WE HAVE ALREADY
MOVED $50 MILLION.
WE CAN MOVE $500 MILLION MORE.
Here are some general tips for joining the #BankBlack movement:
1. Make the decision to do things differently.
We all have our patterns and comfort zones. The people who walked and biked instead of taking the bus to work or to go shopping during the civil rights-era bus boycotts were willing to go outside their comfort zone to advance their cause. Moving your money can be an inconvenience at first, but it can make a difference for you, and for black institutions and the black communities they serve over time. Many banks allow you to open an account online and it only takes a few minutes to apply.
2. Banking is a relationship, so be a smart consumer for it to be sustainable
Moving your money can be to your benefit but in many people’s cases, moving their primary banking to a black-owned bank may not make sense. But for some, it will; that depends on their needs and a careful review of the banks’ services and fees. But for those who aren’t willing to move all of their money, they can open a secondary or savings account for things like a vacation fund, saving up for a large purchase, or even setting up a family or friends susu. Many black banks offer low minimum account balances to avoid fees, free ATM networks, and interest rates that beat the major retail banks, all have FDIC insurance protecting your funds up to $250,000. Citizens Trust has a credit card that has lower interest rates and fees than many major banks’ credit cards, so you can #CreditCardBlack, too.
3. Learn the impact and power of your money
Have you ever thought about what a bank does with your money? They lend and invest it to make money themselves, of course, but where are those loans and investments being made? Is it to fund the Dakota Access Pipeline? For-profit prisons? A sub-prime loan for grandma in the old neighborhood? Black-owned banks serve their communities by responsibly providing financial services and capital to minority-owned businesses. NCIF tracks the impact of these institutions (many have MDI or CDFI status) such as the amount of lending and banking services provided to black and distressed communities. Bank Black USA also provides this information for the top black-owned banks.
4. MOVE YOUR MONEY and share this with your family, friends, and coworkers.
Deposits moved to black-owned banks and, more importantly, opening credit card, loan, and mortgage accounts can translate to capital that can go to support black businesses, homeownership, access, and empowerment in communities across the nation. Take the challenge, whether it is just $100 or $10,000, and MOVE YOUR MONEY. Follow and share the campaign @bankblackusa on twitter, facebook, and instagram with the hashtags #BankBlack and #InvestInUs.
Move your money, move society?
Financial services mapped across the US
The Bank Black movement gains traction
Map of black-owned banks