BANK BLACK


https://www.oneunited.com/marcus-garvey-and-blacklivesmatter/

Hopefully, many of you already know about this bank. If not, all you need to know is this is the blackest bank you'll probably ever come across. They make no apologies about who they are, who they represent, and what the intention is with the money. I was able to get a checkings account with them so I can testify to a certain level of expected convenience. They have their own banking app (which is similar to other small banks) and everything is fully legit. They had been around for awhile before I signed up for anything. Even though it seems unsupportive it is a good practice to make sure something on this level is legit.

I'm posting this link because I believe in black economics as the primary pathway to freedom. If you agree look into this bank and consider opening an account.

Comments

  • Black economics is about how black people need to control the flow of money as it passes through our community. Whites don't have to worry about this and therefore don't need to consider "group economics" like the Chinese, Indians, etc. Other groups put their money together and buy assets. They can also get bank loans easier to start businesses. Money in the Jewish community bounces around in the Jewish community many times before it leaves. Money, like it or not, is the life blood of a community because everyone needs it to survive. That's why people who are economically anemic will consider theft as a way of life because they'd rather break the law than starve and that reality is valid but that should never be "the plan". That is the result of not having a plan and being failed by a society that simply doesn't care if you live or die.

  • Black people are presented as being poor because our poorest members are used as the example and often glorified for the criminal element. This is "thug life". When the legitimate markets deny them they turn into black market businessmen. 

    But what we need are legitimate business opportunities. Education is important but it is only part of the equation because more education prepares you for better jobs but if those better jobs don't want to hire you and you are dependent on someone else giving you a paycheck then that's still a problem. If blacks are hired at a lower rate than whites then we'll always be disproportionately affected by unemployment.

  • The basic white economy is genius (for keeping money and power in their own pockets). I often say that their money has a boomerang attached because they pay you and you quickly are giving the money right back. In order to weaken our dependence we have get money from outside our community and invest in our own businesses so that we can spend that money inside our communities. The more we do that, the further that money goes and the more our businesses can generate money from outside our community as well. 

    If we can get to the point where we have more money coming into our community than going out... that's when we're building wealth naturally, not how it is now where talented black people are almost randomly selected by the entertainment industry to become millionaires and then they have to try and leverage that success in business and other investments. But since there is a shortage of black owned businesses (outside the hair industry) even black millionaires are constantly giving that money back to the white community through white businesses and real estate.

  • So what we need, and this is more than just about survival but about changing the whole system, is for there to be more capital available to black people who want to start their own businesses. There are tons of ideas out there that simply do not have capital to get started. It's not because we are incapable, because we run businesses for other people all the time. It's because we don't invest in ourselves and there isn't enough money invested in us by others. But it shouldn't be up to them.

  • We put our money in white banks, white products, without hesitation and MOST often before we do the same for black companies and black owned products. We take pride in overpaying for the high priced white designer clothing label. Our athletes endorse white shoe companies who exploit their names but where does the money go?

    Black people contribute billions of dollars to the economy every year, but where does that money go? And the fact is that we support white businesses MUCH MORE than whites ever support ours. And that's partially the fault of not enough black owned businesses existing to be options for white consumers. But that starts with banks and who can get those loans. This is why I'm saying BANK BLACK. 

    It's not about isolation. It's about support for a better future where black people are less dependent on white society. Everyone should contribute to that future and be able to do so proudly. And when whites can pump billions into black companies like black people do theirs... maybe then we can have equality and true freedom.

  • You can't be too Hard on black folk..... white folk have purposely managed to consistently paint a picture of black people being inept to run a succeessful business; let alone a BANK - Too many black folk believe that notion as well, so it's not hard to understand why black folk financially maneuver their funds into the hands/businesses of white folk.

    QUESTION IS: HOW DO WE CHANGE LANES?

  • Good question. I am a big believer in balance. In this case that means that you can't expect people to jump totally on board and switch. So instead, the goal should be to start with $100. Open an account. Get comfortable with the idea slowly. Periodically just put small amounts of money into the account.

    This is the same way I approached investing. Also think about modern political campaigns. They realized they don't need to go after large dollars from a few big donors. They could be competitive, raising millions, from small dollar donations from a large number of people. So why don't we do that for ourselves? Why don't we treat One United Bank like its GoFundMe or Kickstarter? Small amounts from a million of us would make a huge difference.

    Is it easier to get a million accounts or organize a million man march in Washington DC? To me its easier to open an account. So why not get 1 million new accounts from black people, all with $50-100? That's 50-100M just like that. And how many loans can the bank put out there with $100M? Not only will they get the money back with interest, allowing them to loan even more, but banks don't have to have 100% of the money they loan out. This has always worked in the favor of white banks. So why not use it in our own favor?

  • I have always been saving my money with Teachers Federal Credit Union for years now. There are no black owned banks where I am, wish there were so I could put my money there and support black business. I can understand though, white folks do not support black businesses in my area of the woods. I try to drive - sometimes quite far - to buy from black businesses.

