Alpha Kappa Alpha Sorority, Incorporated® (AKA) now has its financial institution following the National Credit Union Administration’s granting of a federal charter and Share Insurance Fund coverage to For Members Only Federal Credit Union (FMO) in Chicago.
FMO Federal Credit Union is the first Black-owned, Woman-led, sorority-based digital banking financial institution in the history of the United States.
On Wednesday, July 12, 2023, in conjunction with the 2023 AKA Leadership Seminar, a ribbon-cutting and grand opening of the FMO Credit Union will occur at the AKA Corporate Headquarters (5656 S. Stony Island Ave.) AKA International President & CEO Danette Anthony Reed, FMO Executive Director Terri Bradford-Eason, International Board Members of AKA, and elected Chicago officials, including 5th Ward Alderman Desmon Yancy, will be in attendance.
This full-service Chicago location will be open to members of AKA, their immediate family members, AKA Corporate Office staff, and FMO Credit Union employees. FMO is a part of one of the six 2022-2026 AKA Administration Program Initiatives, “Build Our Economic Wealth.”
This initiative and FMO creation invite members to “Reinvest our income to benefit our future.”
FMO Credit Union will provide customer-centric affordable access, including digital financial services and financial products, to improve the economic conditions of their members.
During the first year of operations, the credit union plans to offer its members primary savings and lending services, including share accounts, share draft accounts, online banking, direct deposit, debit cards, and personal loans.
FMO is chartered, governed, regulated, and insured by the National Credit Union Administration (NCUA).
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