Take Action – BankBlackUSA

Everyone’s relationship with money is different. Some people have never used a bank, some people are seasoned entrepreneurs, and some people are planning for the future.

Wherever you are on your financial journey, there’s a way to support Black-owned financial institutions in a way that makes sense for you.

New to banking

Due to exclusionary policies and limited access, nearly half of Black households are unbanked or underbanked. If you’re in that population and don’t know where to begin with banking, Black-owned financial institutions make it easy to get started.

FIND A STARTING POINT

Unbanked populations in the US

Black and Latino Households Unbanked percentage

Making up just 32% of the US population, Black and Latinx households represent 64% of the country’s unbanked and 47% of its underbanked households

BCG

Ready to rebuild

For those who have had a rocky banking history and may be denied accounts with larger banks, many Black-owned financial institutions offer second-chance bank accounts. From accounts with low minimums to cards that can help build credit, there’s an institution to help you break out of your rut and get back on track.

EXPLORE THE OPTIONS

Bad credit reports by ethnic group

Bad Credit Report Rating of Black Americans

"48% of credit reports belonging to African-Americans were rated ‘bad,' compared to 27% for Caucasians and 28% for Hispanics. Whites earning less than $25,000 had better credit records as a group than African Americans earning between $65,000 and $75,000."

Freddie Mac

Planning for the future

If you’re comfortable with banking, but not ready to move your accounts, a great way to start banking Black is to open up a secondary savings account for things like a vacation fund or a large purchase. In addition, many Black-owned financial institutions offer loans with competitive interest rates—so getting a home or auto loan is another way to join the movement while thinking about what’s next.

GET AHEAD

Mortgage loans given to Black borrowers

Image of Mortgage Loan Percentage Difference Between Black and White Americans

Black owned banks provide 67% of mortgage loans to African-Americans, according to 2013 remarks by Martin Gruenberg, former chair of the FDIC. While non black owned community banks had fewer than 1% of mortgages go to African-Americans.

Harvest Institute

Growing a business

Black-owned financial institutions give over 50% of their loans to Black borrowers—while major banks on the other hand give less than 1%. So for Black entrepreneurs who need a loan, business account, or both in order to build their company, there are plenty of Black-owned banks and credit unions that can help turn their vision into reality.

DISCOVER RESOURCES

Sagepub Journals

Investing in the community

In addition to banking Black, purchasing stock in Black-owned banks and companies can help improve their financial health and ability to grow—and in the long term, your investment has the potential to grow, too.

START INVESTING

Infographic showing difference between black and white entrepreneurs' access to capital

Mckinsey

Make a donation

By donating to BankBlackUSA, you directly impact our ability to promote the #BankBlack movement and help communities make informed decisions with their money.

DONATE NOW

Amplify the movement

The more people who understand the benefits of banking Black, the more momentum we can create in Black communities. Encourage your friends and family to support Black-owned financial institutions by sharing the movement on social.

Follow and share the @bankblackusa movement on Twitter, Facebook, and Instagram with the hashtags #BankBlack and #InvestInUs.

How to bank Black depends on you