area and Germany, we continue to provide a better future for our members all over the world. To learn more about Service Credit Union, please visit www.servicecu.org.
SOURCE Service Credit Union