OneUnited Bank Promotes Financial Literacy For Youth With 15th Annual ‘I Got Bank’ Contest

Ten winners will receive a $1,000 savings account each by August 31.

America’s largest Black-owned bank, OneUnited Bank, is highlighting the importance of children learning financial literacy with its 15th annual “I Got Bank!” National Financial Literacy Contest, where 10 kids can win a $1,000 savings account, according to a press release shared with BLACK ENTERPRISE.

Contestants between eight and 12 are encouraged to read a financial literacy book of their choice and can either write a 250-word essay or create an art project showcasing how they would apply what they learned from the book to their everyday lives by the June 20 deadline. Ten winners will receive a $1,000 savings account each by Aug. 31.

To give children an inside look at how financial literacy can uplift them, the Bank offers an “I Got Bank” e-book for free. OneUnited Bank President Teri Williams decided to take matters into her own hands after finding there weren’t enough books that educate Black youth about finances, and wrote “I Got Bank! What My Granddad Taught Me About Money,” published by The Beckham Publications Group, Inc. “We did a survey of previous I Got Bank participants and found that 100% of them found the experience valuable to extremely valuable and 100% stated the experience increased their financial awareness,” Williams said.

“We want to thank the parents and schools for encouraging their children and students to participate in the contest. We continue to advocate for financial literacy to be taught in K-12 schools across America!”

The 2024 winners ranged between 10 and 12 from cities across the country.

OneUnited is known as a leader in educating Black communities about being financially liberated. In addition to schooling children, the bank is collaborating with other organizations to help adults who are renters build on their credit and make homeownership a reality. In partnership with Community Development Financial Institution (CDFI), the two collaborated with Esusu, a tech-forward credit-building platform, according to the Michigan Chronicle.

The platform allows renters to report on-time rental payments to all three major credit bureaus and removes one of the most under-discussed credit obstacles for everyday people, with a focus on Black renters. The partnership addresses structural barriers that have historically placed limitations on Black families who want to experience homeownership. Williams said the vision is clear, and working with Esusu is a key step. “For decades, our mission has been to promote financial empowerment for everyone, and this collaboration with Esusu is an important step in that direction,” Williams said.

“This alliance is all about empowering renters with the financial tools they need to turn their homeownership dreams into reality.”