Alpha Kappa Alpha Inc., the nation’s first Greek-letter college sorority, has started its own financial institution, known as the For Members Only Federal Credit Union.
AKA, founded on the campus of Howard University in 1908, has more than 335,00 female initiates in 12 countries and boasts prominent alumni such as Vice President Kamala Harris. For Members Only Federal Credit Union debuted in Chicago earlier this month.
The credit union was launched after receiving a federal charter and backing from the share insurance fund from the National Credit Union Administration. In its first years of operation, For Members Only will offer savings accounts and lending services such as online banking, share and share draft accounts, personal loans, and debit cards.
The credit union will serve AKA members, their families, and the group’s employees.
“We are delivering the most progressive and revolutionary economic initiative in this century … as the first Black-owned, woman-led sorority-based and 100% digital financial institution, we are poised to deliver innovative financial solutions that drive economic growth for our members, chapters, families, and employees of Alpha Kappa Alpha Sorority,” said Danette Anthony Reed, international president, and chief executive of For Members Only, said in a Feb. 2 letter to AKA members, American Banker reported.
The AKAs join Omega Psi Phi and Phi Beta Sigma as members of the Black Greek-letter Divine 9 fraternal organizations with credit unions.