Movement Pushing African-Americans To 'Bank Black'
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MIAMI (CBSMiami) -- It is "Bank Black" weekend in Miami! It's a new "economic empowerment movement encouraging African-Americans to direct the dollars they have in checking and savings accounts toward black-owned banks.
It's the newest movement for black people sweeping the country but this one is an economic one. In response to the wave of shootings of black men by police officers around the country, thousands of African-American consumers are now "banking black."
"Three weeks ago, there was a rap artist named Kilker Mike who put out a call to action to the black community to put their money in black-owned banks," said One United Bank President Teri Williams
The grassroots economic empowerment movement is taking off.
"We've gone from opening about 50 accounts a day to opening 1000 a day," said Williams.
Williams said it's long overdue.
"It's an understanding that black money matters if we can circulate money in our community and then we can build wealth in our community," said Williams.
One United Bank is the first black internet bank and the largest black-owned bank in the country. They have offices in Los Angeles, Boston and one in Miami at 3275 NW 79th Street.
"African-Americans never really had a black-owned bank before and that's a good idea to support our black owned banks. To let them know that we are strong enough to basically finance and control our own money," said customer Maritza Couch.
One United Bank is holding a special event on Saturday to make it easy for people in the community to open new accounts and move their money.
There are 21 black-owned banks across the country. FAMU federal credit union out of Tallahassee is the only other black-owned bank in the state of Florida. One United is the only one in South Florida.
The bank management has extended their hours on Saturday from 9 a.m. to 4 p.m. to accommodate everyone.
