Thousands of blacks have opened new accounts at black-owned Citizens Trust Bank
- Thread starter ↓R↑LYB
- Start date
Breh, I live in NorCali. What is the best black bank to use. Preferably one with a quality online banking service.
Peruvian Connect
All Star
$1,800 per person!
Don't post this weirdo Israelite shyt in a thread based in reality.
I know I put my money in. KASASA program they got is dope
Agreed
Black-owned Banks Are Disappearing at an Alarming Rate
Black-owned banks are disappearing at an alarming rate
By Rob Wile
The Great Recession of 2008 changed banking in the U.S. forever, not least by drastically consolidating the entire financial sector. From 2007 to 2013, the number of U.S. banks declined by 14%, representing more than 800 institutions that either shut down, were sold, or merged with other banks.
Minority owned institutions were hit even harder. The number of black-owned financial institutions fell by by 24% from 2007 to 2009, according to Creative Investment Research (CIR), an investment research and management company founded in 1989 that focuses on minority-owned financial institutions.
Today, there are just 23 black-owned banks left in America, CIR says. And despite the efforts of the recent #bankblack movement, CIR now projects that there will be just seven black-owned banks left by 2028.
In a presentation shared with Fusion, CIR showed how that would represent an 87% decline from the height of the black bank era, reached around 1994, when there were 55 black-owned banks in America.
There are two main reasons for this decline, William Michael Cunningham, CIR’S impact investing specialist and report co-author Crystal Liu told me by phone. And they have nothing to do with subprime lending, which Cunningham said almost all black-owned banks stayed away from.
The first is the simple fact of the consolidation trends that are taking place in the rest of the banking industry. The number of banks in America has continued to decline even during the recovery, with an annual average of about 4% fewer institutions each year.
“Given trends in consolidation, you’re going to see larger and larger financial institutions,” Cunningham said. He pointed out that there is already no black-owned bank with more than $1 billion in assets, which makes it harder for banks to make investments and absorb losses.
More consequential, Cunningham argues, has been a lack of commitment from federal bank regulators to supporting minority banking institutions. Regulators, he says, have seemed to abandonSection 308 of the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which established a goal of “[preserving] the number of minority depository institutions.” And the Dodd-Frank financial reform bill passed after the recession included a directive to establish offices of Minority and and Women Inclusion—offices that Cunningham says have been mostly dormant.
“Neither [directive] has been effective as measured by numbers and the data,” Cunningham said.
In an email, a Federal Reserve spokesperson pointed Fusion to its Partnership for Progress program, which seeks to help minority owned banks through “one-on-one guidance, workshops, and an extensive interactive web-based resource and information center.”
A rep for the Federal Deposit Insurance Corporation (FDIC), which insures Americans’ bank accounts, said that FDIC regional managers regularly meet with boards of directors of minority-owned banks. However, it did acknowledge the decline in minority-owned banks, which it attributed to the lack of “a talented pipeline of managers at a time when a number of senior bank managers are at or nearing retirement.”
“We at the FDIC are looking closely at the succession planning issue at institutions of all types across the country,” the FDIC rep said. “We are particularly focused on this issue and how it relates to MDIs and are eager to work with interested parties.”
Cunningham, CIR’S impact investing specialist, told me that the importance of having black-owned banks isn’t just symbolic. The day before Martin Luther King, Jr. was assassinated, Cunningham explained, he spoke about the need for black people to keep and build wealth within their own communities. Those needs have not changed, Cunningham said.
“Its not that blacks don’t have money,” he said, noting that black people currently have $1.2 trillion in purchasing power and climbing. “It’s that the money is going to non-black owned banks that doesn’t support their interests. We know that because you had large financial institutions selling instruments diametrically opposed to the interest of the black community.”
Black-owned banks are disappearing at an alarming rate
By Rob Wile
The Great Recession of 2008 changed banking in the U.S. forever, not least by drastically consolidating the entire financial sector. From 2007 to 2013, the number of U.S. banks declined by 14%, representing more than 800 institutions that either shut down, were sold, or merged with other banks.
Minority owned institutions were hit even harder. The number of black-owned financial institutions fell by by 24% from 2007 to 2009, according to Creative Investment Research (CIR), an investment research and management company founded in 1989 that focuses on minority-owned financial institutions.
Today, there are just 23 black-owned banks left in America, CIR says. And despite the efforts of the recent #bankblack movement, CIR now projects that there will be just seven black-owned banks left by 2028.
In a presentation shared with Fusion, CIR showed how that would represent an 87% decline from the height of the black bank era, reached around 1994, when there were 55 black-owned banks in America.
There are two main reasons for this decline, William Michael Cunningham, CIR’S impact investing specialist and report co-author Crystal Liu told me by phone. And they have nothing to do with subprime lending, which Cunningham said almost all black-owned banks stayed away from.
