The Issue with the Bank Black Movement

[jono]

I disagree with doing business with anyone for any reason other than business. I doubt niggas that own banks live in the hood, or buy all their fancy shit from blacks.

 

[a.mann]

I disagree with doing business with anyone for any reason other than business.

I doubt niggas that own banks live in the hood, or buy all their fancy shit from blacks.

 

[white sympathizer]

I'm loving the support that black banks are getting, but here's the conundrum. I understand that these are for profit institutions, but what exactly are they doing to make it easier for black people to get mortgages, loans for school, cars, and for people to start business. Most importantly what are they specifically doing as investing in the community. Do they support the local little league? Do they have scholarships for black students? I also need to ask what is the political affiliation of the the C level officers and members of the board of directors of these banks? It's counter-productive to the movement if the chief executive or chief financial officer to one of these institutions is one some Uncle Kevin Gates sell out shit. Do you're research before you open an account. Just like Chuck D said in that song, "Every brotha ain't a brotha.

Are you asking these same questions to wells fargo slave involved asses, bank of americas racists asses, chase,wachovia, PNC?

 

[Maximus Rex]

Here's the thing, THEY'RE NOT BLACK OWNED INSTITUTIONS! Muthafuckas been on some straight dumb shit sometimes. I have certain exception of black owned businesses, and one of which is to do the right thing as far as we as a people are concerned. What's the difference in banking with a black owned bank, than banking with a black owned one if the black owned is doing promoting and practicing racism and white supremacy, I could just opened an another account with a white institution. Fact of the matter as a matter of convenience you have to have an account with Chase, Citibank, Wells Fargo, or BofA to avoid those fucking high ass ATM fees.

 

[Stiff]

So now we arguing against banking Black. All you niggas deserve Trump as your president.

 

[optimistic]

I'm loving the support that black banks are getting, but here's the conundrum. I understand that these are for profit institutions, but what exactly are they doing to make it easier for black people to get mortgages, loans for school, cars, and for people to start business. Most importantly what are they specifically doing as investing in the community. Do they support the local little league? Do they have scholarships for black students? I also need to ask what is the political affiliation of the the C level officers and members of the board of directors of these banks? It's counter-productive to the movement if the chief executive or chief financial officer to one of these institutions is one some Uncle Kevin Gates sell out shit. Do you're research before you open an account. Just like Chuck D said in that song, "Every brotha ain't a brotha.

It's not like we're taking money away from white owned banks that help the hood. If nothing else, we show the power of our dollar. The banks will either show and prove or watch our money move around. ( I say ours, but I'm opening my account tomorrow.) I would've wrote a check today but the way my account is set up..........

 

[NothingButTheTruth]

I'm loving the support that black banks are getting, but here's the conundrum. I understand that these are for profit institutions, but what exactly are they doing to make it easier for black people to get mortgages, loans for school, cars, and for people to start business. Most importantly what are they specifically doing as investing in the community. Do they support the local little league? Do they have scholarships for black students? I also need to ask what is the political affiliation of the the C level officers and members of the board of directors of these banks? It's counter-productive to the movement if the chief executive or chief financial officer to one of these institutions is one some Uncle Kevin Gates sell out shit. Do you're research before you open an account. Just like Chuck D said in that song, "Every brotha ain't a brotha.

First off, let's GIVE THEM A CHANCE FIRST, before we start with all the skepticism. If they turn out to be double agents, we will move our money elsewhere and look into other solutions. The fact is we KNOW where the white-owned businesses loyalties are.

But to answer your question, check the link below for one of the black-owned banks. It covers everything you mentioned:https://www.oneunited.com/about-us/why-oneunited/

Right on their site, it says the following:

OneUnited Bank, the nation’s largest black-owned bank and FDIC insured, understands we have to focus on money to improve the lives of our community!

...



We are a designated Community Development Financial Institution (CDFI) serving low to moderate income communities.

FDIC insured? Check!

Black-owned? Check!

Focus on helping the community? Check!

 

[NothingButTheTruth]

I disagree with doing business with anyone for any reason other than business. I doubt niggas that own banks live in the hood, or buy all their fancy shit from blacks.

It has nothing to do with where the bank owners spend their personal money, it has to do with banks giving fair opportunity to an oppressed people.

If I go to Bank of America with a business plan, saying I want to start a business that will help black people, they will almost instantly refuse to help finance my idea. If I go to a black-owned bank, they are more likely to see the value in my idea.

If I go to Bank of America with a business plan saying I need help financing or I want to start a car selling business, they will rigorously investigate my company's standing, as to either refuse to help, or give me a ridiculous interest rate. Where if a white guy did the same thing and was in the same position, they would take the "risk" or give him a reasonable interest rate, all things being equal.

In short, the black-owned bank movement is a way to bypass the front door racism for aspiring entrepreneurs and community developers.

 

[Stiff]

I disagree with doing business with anyone for any reason other than business. I doubt niggas that own banks live in the hood, or buy all their fancy shit from blacks.

It has nothing to do with where the bank owners spend their personal money, it has to do with banks giving fair opportunity to an oppressed people.

If I go to Bank of America with a business plan, saying I want to start a business that will help black people, they will almost instantly refuse to help finance my idea. If I go to a black-owned bank, they are more likely to see the value in my idea.