  • Simply stated, millions of dollars in a designated bank sounds logical,,,,but, there should still be logistical reasons for placing sums of

    money into a bank. Black banks with enough capital can generally sustain your money as well as white-owned banks, so it depends on the

    black banks dedication to it's clients .... if one should need to borrow a large sum of money,,,this bank should be able to loan the money based on the clients ability to repay the loan.

  • @basicreasoning

    There are other black banks. They all loan money responsibly. However, this particular bank, ONE UNITED, is "unappologetically black". What I mean by that is that other black banks behave, for the most part, like white banks. They don't use their blackness as a benefit or as part of their appeal. So their support may bend more towards the white community than the black community.

    White banks serve white communities BY DEFAULT. They don't have to advertise it. When a black person requests a loan now there's all these extra systems in place trying to prevent them from doing what they all used to do frequently, which was screw over black people seeking loans. So if there are still ways to deny loans for black people, don't you think they're probably still doing it? They can just make up some other excuse about how your papers weren't in order or they thought your valuation was too high or a hundred other reasons; including insufficient collateral.

    Why go to a bank that's not trying to give you a loan when you can go to a bank that is trying to give you a loan and actually wants you to qualify?

    They're still going to do it responsibly but they know that they're getting all this money from the black community specifically because we specifically want to invest in our own community. So when they advertise to use and give us African kings, Harriet Tubman, etc. on our debit cards they know how many people they're dealing with and make no mistake about it... you need more than 100K subscribers to even qualify with VISA for these debit cards. I know from experience. So when they're ordering these cards they know the person they're ordering for is down with the cause no matter what color they might be.

    That's the difference. This bank is down for the cause and I thought I would never get to say that about a bank.


    https://www.complex.com/life/2020/02/oneunited-bank-harriet-tubman-card-success-negative-response

  • quote:

    Black-owned and -led banks have long been caught in a difficult cycle: They tend not to have enough money to lend to help their communities build wealth, and the resulting dearth of wealth-building opportunities diminishes the money available to flow into the banks. Efforts to remedy that include the grass-roots #BankBlack movement — as well as the merger announced Wednesday."

    To really make a difference in high-cost markets such as L.A. and D.C., banks need to be able to write bigger checks, particularly to fund projects such as multifamily affordable housing or to finance small businesses and nonprofits, said Brian Argrett, chief executive of City First Bank. Those three areas will be the combined bank’s main focuses, he said.

    ...

    The merger will give the combined bank more capital and capability, allowing it to “direct more capital through loans and into the underlying communities that we both serve,” said Argrett, who will be CEO of the new, yet-unnamed entity.

    For years, many Black-owned and -led banks have been limited by their relative lack of assets."

    -end quote-

    This article is backing up what I'm saying. When we put more money in we get more money out for our community. But if we're putting in and someone else is taking it out then we're not winning. That's why black owned banks need to be more unapologetic in terms of their support. Again, this is why I like OneUnited Bank. But certainly I hope this is a new trend and more black banks, such as mentioned in this merger, will begin to follow OneUnited's lead.

    quote:

    The philosophy of Boston-based OneUnited Bank, the largest Black-owned bank in the U.S., is based on a historical effort to harness the economic spending power of Black America and channel that power back into the community. In this spirit, the bank offers “second-chance checking” to customers who might not be able to open accounts elsewhere because of their imperfect banking histories.

    ...

    The #BankBlack movement helped boost OneUnited’s customer base by at least 40,000 since the end of May, and customer service calls have increased 50% in that time. The company also saw a record $50 million in deposits, Cohee said.

    But there are limits to what this movement can do. While the hashtag has brought attention to Black-owned banks, banks actually make money off loans rather than deposits, said author Baradaran, who is also associate dean and professor of law at UC Irvine’s law school.

    -end quote-



    https://www.latimes.com/business/story/2020-08-27/black-banks-broadway-federal-bank-city-first-merger

  • Long Island, New York, should have never come here to live, but that is a long and very painful story. I hope I was wise is saying where I am from. Would I like to move? Yes but COVID is upon us and my health problems keep me close to the doctors I am familiar with. Sad but true.

  • There are numerous reasons why whites don't support a lot of black businesses. Same reason why a lot of more affluent black people don't support them either.

    Businesses need to invest in their image, in marketing, in sales, in advertising, in branding. These things combine to inspire confidence. White companies make plenty of mistakes too but because they invest more money into customer service and other customer facing components people generally would rather deal with them. Amazon is a bit of an equalizer because you don't see who the seller is beyond a name and reputation. They all share the same store front and general front end. Amazon forces sellers to hold up their standards and therefore people start to worry less who the seller is or what they look like.

    Of course if black people could get more money from a bank they could do more and hire more people. So either we need to come together on platform like Amazon that provides what most black owned businesses lack... or... we need to empower black banks to be able to lend more of what all businesses need.

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