The first is the simple fact of the consolidation trends that are taking place in the rest of the banking industry. The number of banks in America has continued to decline even during the recovery, with an annual average of about 4% fewer institutions each year.
“Given trends in consolidation, you’re going to see larger and larger financial institutions,” Cunningham said. He pointed out that there is already no black-owned bank with more than $1 billion in assets, which makes it harder for banks to make investments and absorb losses.
More consequential, Cunningham argues, has been a lack of commitment from federal bank regulators to supporting minority banking institutions. Regulators, he says, have seemed to abandonSection 308 of the 1989 Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), which established a goal of “[preserving] the number of minority depository institutions.” And the Dodd-Frank financial reform bill passed after the recession included a directive to establish offices of Minority and and Women Inclusion—offices that Cunningham says have been mostly dormant.
“Neither [directive] has been effective as measured by numbers and the data,” Cunningham said.
In an email, a Federal Reserve spokesperson pointed Fusion to its Partnership for Progress program, which seeks to help minority owned banks through “one-on-one guidance, workshops, and an extensive interactive web-based resource and information center.”
A rep for the Federal Deposit Insurance Corporation (FDIC), which insures Americans’ bank accounts, said that FDIC regional managers regularly meet with boards of directors of minority-owned banks. However, it did acknowledge the decline in minority-owned banks, which it attributed to the lack of “a talented pipeline of managers at a time when a number of senior bank managers are at or nearing retirement.”
“We at the FDIC are looking closely at the succession planning issue at institutions of all types across the country,” the FDIC rep said. “We are particularly focused on this issue and how it relates to MDIs and are eager to work with interested parties.”
Cunningham, CIR’S impact investing specialist, told me that the importance of having black-owned banks isn’t just symbolic. The day before Martin Luther King, Jr. was assassinated, Cunningham explained, he spoke about the need for black people to keep and build wealth within their own communities. Those needs have not changed, Cunningham said.
“Its not that blacks don’t have money,” he said, noting that black people currently have $1.2 trillion in purchasing power and climbing. “It’s that the money is going to non-black owned banks that doesn’t support their interests. We know that because you had large financial institutions selling instruments diametrically opposed to the interest of the black community.”
$2.7 Million in New Deposits at Black Owned Industrial Bank
$2.7 Million in New Deposits at Black-Owned Industrial Bank
Movement seeks to leverage our resources to support African American banks that are more inclined to lend to minority small businesses
by Jared Brown Posted: August 17, 2016
A- A A+
(Image: iStock.com/michaeljung)
As the national conversation about the value of black lives and the role of police intensifies, celebrities and community leaders alike are calling on the black community to deposit money into black-owned banking institutions to combat brutality and transform communities.
“I encourage none of us to engage in acts of violence that cause more peril to our community and others that look like us,” according to Killer Mike, a well-known American hip-hop recording artist. “I encourage us to take our warfare to financial institutions,” he concluded.
Discriminatory Lending
Research indicates that entrepreneurs of color are treated far worse than whites when seeking loans for small businesses, even when all other variables—credit history, credentials, company type—are the same.
A recent study conducted by academics at Brigham Young University, Rutgers University, and Utah State University featured black, white, and Latino businessmen. “The black and Latino business owners were provided far less information about loan terms, offered less application help by loan officers, less frequently handed a business card, and asked more questions about their personal finances,” the study indicates.
“If you are white and set out to get financing for an entrepreneurial venture, it might be a tough journey,” said Glenn Christensen, a marketing professor at BYU. “But, generally speaking, you would experience fewer obstacles and find more help along the way than if you came from an African American or Hispanic background,” he concluded.
#DivestToInvest
Local Washington, D.C., activists recently launched #DivestToInvest to join a growing chorus of concerned stakeholders who actively support African American-owned banks and businesses. “At this critical time, we believe that we must band together and leverage our resources to support African American banks that are more inclined to lend to small businesses in our communities,” according to Waikinya Clanton, spokesperson for the group.
The local and national efforts have led to a surge of deposits at Industrial Bank, the oldest and largest African American-owned commercial bank in the metropolitan Washington, D.C. region. In July alone, more than 1,500 new accounts with deposit balances of approximately $2.7 million were opened. This is more than the number of accounts that are usually opened in a six-month period.
“This will have a HUGE impact in our community! Thanks for choosing Industrial & for inspiring others to do the same,” according to a tweet from the banking institution.
$2.7 Million in New Deposits at Black-Owned Industrial Bank
Movement seeks to leverage our resources to support African American banks that are more inclined to lend to minority small businesses
by Jared Brown Posted: August 17, 2016
A- A A+
(Image: iStock.com/michaeljung)
As the national conversation about the value of black lives and the role of police intensifies, celebrities and community leaders alike are calling on the black community to deposit money into black-owned banking institutions to combat brutality and transform communities.
“I encourage none of us to engage in acts of violence that cause more peril to our community and others that look like us,” according to Killer Mike, a well-known American hip-hop recording artist. “I encourage us to take our warfare to financial institutions,” he concluded.
