Black People (African Americans) deposit your money in Black Owned Banks.
A bank is one of the most important if not the most important institution in any community. A bank is a stabilizing force in the community it serves. It loans money to small businesses to help them expand and create jobs. It assist religious and community organizations to help them better address the particular needs of the community. It helps individuals to become home owners and help existing home owners make repairs and additions to their property.The bank does this because it gets the money it uses to make a profit for themselves from the community its located in. People finance the banks, banks in turn should finance the people’s needs. This is how it works in every community except ours.
In the African American community the banks don’t hold up there end of the bargain. They turn down most small business loans that want to reinvest in the community and the loans they do approve they under finance to ensure failure so they can use the failure as an excuse not to finance new projects. Most major banking institutions that service the Black neighborhoods have been guilty of predatory lending practices that caused many foreclosed homes and tremendous debt for the so called Black Middle Class. Long before the practice became common in other communities. They perfected it on us first. We place our money in their banks but they don’t service our needs.
Black Owned banks have a history of helping the needs of the African American community. However their resources are limited because we don’t deposit our money in our banks. Black people have over a trillion dollars in spending power however most Black banks struggle to get Black people to deposit their money in them. Black people do have money to deposit in banks we just give our money to other people who don’t look like us or care about what happens in our neighborhoods.Why is this? If you take the average inner city neighborhood. You will see check cashing places, pay day advance services. You will see major banking institutions like Chase, Bank Of America, PNC, Comerica etc.These places rob our people with high interest on loans and outrageous check cashing fees. African American Owned banks have a history of being more financially responsible than their white counter parts. Black owned banks have historically offered better interest rates on your money and less banking fees. However we still put our money in other people’s banks. Why?! Is it still our self hatred and mistrust for one another? Is it still the attitude that the “Whitman’s Ice Is Always Colder!”
In order to create Black Wealth we must recycle Black Dollars. We must support Black Business. Create more African American owned businesses. The Black Owned Bank is vital to achieving this. Every Black (African American) person who has a checking or savings account should transfer their money to a Black owned bank. Black business owners especially should do this. How can you say that we should support your business and you deposit your money in a bank that doesn’t support your community! BLACK PEOPLE! BLACK BUSINESS OWNERS TRANSFER YOUR ACCOUNT TODAY! Here are some links to help you find a African American owned bank in your area.
If there is not a Black Owned bank in your area One United Bank offers online banking services.No excuses lets get it done Black People!!
Black Owned Banks Links
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