#BankBlack Challenge Accepted!
I am so proud to say that I now have an account with a black owned bank! #Bankblack is not a new initiative; throughout history African Americans have been encouraged by Dr. Martin Luther King Jr, Malcolm X, Elijah Mohammed, and most recently Angela Rye to support our own institutions. I have been talking about it for a while, and it is about time I put my money where my hashtags and blog posts are!
#Bankblack is a way to support our communities, we hold power in our dollars and where we put them. Black owned banks are more likely to approve lines of credit and business loans for people of color. So by opening an account now, you can be investing in your future. It is actually difficult to get lines of credit from banks like Chase and Bank of America. When you #bankblack and support our own institutions, you are increasing the rate at which our community can get loans. Which will lead to more black business and home owners.
I chose One United Bank. I was drawn to this bank because of their support of the movement, it actually says #bankblack on their website. One United is the largest black owned bank, and they work diligently to develop urban communities and build black economic power.
I did not move ALL of my money over. I made a deposit to start, and will continue to deposit monthly. Though I still have an account with another bank, it is a goal of mine to eventually ONLY #bankblack. So far, I do not see much of a difference between the two banks. One United has an easy to use mobile application that allows me to transfer money and deposit checks just like my other bank.
There are a total of 22 black owned banks in the US! I encourage you to do some research and see which one suits you. The #bankblack movement is not exclusive to black people, any and everybody who wants to support the culture should open up an account with one of these banks. Start with a small deposit, and decide on an amount to transfer over each month. I opened my account online in less than 5 minutes. All of these banks are FDIC insured, so there is no risk! You can find all of the banks in the below graphic! Let me know if you decide to #bankblack!