Discriminatory Lending
Research indicates that entrepreneurs of color are treated far worse than whites when seeking loans for small businesses, even when all other variables—credit history, credentials, company type—are the same.
A recent study conducted by academics at Brigham Young University, Rutgers University, and Utah State University featured black, white, and Latino businessmen. “The black and Latino business owners were provided far less information about loan terms, offered less application help by loan officers, less frequently handed a business card, and asked more questions about their personal finances,” the study indicates.
“If you are white and set out to get financing for an entrepreneurial venture, it might be a tough journey,” said Glenn Christensen, a marketing professor at BYU. “But, generally speaking, you would experience fewer obstacles and find more help along the way than if you came from an African American or Hispanic background,” he concluded.
#DivestToInvest
Local Washington, D.C., activists recently launched #DivestToInvest to join a growing chorus of concerned stakeholders who actively support African American-owned banks and businesses. “At this critical time, we believe that we must band together and leverage our resources to support African American banks that are more inclined to lend to small businesses in our communities,” according to Waikinya Clanton, spokesperson for the group.
The local and national efforts have led to a surge of deposits at Industrial Bank, the oldest and largest African American-owned commercial bank in the metropolitan Washington, D.C. region. In July alone, more than 1,500 new accounts with deposit balances of approximately $2.7 million were opened. This is more than the number of accounts that are usually opened in a six-month period.
“This will have a HUGE impact in our community! Thanks for choosing Industrial & for inspiring others to do the same,” according to a tweet from the banking institution.
I shouldn't even post this garbage ass article. He's not even funny.
----------------------------------------------------------------------------------------------------------------------------------------
Why I’m Not Depositing My Money In A Black-owned Bank - Why I’m Not Depositing My Money In A Black-owned Bank
Why I’m Not Depositing My Money In A Black-Owned Bank
Wed, 08/17/2016 - 20:38 Report
Well, if I had any money
Internets,
The other day on Instagram, in between pics of thots drinking laxative tea (no wonder their rooms are a mess), I saw that my play cousin Killer Mike is trying to get people to deposit their money in black-owned banks. I decided I’d have a look.
I figured it was the least I could do, since Killer Mike and I have partnered in a number of initiatives involving donating money to underprivileged female community college students, as recounted in my book Infinite Crab Meats. This was back when I was funemployed, so he was funding a lot of that charity.
I consulted the Google re: black-owned banks here in my native STL, and I found a link to what appears to be the only black-owned bank in the area, on a black-interest website with a lot of inspirational posts about young black people who’d manage to accomplish ostensibly impressive feats (like a solid BM). You know the type.
I clicked through to the black-owned bank, the St. Louis Community Credit Union, and it seemed like it might be a legit operation (it’s probably illegal to run a pretend bank, and as they say in the warehouse where I work, that’s Fed time!), but it wasn’t clear to me that it’s owned by black people.
It’s about-page doesn’t say anything about it being black-owned. In the upper left-hand corner, there’s a stock photo with mostly white people in it and one random black chick, college admissions brochure-style, but that actually makes sense if they’re trying to appeal to black people: we like to spend our money in places that we imagine are patronized by white people.
I researched St. Louis Community Credit Union, and I saw, via Google Maps, that it’s located “in the community,” so to speak. Hence, presumably, the name. Regardless of whether or not they’re black-owned, they must cater to what’s known in the marketing world (and in leaked DNC emails) as an urban demographic.
And that’s just part of the reason I won’t be closing my account with US Bank, which I’m sure appreciates the $1,500 or so (at best) that I’ve kept there my entire adult life so far, and opening an account with this supposedly black-owned bank: If I get mugged going down there to get some cash, it defeats its own purpose!
Other reasons I’m not switching include the following:
1) Does this bank even have a debit card?
US Bank ATMs are all over the place, at individual branches, which are as numerous as MFN Starbucks, as well as in grocery stores and parking lots outside of East Indian-owned chain restaurants. Some lower class white areas even have US Bank ATMs that will give you a five-dollar bill. [insert major-key emoji]
Name-brand bank ATMs charge like $2 for people with debit cards from banks no one ever heard of. Depending on your success-level in life, that could very quickly add up. At that point, you might as well have a RushCard.
*shudders at the thought*
Meanwhile, I’ve been told that some of these Internets-based banks have debit cards that will waive the fee at any ATM you can possibly use, including the $20 they charge you to get cash in a strip club. Is there a black-owned Internets bank with such a debit card? If not, that might be something for Killer Mike to look into.
2) I don’t have a use for multiple accounts.
If I were made out of money, I could just take some of the money out of my US Bank account and deposit it in a black-owned bank. I could even deposit it in a black-owned bank out of state that I wouldn’t be able to visit very often, like the bank in Atlanta that Killer Mike fuxwit.
