Affinity Plus Federal Credit Union of St. Paul, along with three other banks across the country, have unveiled Bank Dora Financial, the first fully-digital banking co-operative.
Launched in both Spanish and English, the online “Neo-Bank” app specializes in financial services for the “unbanked” – low- to middle-income customers that traditional banks don’t typically cater to. Millions of Americans do not participate in mainstream banking services.
“Minnesota will be one of the first to offer financial solutions for individuals left out by racial and economic inequalities,” Affinity spokeswoman Hilary Kline said in an email.
Dora advertises no-minimum-balance checking accounts, no monthly maintenance fee, direct deposit paid two days in advance, bill payments and a surcharge-free network of 30,000 ATMs across the country.
Founding partners include Affinity Plus, Digital Federal Credit Union of Marlboro, Mass., Service Credit Union of Portsmouth, New Hampshire, and USALLIANCE Financial in Rye, New York. Dora wants to add additional credit unions as partners.
The bank’s name is inspired by credit union pioneer Dora Maxwell, who chartered hundreds of American credit unions.
More information is online at bankdora.com.