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Ten Ways to #BankBlack

April 21, 2017

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Tee Researched and Diversifies Where She Puts Her Money

February 25, 2017

Tee Sha

Banks with OneUnited

New York, NY | @temaysha

Why did you move your money to a black-owned bank?

 

After some research and education into how banking works in general, I thought it important to put money into a bank that serves black communities. By doing so, I am allowing them to use my money as capital for serving those communities that have been historically denied resources by majority banks. This denial and discrimination has not only contributed to blighted communities, lack of home ownership, lack of loans for business, but lack of access to money and capital creates a further gap in the accumulation of wealth, upward mobility and success in the black community.

 

What has been your experience with banking black?

 

I am relatively new to opening an account with this bank. It was a bit difficult to reach customer service when I was initially opening the account. The hold time was extremely long. However despite this, I finally managed to open a savings account only. If I am comfortable with using this account, I may consider opening up a checking account and using this bank as my primary account.

 

What advice do you have, or what would you tell someone, to encourage them to #BankBlack?

 

I would encourage anyone who may be hesitant, to first start with diversifying where they put their money. Opening up more than one bank account is a great first step, if someone has been accustomed to using one bank only. I would offer that banks that serve the black community as far as loans, credit and banking have great importance. They serve as great resources in the black community. They fill a need, where historically majority banks have denied similar services to members of the black community.

 

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