If I go to Bank of America with a business plan saying I need help financing or I want to start a car selling business, they will rigorously investigate my company's standing, as to either refuse to help, or give me a ridiculous interest rate. Where if a white guy did the same thing and was in the same position, they would take the "risk" or give him a reasonable interest rate, all things being equal.

In short, the black-owned bank movement is a way to bypass the front door racism for aspiring entrepreneurs and community developers.

I gave you a GOAT as I shake my head that this post was necessary. Do you people not know the history of the practices of the banking industry as it relates to Black people in this country? That alone should at least have you like "might as well give it a shot".

 

[jono]

I disagree with doing business with anyone for any reason other than business. I doubt niggas that own banks live in the hood, or buy all their fancy shit from blacks.

It has nothing to do with where the bank owners spend their personal money, it has to do with banks giving fair opportunity to an oppressed people.

My money is just as personal as his nigga. Wtf

If I go to Bank of America with a business plan, saying I want to start a business that will help black people, they will almost instantly refuse to help finance my idea. If I go to a black-owned bank, they are more likely to see the value in my idea.

What makes you think this? BoA is about making money. Any bank is about making money. Niggas ain't funding your pipedreams just because you black. See thats BUSINESS.

If I go to Bank of America with a business plan saying I need help financing or I want to start a car selling business, they will rigorously investigate my company's standing, as to either refuse to help, or give me a ridiculous interest rate. Where if a white guy did the same thing and was in the same position, they would take the "risk" or give him a reasonable interest rate, all things being equal.

This has nothing to do with black banks. This is "BoA is terrible and might not give me a loan" which is likely to happen ANYWHERE

In short, the black-owned bank movement is a way to bypass the front door racism for aspiring entrepreneurs and community developers.

There ain't no guarantees any bank going to give you a loan.

You niggas going through all this under the idea that "he gon hook a brotha up" Niggas ain't get to own banks by being cool and giving hook ups.

 

[bambu]

I hope that the influx of capital into these banks help improve the community. ...

 

[StillFaggyAF]

Why don't you go outside for once and go investigate

Scary ass

 

[bambu]

I been stopped fooling with big banks.....

I am comparing citizens trust bank with what I have now......

The fees and services seem typical of most big banks.....

It would be more expensive to switch all my services, idk I might open a savings with them.....

A nigga need a hook-up or some perks or something....

 

[5 Grand]

The thing is, small so-called "community banks" are owned by bigger banks.

Its like the local mom and pop store. You might think you're supporting the local community and sticking it to the man when you shop at a mom and pop shop, but their owned by a bank. The mom and pop had to get a bank loan to open the store and they have a mortgage they pay to the white man.

Its more complicated than saying, "lets open a black bank". Where are you going to borrow the money to open such a bank?

 

[D0wn]

Stop bitching.... when the issues arise, it will be figured out.

That's how things get addresed, and become effecient.

 

[zzombie]

I have always thought jono was a fucking coon... the movement to revitalize black banks just started and this nigga is already kicking dirt on the idea. A small local bank is much more likely to provide better service to a small local entrepreneur than a big banks

 

[Fosheezy]

Worrying about the wrong thing.

Yall gotta keep in mind a bank is still a business. Whether it's black owned or not. That's not to say it's a winner takes all situation. But I don't think it's wise to go into 'banking black' with a mindset of having lofty, microwavable expectations out front. It's still a financial INSTITUTION at the end of the day. Your expectation shouldn't be too far out the realm of understanding the way financial institutions operate in general. I do think however there should be certain expectations based on what the institution claims makes them different in terms of values, unique selling points, market position, competitive strategies etc.

Being black owned might not be enough motivation on its own to get everyone through the door (and it shouldn't be). i think that when it comes to keeping your position in the market and expanding your position as a business, the bank has to offer things that the other institutions don't offer and can't copy too easily, besides just being "black owned". But being black owned is enough for me at the moment, because it's seems enough reason for others to avoid it. Also i'm going into it voluntarily putting my black people interest in front of my own for the time being. i know that putting other people before you might seem backwards, but if you only move when it benefits you ALONE before it benefits anyone else, then you miss out on a lot of things in life. Gotta toss some "bread" to the little fish in the pond, and they will grow big and be there for you as a meal later when you running low on food.

 

[jono]

I have always thought jono was a fucking coon... the movement to revitalize black banks just started and this nigga is already kicking dirt on the idea. A small local bank is much more likely to provide better service to a small local entrepreneur than a big banks

Im kicking dirt on the idea of being a sheep. I personally don't give a fuck what anyone does with their money but only a fool things just because someone is black that blackness comes before business.

 

[white sympathizer]

I have always thought jono was a fucking coon... the movement to revitalize black banks just started and this nigga is already kicking dirt on the idea. A small local bank is much more likely to provide better service to a small local entrepreneur than a big banks

Thats a peckerwood

 

[zzombie]

I have always thought jono was a fucking coon... the movement to revitalize black banks just started and this nigga is already kicking dirt on the idea. A small local bank is much more likely to provide better service to a small local entrepreneur than a big banks

Im kicking dirt on the idea of being a sheep. I personally don't give a fuck what anyone does with their money but only a fool things just because someone is black that blackness comes before business.

Man nigga please.... there is nothing sheepish about intelligent collective action and NO ONE IN THIS THREAD SUGGESTED THE BOLD.