Affinity Plus Federal Credit Union (Affinity Plus) is pleased to announce that its Dora Everyday Checking account, offered exclusively through Bank Dora Financial, has been certified by the national Cities for Financial Empowerment Fund (CFE Fund) as meeting the Bank On National Account Standards (2021-2022).
The national safe account standards, co-created by consumer advocates, leading national nonprofit organizations, civic leaders, and other financial institutions, designate both core and strongly recommended features that ensure low cost, high functionality, and consumer safety.
“At Affinity Plus, we are continuously focused on breaking down financial barriers for our members. Our intention is to always put them at the forefront and help them move forward toward a better financial future,” said Dave Larson, President and CEO of Affinity Plus. “We are proud of our partnership and investment in Dora Financial to help meet the needs of underserved people. Receiving the Bank On certification for our Dora Everyday Checking is a testament to our commitment. We recognize that Dora helps reduce racial and economic disparities in banking access, and it’s our commitment to inspire confidence and put more members in a position to thrive.”
The nation’s first credit union-based neo-bank strategy app, Bank Dora Financial (Dora) was founded in August 2021 to serve the 50 million Americans currently not participating in mainstream banking. Dedicated to financial inclusion, it includes a fully bilingual digital banking experience that supports low-moderate income individuals. It currently is sponsored by four regional credit unions: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in St. Paul, Minn.; Digital Federal Credit Union in Marlborough, Mass.; Service Federal Credit Union in Portsmouth, N.H.; USALLIANCE Financial in Rye, N.Y. Visit www.bankdora.com.
Affinity Plus Federal Credit Union Dora Everyday Checking offers no-minimum-balance checking accounts, no monthly maintenance fees, direct deposit paid two days early, bill pay and a surcharge-free network of 30,000 ATMs nationwide. The name is inspired by credit union pioneer Dora Maxwell, who chartered hundreds of U.S. credit unions.
“The Cities for Financial Empowerment Fund is delighted to award its national Bank On account certification to Affinity Plus,” said Jonathan Mintz, President and Chief Executive Officer of the Cities for Financial Empowerment Fund. “Affinity Plus Federal Credit Union Dora Everyday Checking offers Minnesota residents who are looking to improve their finances a safe, affordable, and truly useful mainstream banking product– this is especially important during COVID-19, as consumers need to access and manage their money both affordably and safely. Affinity Plus’s offering of this terrific account brings them into the forefront of national banking access efforts, and we thank them.”
The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs.
The CFE Fund leads the national Bank On movement, supporting 90 local coalitions working to connect individuals and families to the financial mainstream through partnerships between governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn.