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Dora Financial, a Credit Union-sponsored neo-bank strategy provides a digital Everyday Account. Account features include a debit card, no minimum balance, no monthly maintenance fees, card controls, early payday with direct deposit, bill pay, access to a surcharge-free nationwide network of 30.000+ ATMs, delivered through a modern native mobile application. The Everyday account is Bank On Nationally Certified; which identifies critical product features for bank or credit union accounts. The entire Dora experience is available in both English and Spanish, a first in the neo-bank space.N26 customers received an email indicating N26’s plan to conclude U.S. operations and close their U.S.-based customer accounts. As mentioned by CNBC, “U.S. customers will be able to use their accounts until January 11, 2022, and will receive further instructions on how to withdraw funds to ensure a smooth transition”. This sudden abandonment has the potential to cause distrust within the neo-bank industry, as mentioned in this Financial Brand article.Managing Director of Dora, Kristi Kenworthy, said, “Fifty million Americans are not participating in mainstream banking services because of barriers to opening, distrust of the banking system, past history, or lack of access. The N26 US withdrawal could leave an additional 500.000 Americans without a basic transactional account. Backed by the cooperative credit union model, Dora is well-positioned to be a trusted partner and help people access fair financial services, and eventually provide a pathway to cooperative-based Credit Union membership.About Dora FinancialThe nation’s first credit union-based neo-bank strategy, 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 and moderate-income individuals. Dora’s products meet Bank On standards for those outside the mainstream banking system. It is currently 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. serving a combined membership of over one million members, with combined assets of over ten billion dollars. Visit www.bankdora.com Contact DetailsDora Financial
Alaina Froton
Company WebsiteView source version on newsdirect.com: https://newsdirect.com/news/dora-ready-to-serve-displaced-neobank-customers-726208134
