Here is a sad fact that you may not realize: There are fewer Black owned Banks in the United States today than there were before the Great Depression.
And even more Black owned banks were wiped out amidst the 2008 financial crisis and the coronavirus pandemic of 2021-21.
Many of the Black owned banks of the past died out not from lack of community support, but because they were unable to adapt to changes on the technological landscape.
Those Black banks that failed to offer their customers online and mobile options died away, while others like One United Bank Online saw their business grow from shrinking competition.
With so few options left, it is important for us to keep the Black owned banks that we still have alive. But even though One United Bank online is the biggest out there, are they the best? And most importantly are they right for you?
Here is everything you need to know before you get started.
What is One United Bank Online?
One United Bank Online is a legit bank with physical locations on both the East and West coasts of the United States.
One United Bank was founded in 1968. Since then, they have risen to become the leader of the Bank Black movement with some calling One United the best Black bank in the United States.
Here is their mission According to the One United Bank website, their mission is to become the premier Black owned bank in America by:
- Offering affordable financial services for all.
- Treating all customers with respect, dignity and personal attention to their banking needs regardless of their account balances.
- Making financial literacy a core value in the Black community to close the racial wealth gap.
- Employing and training high quality employees who are committed to our mission.
- Maintaining superior financial performance
When we asked our Twitter family what the biggest financial issue in our community is, almost all of them replied with financial literacy.
What is the biggest threat to Black wealth in your opinion? Corruption and neocolonialism? Lack of financial literacy? Poor investment in our community? Hit reply
— The Pan-African Alliance 🌍 (@PanAfricanUnity) April 5, 2021
The fact that One United has made financial literacy a part of its mission speaks to their understanding of the needs of our community in ways that other commercial banks dont.
Should You Open An Account With One United Bank Online?
Most white-owned banks in the United States have worked against Black progress in one way or another.
Back in 2016, BancorpSouth agreed to pay a $10.6 million settlement of allegations the Mississippi-based regional bank used discriminatory mortgage lending practices that harmed African Americans.
The regulators allege that the $13.9 billion-asset bank denied African-Americans for home loans and charged them more compared to similarly situated white applicants.
The bank engaged in “redlining” in predominantly minority neighborhoods in violation of the Fair Housing Act and Equal Credit Opportunity Act, the CFPB said. – Source
Then in 2017, Philadelphia filed a federal lawsuit accusing Wells Fargo & Co. of overcharging Black home buyers for loans to buy homes in the city since 2004.
The suit says unnecessarily expensive loans drove minority borrowers toward foreclosures that cost the city unpaid taxes, drove down property values, and violated the federal Fair Housing Act.
And in 2005, America’s second biggest bank, JP Morgan Chase admitted that it accepted slaves as loan collateral and ended up owning several hundred slaves themselves.
So should you move your money from white institutions to a Black owned bank? The answer should be clear.
I opened my account online and it took me less than 20 minutes.
Here is a list of One United Bank Online locations and phone numbers:
683 Crenshaw Blvd,
Los Angeles, CA 90016
Phone: (323) 290-4848
3275 NW 79th St,
Miami, FL 33147
Phone: (305) 696-0700
648 Warren St,
Dorchester, MA 02121
Phone: (617) 457-4400
100 Franklin St,
Boston, MA 02110
Phone: (877) 663-8648
2343 Washington St,
Roxbury, MA 02119
Phone: (877) 663-8648
The savings account has a $5 monthly service charge unless you have $200 in the account. Then no service charge.
BankBlack Checking account has a $10 monthly service charge unless you have $500 in the account. Then no service charge.
Here are the fees.
Types of Accounts
- Credit Cards
- Certificates of Deposit
- Retirement Accounts
- Starting Checking Account Deposit: $50
- Starting Savings Account Deposit: $50
- Monthly Checking Account Fee: $10 for account balances under $500
- Monthly Savings Account Fee: $5 for account balances under $200
- Starting Certificate of Deposit Investment
- Android Application: Yes
- IOS Application: Yes
- Online Banking: Yes
Black owned banks are the engine that drive Black wealth in our community. The more support we give them, the more services they are able to re-invest into our community.