But, alas, I’m not. At least until sales of No Country for Black Men pick up, I can’t even afford for the balance in my checking account to dip below a certain amount, or else I’ll be charged a fee each month, in which case, again, I might as well have a RushCard.
3) What good would this do, anyway?
If every black person in this country took their money out of a white-owned bank and deposited it in a black-owned bank, wouldn’t a white-owned bank just buy the black-owned bank? I’ve only had a bank account since I was in college, which was only 17 years ago (uh, never mind), and it was owned by like five different companies before it became US Bank. My checks still say Mercantile.
And would a black-owned bank be any more likely to give you a loan than a white-owned bank? It’s become de rigueur for a certain kind of brother to complain that a bank will give you a loan for $200,000 to buy a house, but they won’t give you a loan for a fraction of that amount to start a business, which could theoretically increase in value a lot more than a house–the key word there being theoretically.
I’m tempted to believe anything Killer Mike says, because he’s so self-possessed and articulate, but the fact of the matter is that not all of his advice is the best advice in the world. Some of it is just garden variety small government mumbo jumbo.
Take for example his spiel about how more black people should start small businesses. This is excellent advice for someone looking to part ways with his life savings–statistically speaking, at least. Something ridiculous like nine out of 10 small businesses fail. And the failure rate for restaurants, like black youth unemployment, has somehow managed to exceed 100 percent. It defies basic laws of mathematics.
It’s true that the success of small businesses has skyrocketed since Killer Mike’s beloved Reagan administration, but those numbers are all skewed by corporations outsourcing a lot of their once-internal functions to smaller companies, mostly to save money on benefits, pensions and what have you. It’s not from brothers in the hood becoming fantastically wealthy cutting people’s hair.
Most people who are millionaires in this country made their money working a 9 to 5 job and saving and investing their earnings. The thing is, most black people couldn’t follow that same path to success if they wanted to, because these corporations would never hire them. And it’s not just a matter of meeting the requirements. You could be the most qualified candidate and lose out to a white guy who just got out of jail. It was proven in the first Freakonomics book.
The only way black people could really come up in this country is to get rid of racism, and that’s scientifically impossible. So basically, we’re screwed.
My recommendation: Gorge yourself on alcohol this weekend and try not to remember.
Take it easy on yourself,
Bol
Byron Crawford
My government name is Byron Crawford, though many people on the Internets call me Bol, which is Swahili for "The…www.amazon.com
Originally published at tinyletter.com.
Source related
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banks
business
college
companies
credit
good
google
hire
instagram
investing
it
job
loan
marketing
outsourcing
play
sales
speak
success
true
use
warehouse
website
well
READ MORE
Killer Mike Wants You To Move Money Into A Local, Black-Owned Bank Before It's Too Late
ATLANTA, Ga. - Michael Render has just finished an interview with Akinyele Umoja, a Georgia State University professor and author of We Will Shoot Back, for a podcast he's producing with The Huffington Post. He's walking through the student center when somediv recognizes him: "Killer Mike!"
The kid wants a selfie and, more urgently, he demands to know when "Run The Jewels 3" is dropping. "Fall," Render promises.
But Render wants something in return: the kid's money. Not for himself, but for Citizens Trust Bank in Atlanta, a black-owned bank nearly a century old. Render suggests opening up a checking account with $100. The kid hesitates, and Render says even $20 would help. "Bank black, bank small and bank local," he says. "Bank black, because, especially if you're African-American, it strengthens the ability of you to help institutions that will help give small business loans or home loans to people in your community."
If people don't start to follow this advice, the ongoing existence of black-owned banks is in doubt.
Render has a long history of social activism and has emerged as one of Democratic presidential candidate Bernie Sanders' (I-Vt.) most prominent endorsers.
His goal, he tells The Huffington Post, is to get 1 million people to open an account at Citizens Trust Bank.
The campaign kicked off with an Instagram post at the start of February as part of Black History Month.
"If you're not black, still bank with this bank or a local black bank because when you bank small, you're building a real relationship with the people you're banking with. Small banks appreciate your money in a different way than a national bank," he says.
That message is particularly timely in Atlanta. In January, rapper Blac Youngsta (Sam Benson) was arrested after withdrawing money from his own Wells Fargo account. Police cuffed him after he exited the bank, according to the blog Financial Juneteenth.
Diedra St. Julien, marketing director at Citizens Trust Bank, told HuffPost that Render's campaign "aligns so much with the legacy of the bank and what we stand for: It's all about community. It's about having a good relationship with your money."
St. Julien said there has been a surge in awareness of the bank, and that "we have seen an uptick on inquiries from loans" and other products.
Such "Move Your Money" campaigns gained prominence after the financial crisis as a way for individuals to take action to decrease the financial power and risk posed by too-big-to-fail banks. Some individual efforts had an impact.
