Banks with Liberty Bank, City National Bank, OneUnited Bank, and Citizens Trust Bank
37, Harlem / New York, New York | @jgmoore
Why did you move your money to a black-owned bank?
I first heard about #BankBlack in July after Killer Mike's call to action following the police shootings of Philando Castile and Alton Sterling. His message that it was important to mobilize to build our institutions and invest in our people and our communities resonated with me. I have personally been denied access to a loan despite having good income and excellent credit, and this kind of discrimination affects many black people, businesses, and communities every day. I decided that at the very least that I can do is to move my money and support the institutions that serve my community.
What has been your experience with banking black?
To be honest, it was not easy a first. It took some time to find all the information needed to make an informed decision about where to move my money. But once I did some research, I found that some of the black-owned banks had rates and fees that were competitive with, or even better than, the accounts I had at Chase and PNC. I opened multiple accounts. I moved my emergency savings to Liberty Bank; I moved my business accounts to City National since they have a branch here in Harlem, and I even got a credit card from Citizens Trust. It took a little time to transition everything over, but I'm all settled now and have been happy with the banks and their services.
What advice do you have, or what would you tell someone, to encourage them to #BankBlack?
My advice is to do your research up front and know what kind of banking services you need. I know some people that opened accounts just to find out hat they didn't have the ATM access or mobile deposit app they were used to with their existing big bank. There are also black-owned banks that have these services; you just have to look at your options. Once you decide to do it, it's pretty easy, and you can just do everything online.