Consumer Reports: Why You Should Consider Moving Your Money to a Minority-Owned Bank

Culture

by BA 45 Views

(Photo/Twitter) The current movement for racial reconciliation has raised awareness of the centuries-long wealth gap in America between whites and people of color—and of the role Black-owned banks can play to bridge it.Some companies are turning awareness into action. Last June, Netflix announced plans to shift $100 million into Black banks and other financial institutions, in order to bring more capital to communities of color “and make a meaningful difference for the people and businesses in them.” That same month PayPal made a $530 million commitment to support Black-owned community banks and businesses. By September, Biogen, a biotech company based in Cambridge, Mass., moved $10 million to OneUnited Bank, the nation’s largest Black-owned bank.The surge is coming from individuals, too. In 2016, before the corporate investments, OneUnited challenged members of the Black community to open an online account with the bank and invite 20 friends to do the same. By year’s end the #BankBlack challenge saw $20,000,000 in new deposits to the bank.

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