Banking in America is one of the best ways to build and secure wealth in this country but many of our people don’t have access to quality banking services. Without banking we lose access to credit, another financial system that our economy is dependent upon. So why don’t we have equal access?
For some communities, there aren’t many banks around to use. Others have banks but many individuals still cannot afford banking costs, including not having the minimum balance to start an account or pay bank fees.
For our community, the general distrust of large banks, even online, leaves many of our people in a bind. This isn’t a blind mistrust, however, as there are multiple instances of banks deceiving our people.
So what can we do to make banking more accessible to Black people? We can support Black-owned banks in our communities or pool our money and resources together through community funds or churches so we can be in more control of our own money.
Our people historically established Black Wall Streets across America. We should continue to support Black banks, Black businesses and community pooling efforts so we can take charge of our money and our wealth.