The Huffington Post launched a Move Your Money campaign in 2010, aiming to shift assets to local banks that have shown that "you can both be profitable and have a positive impact on the community," to quote a blog from HuffPost Editor-in-Chief Arianna Huffington and Rob Johnson, the executive director of the Institute for New Economic Thinking. Bank Transfer Day was a similar campaign that began with a Facebook post and became a coordinated effort to get people to open accounts at credit unions.
Money did move, often because of obvious blunders by big banks: In 2011, Bank of America added a monthly $5 fee for customers to use its debit cards, and within a month, $4.5 billion flooded into credit unions. (Bank of America ended upscrapping the fee.)
But at a large scale, Move Your Money campaigns have not worked: The largest banks have a greater share of Americans' deposits now than before the financial crisis. That's part of a long trend of consolidation in the banking industry.
It’s also a drawn out and torturously detailed process to open a new bank account, transfer your money and shut down your old account while making sure all your automatic payments and bills still get paid. That, of course, is by design.
In the the Instagram post that kicked off his campaign, Render dealt with this issue by saying the aim wasn't necessarily for people to close their accounts with big banks. He wrote that people could keep their old accounts and open a new savings account with Citizens Trust, as one option. "[M]ake sure at least 1 account is with a black bank," he wrote, "turning that dollar in our community!”
Later this month, The Huffington Post is launching a podcast, hosted by Killer Mike, on Reconstruction. If you know anything about Reconstruction, you've probably been told that it was a brief moment of ill-advised revenge that the North took on the South just after the Civil War. But the real history of Reconstruction is one of great hope and promise mixed with tremendous violence. Sign up here to get an email when the podcast goes live.
----------------------------------------------------------------------------------------------------------------------------------------
Why I’m Not Depositing My Money In A Black-owned Bank - Why I’m Not Depositing My Money In A Black-owned Bank
Why I’m Not Depositing My Money In A Black-Owned Bank
Wed, 08/17/2016 - 20:38 Report
Well, if I had any money
Internets,
The other day on Instagram, in between pics of thots drinking laxative tea (no wonder their rooms are a mess), I saw that my play cousin Killer Mike is trying to get people to deposit their money in black-owned banks. I decided I’d have a look.
I figured it was the least I could do, since Killer Mike and I have partnered in a number of initiatives involving donating money to underprivileged female community college students, as recounted in my book Infinite Crab Meats. This was back when I was funemployed, so he was funding a lot of that charity.
I consulted the Google re: black-owned banks here in my native STL, and I found a link to what appears to be the only black-owned bank in the area, on a black-interest website with a lot of inspirational posts about young black people who’d manage to accomplish ostensibly impressive feats (like a solid BM). You know the type.
I clicked through to the black-owned bank, the St. Louis Community Credit Union, and it seemed like it might be a legit operation (it’s probably illegal to run a pretend bank, and as they say in the warehouse where I work, that’s Fed time!), but it wasn’t clear to me that it’s owned by black people.
It’s about-page doesn’t say anything about it being black-owned. In the upper left-hand corner, there’s a stock photo with mostly white people in it and one random black chick, college admissions brochure-style, but that actually makes sense if they’re trying to appeal to black people: we like to spend our money in places that we imagine are patronized by white people.
I researched St. Louis Community Credit Union, and I saw, via Google Maps, that it’s located “in the community,” so to speak. Hence, presumably, the name. Regardless of whether or not they’re black-owned, they must cater to what’s known in the marketing world (and in leaked DNC emails) as an urban demographic.
And that’s just part of the reason I won’t be closing my account with US Bank, which I’m sure appreciates the $1,500 or so (at best) that I’ve kept there my entire adult life so far, and opening an account with this supposedly black-owned bank: If I get mugged going down there to get some cash, it defeats its own purpose!
Other reasons I’m not switching include the following:
1) Does this bank even have a debit card?
US Bank ATMs are all over the place, at individual branches, which are as numerous as MFN Starbucks, as well as in grocery stores and parking lots outside of East Indian-owned chain restaurants. Some lower class white areas even have US Bank ATMs that will give you a five-dollar bill. [insert major-key emoji]
Name-brand bank ATMs charge like $2 for people with debit cards from banks no one ever heard of. Depending on your success-level in life, that could very quickly add up. At that point, you might as well have a RushCard.
*shudders at the thought*
Meanwhile, I’ve been told that some of these Internets-based banks have debit cards that will waive the fee at any ATM you can possibly use, including the $20 they charge you to get cash in a strip club. Is there a black-owned Internets bank with such a debit card? If not, that might be something for Killer Mike to look into.
2) I don’t have a use for multiple accounts.
If I were made out of money, I could just take some of the money out of my US Bank account and deposit it in a black-owned bank. I could even deposit it in a black-owned bank out of state that I wouldn’t be able to visit very often, like the bank in Atlanta that Killer Mike fuxwit.
But, alas, I’m not. At least until sales of No Country for Black Men pick up, I can’t even afford for the balance in my checking account to dip below a certain amount, or else I’ll be charged a fee each month, in which case, again, I might as well have a RushCard.
