Digital Federal Credit Union — Digital Credit Unions: How Neobank-Style Banking Works Under a Co-op Charter

A digital credit union runs like a neobank but answers to co-op rules. It is a member-owned nonprofit financial cooperative that offers share accounts, share drafts, cards, and online banking. Membership, not a customer login, opens the door: US federal law has tied entry to a common bond since 1934. The interface is new; the frame is not. Depositors are owners, votes count equally, and a federal fund stands behind the balances. The app feels like any fintech. The charter under it decides who joins, who votes, and who insures the money. Readers following this should also see Remote Online Notarization Statutes: Cross-State Recognition for Mortgage and Fintech Closings. What Is a Digital Credit Union? The base model is old. A credit union is a member-owned nonprofit cooperative, and most offer the same everyday services as banks: share accounts, share draft accounts, cards, loans, and online banking. Normally, only a member may deposit or borrow there.

This excerpt comes from the named source. Read the original for the full reporting.