For years, white-owned financial institutions wouldn’t allow us to bank with them, which created generational mistrust of white-owned banks. As a result, most Black households are either underbanked or unbanked, which can cost tens of thousands of dollars over a lifetime!
The mistrust of white people having control over our money is real – but there’s a solution. Here’s why you should put your money in a Black-owned bank.
#1: Access and visibility.
Black banks are usually in predominantly-Black neighborhoods, making it much easier for older or lower-income people to access. Why drive all the way to a white area to get your money?
#2: Black employees.
Black-owned banks, which are much more likely to hire Black people, provide our community job opportunities, and the tellers are more likely to understand the needs of their customers than white bank employees.
#3: Flourishing communities.
Banking Black allows us to invest in and support our own communities. Circulating the Black dollar is the perfect way to create Black wealth and provide better resources for our neighborhoods.
The best way to become self-sufficient is by investing in ourselves! If we wield the Black dollar by putting our money into banks owned by our people, we can continue to thrive despite the financial barriers white supremacy puts up.