3) What good would this do, anyway?
If every black person in this country took their money out of a white-owned bank and deposited it in a black-owned bank, wouldn’t a white-owned bank just buy the black-owned bank? I’ve only had a bank account since I was in college, which was only 17 years ago (uh, never mind), and it was owned by like five different companies before it became US Bank. My checks still say Mercantile.
And would a black-owned bank be any more likely to give you a loan than a white-owned bank? It’s become de rigueur for a certain kind of brother to complain that a bank will give you a loan for $200,000 to buy a house, but they won’t give you a loan for a fraction of that amount to start a business, which could theoretically increase in value a lot more than a house–the key word there being theoretically.
I’m tempted to believe anything Killer Mike says, because he’s so self-possessed and articulate, but the fact of the matter is that not all of his advice is the best advice in the world. Some of it is just garden variety small government mumbo jumbo.
Take for example his spiel about how more black people should start small businesses. This is excellent advice for someone looking to part ways with his life savings–statistically speaking, at least. Something ridiculous like nine out of 10 small businesses fail. And the failure rate for restaurants, like black youth unemployment, has somehow managed to exceed 100 percent. It defies basic laws of mathematics.
It’s true that the success of small businesses has skyrocketed since Killer Mike’s beloved Reagan administration, but those numbers are all skewed by corporations outsourcing a lot of their once-internal functions to smaller companies, mostly to save money on benefits, pensions and what have you. It’s not from brothers in the hood becoming fantastically wealthy cutting people’s hair.
Most people who are millionaires in this country made their money working a 9 to 5 job and saving and investing their earnings. The thing is, most black people couldn’t follow that same path to success if they wanted to, because these corporations would never hire them. And it’s not just a matter of meeting the requirements. You could be the most qualified candidate and lose out to a white guy who just got out of jail. It was proven in the first Freakonomics book.
The only way black people could really come up in this country is to get rid of racism, and that’s scientifically impossible. So basically, we’re screwed.
My recommendation: Gorge yourself on alcohol this weekend and try not to remember.
Take it easy on yourself,
Bol
Byron Crawford
My government name is Byron Crawford, though many people on the Internets call me Bol, which is Swahili for "The…www.amazon.com
Originally published at tinyletter.com.
Source related
- Amazon.com: Byron Crawford: Books, Biography, Blog, Audiobooks, Kindle
- Why I'm not depositing my money in a black-owned bank
all
banks
business
college
companies
credit
good
hire
investing
it
job
loan
marketing
outsourcing
play
sales
speak
success
true
use
warehouse
website
well
READ MORE
Killer Mike Wants You To Move Money Into A Local, Black-Owned Bank Before It's Too Late
ATLANTA, Ga. - Michael Render has just finished an interview with Akinyele Umoja, a Georgia State University professor and author of We Will Shoot Back, for a podcast he's producing with The Huffington Post. He's walking through the student center when somediv recognizes him: "Killer Mike!"
The kid wants a selfie and, more urgently, he demands to know when "Run The Jewels 3" is dropping. "Fall," Render promises.
But Render wants something in return: the kid's money. Not for himself, but for Citizens Trust Bank in Atlanta, a black-owned bank nearly a century old. Render suggests opening up a checking account with $100. The kid hesitates, and Render says even $20 would help. "Bank black, bank small and bank local," he says. "Bank black, because, especially if you're African-American, it strengthens the ability of you to help institutions that will help give small business loans or home loans to people in your community."
If people don't start to follow this advice, the ongoing existence of black-owned banks is in doubt.
Render has a long history of social activism and has emerged as one of Democratic presidential candidate Bernie Sanders' (I-Vt.) most prominent endorsers.
His goal, he tells The Huffington Post, is to get 1 million people to open an account at Citizens Trust Bank.
The campaign kicked off with an Instagram post at the start of February as part of Black History Month.
"If you're not black, still bank with this bank or a local black bank because when you bank small, you're building a real relationship with the people you're banking with. Small banks appreciate your money in a different way than a national bank," he says.
That message is particularly timely in Atlanta. In January, rapper Blac Youngsta (Sam Benson) was arrested after withdrawing money from his own Wells Fargo account. Police cuffed him after he exited the bank, according to the blog Financial Juneteenth.
Diedra St. Julien, marketing director at Citizens Trust Bank, told HuffPost that Render's campaign "aligns so much with the legacy of the bank and what we stand for: It's all about community. It's about having a good relationship with your money."
St. Julien said there has been a surge in awareness of the bank, and that "we have seen an uptick on inquiries from loans" and other products.
Such "Move Your Money" campaigns gained prominence after the financial crisis as a way for individuals to take action to decrease the financial power and risk posed by too-big-to-fail banks. Some individual efforts had an impact.
