4 Thoughts About Opening An Account With A Black Bank

Black banks are important to the economic progress of the Black community. Currently, there exists over 35 Black-owned banks and federal institutions. Black banks were created prior to the Civil Rights Movement when other banks did not allow Blacks to open accounts. Today, they are one of the most resourceful institutions for Black people. In fact, Black Banks helped to secure more than 60% of mortgages for Black people in 2011.

I knew I was switching to banking Black this year because I believe in investing in institutions that serve to assist my community. More specifically, I wanted to align my interest of increasing my financial literacy with an institution invested in my social justice interests and personal growth. Here's are four things I asked myself:

1. What bank was most fitting for my needs?

I looked through what each of these banks had to offer in terms of their rates, fees, and accessibility. I reside in Albany and there are no Black-owned banks in my area.

2. What is the reputation of the bank? 

What mattered to me in terms of selecting my Black-owned bank was: What kind of messages does this bank market? More importantly, what things within the community do they support? What is their motto? What kinds of programs and workshops do they offer to the community?

3. Does this bank offer online banking? 

I know. I know. This is not an uncommon question because there are banks that simply don’t offer online banking even though we live in the era of technology.

4. Can I maintain this bank account? 

This is not a joke. I was dead ass serious in answering this question because I wanted to ensure that I could keep a healthy and consistent relationship with my new bank account.

After going through these questions I finally chose my bank. For the sake of those who are interested in pursuing a Black Bank, I will refrain from saying the bank's name. I do not want to persuade you on your choice. What works for me may not work for you.

However, aside from the Investopeida Black Owned Banks link provided above you can also look into Minority-Owned Credit Unions. If you are interested in #BankingBlack or seeking minority-owned credit unions, check out this compiled list of Minority-Owned credit unions by CreditCards.com. This guide uncovers the financial benefits of banking with minority credit unions, such as lower interest rates and more favorable savings account rates for minorities. The guide breakdowns the pros and cons of credit unions, and highlights the positive impact of minority credit unions on local communities. It's a great resource to jump start your journey.

I hope your research and decision to #BankBlack is as fulfilling and rewarding as mine!