Bank On Boston has partnered with USALLIANCE Financial to establish a checking account specifically designed to meet the needs of Boston’s unbanked and underbanked residents. The account, Dora Everyday Checking, meets all 15 Bank On national account standards for safety and affordability.
Among these standards is the elimination of overdraft fees, which disproportionately affect low-income households. A recent study found that more than 80% of the nearly $12 billion in overdraft fees charged by large banks in 2019 were shouldered by just 9% of account holders.
An app-based account, Dora Everyday Checking also comes with no hidden fees and features instant debit card freeze-ability, free ATM access, and early pay with direct deposit. The app is available in English and Spanish.
Approximately 10% of Boston residents do not have a checking or savings account. Many of these residents may rely instead on costly check-cashing services, which proliferate in low-income communities and communities of color. Bank On Boston, a program of the Mayor’s Office of Financial Empowerment, focuses on alleviating these banking disparities to ensure equal access to financial stability.
Read the City of Boston press release to learn more.