I Decided To Open An Account With A Black-Owned 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 how I did it:

I set out to do research on 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.

I wanted to know the reputation of the banks

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?

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.

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 journey or choice. However, I support your decision and hope your relationship is as fulfilling and rewarding as mine! Yes. I'm satisfied with my decision!

Do you bank Black?

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