Discussion in 'Black Money Business Jobs' started by Zulile, Oct 24, 2007.
Do you bank with a Black owned bank? If not, why not?
Is it important?
No, there is none in my area. But your question did prompt me to look around. I found this online bank: https://www.oneunited.com/default.asp
It is important that we circulate money in our community. Great post.
I used to but that's when I lived in la-la.
I agree - in addition, investing in a Black-owned bank allows the bank to put your money to good use - investing in Black business, providing loans and windows of opportunity to Black entrepreneurs - offering sound advice with the intent of racial development and success. I think that although we individually compare various banks to what suits us as a person - long term, collectively, we could be doing more that will reward our communities in the long run. Wealth.
Currently we work for the euro, buy their goods, and save our money in their pockets.. and they, in turn, continue to invest in more white business..
Here is a top 25 list of Black owned banks:
Hey, thanks for that current list. The list I found was outdated.
Banking with a Black Owned Bank
I have an account with OneUnited Bank.com. This is the first online Black bank. They offer savings, and now online checking accounts.
Often there is talk about recycliung Black dollars, and difficulty with other lenders. All banks operate on the same principle: They offer the best deals to their depositors. Whenever any of us wants financial help, the first place to start is the bank where you have a financial relationship. That is how we can help support economic development in our community -- build a relationship with a Black bank that has similar goals.
I encourage all who read this post to open an account at www.oneunited.com.
I live near Philadelphia, where there are several black owned banks. I like the concept of any black owned business, bcause I own a business. However, I would oaution anyone who thinks that the criteria for borrowing money is any different in a black owned bank. One must still show financial responsibility in order to obtain a loan, regardless of where they want to bank. One of the biggest problems we have in the black community is low credit scores. That low score will hamper any body who is applying for a loan. A low score indicates either inability to pay, or irresponsibilty, in either case, it represents a high risk to a bank, which lends money with the expectation of being repaid..
As far as economic develpment in the black community is concerned, that only requires that more black people aspire to start their own business, it doesn't require a black owned bank. Any bank will lend money to a worthy applicant. I've never had any problems obtaining loans for my business, nor have any of my kids or friends, because we all handle our business.
I think that more black folk would feel encouraged if they knew that their people were actually running the show. There is no such thing as a white bank, because they are owned by investors of any race. A black owned bank, will be black in name only, white investors and others cannot be told that they are not allowed to participate. That is discrimination, which is illegal.
I personally don't do business based on race. I do it based on performance. I pick a bank that offers me the highest interest on my saving's account, CDs, and is a safe investment. Meaning that the bank won't go insolvent due to some others which I'm sure everyone knows of. Picking to do business just solely on race is racist in itself and a little stupid. You do business with people that perfom the best. Whoever they may be:black, white, asian, latino, arab, eskimo, etc. It shouldn't be a deciding factor.
you call it "racist" and "a little stupid". we call it "growing toward unity".
... suspicions firming ...
I agree with you on one level, but disagree on another. I am extremely interested in "banking black" and I have looked into several black banks, but I have found that in many instances, they have more fees / higher fees than the non-black banks. I agree with you on that. Ordinarily, that wouldn't deter me, but this recession has forced me to save every red cent humanly possible. I just can't afford to be nickle & dime'd to death right now. But I still plan on finding a way to make it happen.
I disagree, however, that doing business with our own is "stupid". Every other race and community does business with each other and their communities are stronger and more financially stable because of it, but for some reason, which I cannot understand, when our community attempts to do the same it's somehow perceived as racist or exclusionary. Why is that?
What's "stupid" is the fact that in the average black neighborhood, the nail salons, beauty supply stores, and wing joints are owned by Asians, the gas stations are owned by Arabs, the convenience stores are owned by Indians, the real estate is owned by the white banks, and the blacks own......nothing. What's "stupid" is the fact that it's 2010 and we're just now beginning to wake up and realize the power of building OUR OWN financial communities.
The reason it's financially viable for other communities is because ALL of them are contributing to it, therefore they have enough money in the pot not to have to charge their customers higher fees. Their businesses work WITH each other as opposed to seeing each other as competitors. They buy the same goods for their stores WITH each other, therefore receiving a lower bulk price, therefore they are all able to charge their customers less and keep them coming back for more. We still haven't learned how to do this in our community. We still have a "crabs in a barrel" business sense.
Separate names with a comma.