Do you bank at a Black owned bank? It’s okay, I don’t either. Sometimes it takes a tragedy to happen in order for us to wake up and realize a change is needed. For me, the recent killings of Black men by police officers and the possibility that Donald Trump may become President, was my wake up call.
How many of you make it a point to do business with a Black owned business? I go to black owned restaurants (for obvious reasons….cheesy baked mac & cheese) but that’s about it. Not because I prefer not to do other business with Blacks but because it’s a challenge to find them. Lousy excuse, I know.
Am I the only one that’s terrified of the fact that Donald Trump could possibly be the next president of the United States? He’s the picturesque definition of “fake it ’til you make it.” That’s just one more reason why we need to ban together to strengthen and build up our Black communities. We can’t just ask for change, we have to be the change. Here’s a disturbing fact. A dollar circulates for a month in Asian communities, 20 days in the Jewish community, 17 days in white communities and ONLY 6 HOURS in the black community, according to the Nielsen Company. Mind you, we spend $12 trillion dollars annually. Black people we’ve got to do better.
How can we do better? Let’s start by banking with OUR people. We need to put our money into Black owned banks so that it not only creates new jobs for the community but also loans when we need them, especially small business loans which have been proven to be close to impossible.
Here’s what you should know about Black owned banks. As long as the bank is insured by the FDIC with a standard amount of $250K, the same amount would be insured for the customer whether the bank is large or small. Some if not most of the Black owned banks have the same terms as major banks. OneUnited Bank, the largest Black owned bank in America offers some accounts with no maintenance fees and others with only $5 monthly fees if certain criteria is not met and over 25,000 surcharge free ATMs. You can find more here.
Now that you have some of the pertinent information, all that’s left to do now is to find a bank in your area and open an account! Click here to find the official list of Black owned banks by state.
Happy Black Banking!