Buying Black, Banking Black, and the Genius of Collective Economics

OneUited Bank teams with black film critics to bring a powerful series of financial literacy videos to black America

Buying Black
Image: Teekay Photography

OneUnited Bank, one of the largest black-owned bank in America, has partnered with the African American Film Critics Association (AAFCA) and BMe Community (BMe) to bring a powerful series of financial literacy videos to black America that will underscore the importance of financial literacy, buying black, banking black and the genius of collective economics, according to a press statement from OneUnited.

Last summer, the banking black movement became the latest form of protest. Sparked by rapper Killer Mike, participants nationwide set out to deploy African American spending power in a more targeted fashion by funneling deposits into black-owned banks across the country. Dubbed the “Bank Black” campaign, proponents have called for using black wealth to create positive change in urban cities.

Related Story: #BlackMoneyMatters Getting Black Money Into Black Banks 

“There is an awakening for the black community to utilize our $1.2 trillion in annual spending power to create jobs and build wealth in our community,” Teri Williams, president and COO of OneUnited, told CNBC in a recent interview. OneUnited, which held the No. 2 spot on the BE 100s Banks list with $648.6 million total assets in 2015, claims the distinction of being the first black internet bank in the country.

Buy Black, Bank Black Series

According to the press release, video series topics will include the importance of saving for the future, how to power up your credit score, millennials and money, banking based on your values and how the #BankBlack and #BuyBlack movement can create jobs and support community development. OneUnited’s partnership with AAFCA, an annual premium awards show produced by black film critics worldwide, is a demonstration of its commitment to the #BankBlack Movement.

In August 2016, OneUnited began its partnership with BMe Community, a social network of inspired black men working to build community health and wealth in cities across America. BMe is led by CEO Trabian Shorters and is backed by private donations and leading philanthropies including the John S. and James L. Knight Foundation. Both BMe and OneUnited have been placing a strong emphasis on the importance of empowering the black community through initiatives that focus on economics, community development, entrepreneurship, and technology. BMe Community and OneUnited will serve as consultants to AAFCA on the content of the video series.

Related Story: Meet The Change Agent Trabian Shorters 

“At OneUnited Bank, we began with the understanding that traditional ways of teaching financial literacy to under-served communities are not effective and we needed to do something more creative,” adds Williams. “Our partnership with AAFCA and BMe Community allows us to think outside of the traditional banking box to educate consumers, especially black millennials, on the importance of being financially literate and using their collective spending power purposefully.”

 
  • Financial illiteracy is destroying current and future wealth in African-American families, because lower and middle income AAs do not have access to financial resources. This is why I am implementing an online affordable subscription program that provides access to financial education, mentoring, and counselors, on-demand 24/7 for under $600 annually.

    I believe thatif consumers have direct access to proper resources, they will be better informed and able to make better financial decisions.