Bank on Boston partnership to support unbanked and underbanked Boston residents.
USALLIANCE Financial’s Dora Everyday Checking meets 15 top-tier national standards for safety and affordability
BOSTON, MA (STL.News) As part of the Walsh Administration’s work to reduce racial and economic disparities in banking access, Boston Mayor Martin J. Walsh and the Mayor’s Office of Financial Empowerment (OFE) today announced that its Bank On Boston initiative has partnered with USALLIANCE Financial to design a free, easy-to-use checking account that meets the needs of Boston’s unbanked and underbanked residents.
With the creation of Dora Everyday Checking, USALLIANCE Financial becomes the first regional financial institution to meet 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.
“One of the most basic requirements for financial security and building wealth is having a safe place to bank without the fear of unfair penalties and fees,” said Mayor Walsh. “We thank USALLIANCE Financial for its partnership in providing Boston residents with a banking product that is accessible, fair, and free.”
Mayor Walsh launched Bank On Boston in 2017 to connect Boston residents with reliable financial services that can help them save, grow, and access their money.