President and COO Teri Williams of OneUnited Bank, the largest black owned bank in America, is challenging all African-Americans to open a savings account with a black owned bank. They are encouraging you and 20 of your friends to do the same.
OneUnited Bank has attracted over $20,000,000 worth of new deposits.
Black people are more likely to get a loan from black banks. However, OneUnited says it is more to it than just transferring your funds.
“Don’t just move your money but also move your mind,” said Williams on TV One’s News One Now.
Black owned banks will approve more African-Americans for home mortgages, car loans, and business loans than any other competitive bank. Also, they are more likely to be located in urban neighborhoods.
Banking black also contributes to giving back to the community.
The COO went on to say that this move will help circulate more dollars into the low to moderate income communities.
On April 3, 1968, Dr. Martin Luther King Jr. addressed banking black at Mason Temple in Memphis, Tennessee. The speech lasted 43 minutes and 16 seconds.
Dr. King said, “We’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in Tri-State bank. We want a “bank-in” movement in Memphis.”
OneUnited has lower fees than other institution.
There are only 23 black owned banks left in the U.S.
Anyone who would like to bank black but do not live near a blank owned institution, can setup an account online.