The Huffington Post launched a Move Your Money campaign in 2010, aiming to shift assets to local banks that have shown that "you can both be profitable and have a positive impact on the community," to quote a blog from HuffPost Editor-in-Chief Arianna Huffington and Rob Johnson, the executive director of the Institute for New Economic Thinking. Bank Transfer Day was a similar campaign that began with a Facebook post and became a coordinated effort to get people to open accounts at credit unions.
Money did move, often because of obvious blunders by big banks: In 2011, Bank of America added a monthly $5 fee for customers to use its debit cards, and within a month, $4.5 billion flooded into credit unions. (Bank of America ended upscrapping the fee.)
But at a large scale, Move Your Money campaigns have not worked: The largest banks have a greater share of Americans' deposits now than before the financial crisis. That's part of a long trend of consolidation in the banking industry.
It’s also a drawn out and torturously detailed process to open a new bank account, transfer your money and shut down your old account while making sure all your automatic payments and bills still get paid. That, of course, is by design.
In the the Instagram post that kicked off his campaign, Render dealt with this issue by saying the aim wasn't necessarily for people to close their accounts with big banks. He wrote that people could keep their old accounts and open a new savings account with Citizens Trust, as one option. "[M]ake sure at least 1 account is with a black bank," he wrote, "turning that dollar in our community!”
Later this month, The Huffington Post is launching a podcast, hosted by Killer Mike, on Reconstruction. If you know anything about Reconstruction, you've probably been told that it was a brief moment of ill-advised revenge that the North took on the South just after the Civil War. But the real history of Reconstruction is one of great hope and promise mixed with tremendous violence. Sign up here to get an email when the podcast goes live.
Yeah, you should have kept that article to yourself breh.
But how did you get so much Coli cash?
You need to deposit that into a Black-owned bank
Yeah, you should have kept that article to yourself breh.
But how did you get so much Coli cash?
You need to deposit that into a Black-owned bank
lol. I handle the sportsbook for the NBA. Everytime someone places a bet and loses, I get the money!
Nonprofit BMe Deposits $1,000,000 in Black-Owned Bank, Calls on Others to #BankBlack
The Root
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Nonprofit BMe Deposits $1,000,000 in Black-Owned Bank, Calls on Others to #BankBlack
BMe Community, a national network invested in black men giving back to their communities, has joined forces with OneUnited, the nation’s largest black-owned bank, to be its “preferred bank” and for BMe to be the bank’s “preferred nonprofit.”
BY: BREANNA EDWARDSPosted: August 18, 2016
“Mona” is one of the faces of the #BankBlack campaign.ADDONIS PARKER VIA ONEUNITED BANK
In the #BankBlack movement, one organization is putting its money—$1 million—where its mouth is.
BMe Community, a national network dedicated to strengthening communities with the help of black men, is redirecting $1 million of its deposits into OneUnited, the nation’s largest black-owned bank, making BMe the “preferred nonprofit” for the bank, while OneUnited has become the “preferred bank” for the organization.
“When you try to get folks positively engaged in their communities and you think about building up the assets of the community, then it only makes sense that groups that say they care about the black community also bank black,” Trabian Shorters, the CEO of BMe, tells The Root. “And our network is in six cities. We have 165 BMe leaders that we’ve funded. Their work helps about half a million people every year, and it occurred to me that if we want other folks to invest in our communities, then we should lead by example.”
Both BMe and OneUnited hope to encourage the whole community to move its money and its mindset toward collective economics, as well as building wealth within the community.
“I think this #BankBlack movement is about more than us moving our money; it is about us moving our minds or just sort of opening up our minds to appreciating the power of our $1.2 trillion in spending power, and for us to start connecting with each other and using our money in a more purposeful way,” Teri Williams, president and chief operating officer of OneUnited, tells The Root.
Williams points out that of that staggering amount of spending power, the black community spends only about 2 percent on itself.
“We’re spending our money elsewhere, we’re building wealth for other people, and this whole movement to bank black, buy black, is really to get us to start recognizing that we can build wealth in our community with our own dollars,” she says.
And that’s exactly what the BMe network of black men, who are committed to building and strengthening communities across the country, plans to do: put its money where its interests lie, all the while actively encouraging others, particularly charitable organizations, to follow suit.
“There is $300 billion that [is] spent every year by charities, by philanthropies that typically focus on young people and communities and things that are associated with black folks,” Shorters emphasizes. “But do those organizations bank black? When you look at charitable foundation giving, if they just put some of their money on deposit with a black bank, that could infuse a billion dollars into our community, and it doesn’t even change any of our operating cost.”
“Amir” is another one of the faces of the #BankBlack movement.ADDONIS PARKER VIA ONEUNITED BANK
The network decided to go with OneUnited as its business of choice because of its impressive online banking services, Shorters says, as well as the fact that their missions seem to align perfectly.
