Bank Dora Checks Off All Bank On Standards to Become Certified!
Wow! What a busy past few months we’ve had behind the scenes here at Dora. We’ve been working hard to make sure the mobile app user experience is the absolute best it can be for you. While on this journey, we had the opportunity to learn about the Bank On Boston coalition and its impactful mission and found it resembled our mission quite remarkably.
“Bank On Boston connects Boston residents with reliable financial products and services that can help them save, grow, and access their money.”
We knew right away this would be the perfect partnership after reading through their website and setting up a meeting with the Managing Director of Bank On Boston, Michael Anderson.
Unfortunately, many households in Boston do not have a checking or savings account and rely on costly check-cashing and other alternative financial services. Boston’s Roxbury, Dorchester, and East Boston neighborhoods are particularly in need of mainstream banking options and that’s where Dora steps in as an all-mobile checking account experience.
These neighborhoods have 57% of the city’s check-cashing locations, but only 12% of the city’s commercial bank branches. For these residents, opening a safe, affordable, and non-predatory checking or savings account is an important step toward improving their financial wellness and should certainly not be difficult for them to do so.
For Dora to be “Bank On Certified,” there were certain standards that needed to be met. We meet all the standards to become Nationally Certified! Some of these standards include:
- No Minimum Balance
- No Monthly Fees
- Access to Free ATM Network of 30,000 ATMs
- Federally insured by the NCUA up to $250,000
When meeting with Michael Anderson about Bank Dora, he had this to say, "We at Bank On Boston could not have wished for a better product than Dora p/b USALLIANCE Financial...it is the new Bank Zero; zero fees, and 100% consumer-friendly."
We’ve created a great relationship with the Bank On Boston Coalition as well as Bank on Connecticut and continue to work with other non-profit organizations in the New England area. We strive every day to help the underbanked and unbanked communities and these partnerships, such as the Bank On Boston partnership are going to help bring the knowledge of Bank Dora to the underbanked and unbanked people who need it most.
If you’d like to learn more about the Bank On Boston program, you can visit their website or contact them at: BankOnBoston@boston.gov or 617-918-5315.