New Credit Union Will Serve Alpha Kappa Alpha Sorority
ALEXANDRIA, Va. (Feb. 9, 2023) – The members of Alpha Kappa Alpha Sorority (AKA), Inc., will now have a credit union following the National Credit Union Administration’s granting of a federal charter and Share Insurance Fund coverage to For Members Only Federal Credit Union in Chicago, Illinois.
“It’s perfectly fitting that an organization whose members pledge to be of ‘Service to All Mankind’ has created a credit union,” NCUA Chairman Todd M. Harper said. “This charter is also in keeping with AKA’s current initiatives to assist members in building economic wealth, promote social justice, and uplift communities, all of which are fundamental to the statutory mission of credit unions. Congratulations to AKA’s leadership for bringing this effort to fruition. I look forward to watching their credit union grow and thrive.”
For Members Only will serve Alpha Kappa Alpha Sorority members, their families, and the organization’s employees. The credit union will provide access to safe, fair, and affordable financial products and services, including digital services and products, to improve the economic and financial futures of their members, future members, and their communities. During the first year of operations, the credit union plans to offer its members savings and lending services, including:
- Share accounts
- Share draft accounts
- Online banking
- Direct deposit
- Debit cards
- Personal loans
For Members Only Federal Credit Union’s charter became effective Feb. 3, and the credit union expects to commence operations in 2023. For Members Only Federal Credit Union is the first federal credit union chartered in 2023.
Alpha Kappa Alpha Sorority, Inc. is an international service organization founded in 1908 at Howard University in Washington, D.C. Alpha Kappa Alpha comprises 350,000 members in over 1,061 graduate and undergraduate chapters in the United States, the U.S. Virgin Islands, the Bahamas, Bermuda, Canada, Dubai, Germany, Japan, Liberia, and South Korea.