“So much of the conversation around black people is as if by birth we’re not creditworthy, we’re not financial. There’s this myth that black people are not financial, so I think a lot of people avoid black banks, or they are afraid of black banks, or they don’t even think about black banks, so they just don’t connect the dots that the black bank is the one that is most likely to loan in your community; it’s the one that is most likely to provide some sort of literacy programs for financial education,” Shorters adds. “We don’t think about that for some reason, so those banks tend to be undercapitalized, and there’s just no reason that we can’t change that narrative.”
Shorters tells The Root that BMe will also be partnering with the bank on literacy programs that will help people learn to manage their money, among other projects.
“It’s not just a deposit. We recognize that our missions perfectly complement each other, and we’re going to keep working together to figure out ways to bring more resources to the black community,” Shorters says.
Williams says that the bank’s goal is to “eradicate poverty in our community in our lifetime.”
“It’s within our power,” Williams says firmly. “If we start to do business with each other, if we start to partner with each other, we start to employ each other, we start to build wealth with each other, it sort of takes away the middle man. It just allows us to take advantage of the dollars that we’re spending by using those dollars to build wealth in our community.”
The Root
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Nonprofit BMe Deposits $1,000,000 in Black-Owned Bank, Calls on Others to #BankBlack
BMe Community, a national network invested in black men giving back to their communities, has joined forces with OneUnited, the nation’s largest black-owned bank, to be its “preferred bank” and for BMe to be the bank’s “preferred nonprofit.”
BY: BREANNA EDWARDSPosted: August 18, 2016
“Mona” is one of the faces of the #BankBlack campaign.ADDONIS PARKER VIA ONEUNITED BANK
In the #BankBlack movement, one organization is putting its money—$1 million—where its mouth is.
BMe Community, a national network dedicated to strengthening communities with the help of black men, is redirecting $1 million of its deposits into OneUnited, the nation’s largest black-owned bank, making BMe the “preferred nonprofit” for the bank, while OneUnited has become the “preferred bank” for the organization.
“When you try to get folks positively engaged in their communities and you think about building up the assets of the community, then it only makes sense that groups that say they care about the black community also bank black,” Trabian Shorters, the CEO of BMe, tells The Root. “And our network is in six cities. We have 165 BMe leaders that we’ve funded. Their work helps about half a million people every year, and it occurred to me that if we want other folks to invest in our communities, then we should lead by example.”
Both BMe and OneUnited hope to encourage the whole community to move its money and its mindset toward collective economics, as well as building wealth within the community.
“I think this #BankBlack movement is about more than us moving our money; it is about us moving our minds or just sort of opening up our minds to appreciating the power of our $1.2 trillion in spending power, and for us to start connecting with each other and using our money in a more purposeful way,” Teri Williams, president and chief operating officer of OneUnited, tells The Root.
Williams points out that of that staggering amount of spending power, the black community spends only about 2 percent on itself.
“We’re spending our money elsewhere, we’re building wealth for other people, and this whole movement to bank black, buy black, is really to get us to start recognizing that we can build wealth in our community with our own dollars,” she says.
And that’s exactly what the BMe network of black men, who are committed to building and strengthening communities across the country, plans to do: put its money where its interests lie, all the while actively encouraging others, particularly charitable organizations, to follow suit.
“There is $300 billion that [is] spent every year by charities, by philanthropies that typically focus on young people and communities and things that are associated with black folks,” Shorters emphasizes. “But do those organizations bank black? When you look at charitable foundation giving, if they just put some of their money on deposit with a black bank, that could infuse a billion dollars into our community, and it doesn’t even change any of our operating cost.”
“Amir” is another one of the faces of the #BankBlack movement.ADDONIS PARKER VIA ONEUNITED BANK
The network decided to go with OneUnited as its business of choice because of its impressive online banking services, Shorters says, as well as the fact that their missions seem to align perfectly.
“So much of the conversation around black people is as if by birth we’re not creditworthy, we’re not financial. There’s this myth that black people are not financial, so I think a lot of people avoid black banks, or they are afraid of black banks, or they don’t even think about black banks, so they just don’t connect the dots that the black bank is the one that is most likely to loan in your community; it’s the one that is most likely to provide some sort of literacy programs for financial education,” Shorters adds. “We don’t think about that for some reason, so those banks tend to be undercapitalized, and there’s just no reason that we can’t change that narrative.”
Shorters tells The Root that BMe will also be partnering with the bank on literacy programs that will help people learn to manage their money, among other projects.
“It’s not just a deposit. We recognize that our missions perfectly complement each other, and we’re going to keep working together to figure out ways to bring more resources to the black community,” Shorters says.
Williams says that the bank’s goal is to “eradicate poverty in our community in our lifetime.”
“It’s within our power,” Williams says firmly. “If we start to do business with each other, if we start to partner with each other, we start to employ each other, we start to build wealth with each other, it sort of takes away the middle man. It just allows us to take advantage of the dollars that we’re spending by using those dollars to build wealth in our community.”