Common Sense Millionaire
Common Sense Millionaire
EP 23: Why It’s Time to Bank With Black Banks
Are you ready to evolve as you approach your money goals?
In this episode I’m talking about banking with black banks. It’s critical for black people to control their wealth and invest in institutions that prioritize their prosperity. Too many barriers and not enough opportunities exist with traditional banking systems.
This discussion fights the rumors that might discourage you from banking with black institutions. I won’t just be talking, but also giving you action steps to start fighting back and make sure your financial future is secured. Now is the time to break free from major banks that exploit customers and consider black banks that offer competitive services without ripping you off. Yes, we're talking about those extreme fees and all those negative experiences that come with them! Your money matters, and where you put it matters even more.
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Welcome to the Common Sense Millionaire, where we work to promote your financial advancement in knowledge process and education, so that you and your family become financially secure. This is the place I share Common Sense Action Steps that you can take today to assist your financial advancement. So sit back, grab a drink and let's get started. Common Sense Millionaire here you know we spend a lot of time talking about money and particularly, we spend a lot of time talking about how are you going to make it, how do you structure yourself to make it, how do you hire people, how do you pay yourself? All that kind of stuff. But you know what? The one thing we have not spoken about yet is what do you do with the money when you get it, and what I mean by that is where do you bank. When you make that money, you've got to put it in the bank, and you want to put it in a bank that pays you a pretty decent interest. Also, where you know that you can go and get a loan. Or where you can go and talk to one of the bank officers about some type of long-term financing for your business to help it grow. Where you go to talk about SBA loans and what's available for you and maybe if there's something special for your jurisdiction as dedicated by the federal government. So the problem here is that, or let's just say my problem here is that we as a people are not utilizing black banks. Why are we not in black banks? There was an overall picture some years ago that talked about that just the African-American or black folks control over money in the United States represents one of the top 15 countries in the world. That's billions to trillions of dollars that we have an impact on. So why are we not putting our money in black banks? Now don't come back to me and say common sense, millionaire, I don't know where they are. Well, doggone it. Everybody's going on the web for Facebook and for Instagram and TikTok. You can look up where all the black banks are by state. The lists are all over the place. So if you're in Florida, why are you not in the black bank? The state of Florida has already shown black people that they're not interested in us. They want to twist history so that slavery was not some evil activity, but it was a jobs program for black people. They don't want black history taught in schools. Why are we banking with banks in Florida that do not have our best interest at heart. I'm sure and I have not looked, but I'm sure there's a black bank in Florida and even if there isn't, there are several black banks that operate over the internet. We need to pull our hard earned and hard fought money and put that into black banks.
Speaker 1:This is just really getting on my nerves. Now a lot of people will come back and say oh, you know, I had this really horrible experience a few years ago. The teller was rude, or they didn't get this or they didn't get that. Okay, those people who tell me that kind of story. I come back to them and say well, you're at Wells Fargo. You never complained about how Wells Fargo ripped off consumers to the tune of billions of dollars, making fake bank accounts, fake credit cards. You never say anything about that. All of the other banks that have done negative things with black people you don't say anything about it.
Speaker 1:A lot of these major banks now are coming out with programs to work with black people. They hire black people to do that and to get black people to invest in their bank and to get loans and everything else. So really, what's up with that? Why are we still stuck? Why can't we move forward? That's the next step. We have a lot of black folk out here working their ass off to make their business work and then hand their money over to people who want to do nothing with them except get them for whatever they can. How about all those ridiculous fees that the banks charge for overdrafts? $35, $50 for each overdraft? I mean it's just ridiculous. Why are we standing for these things? The black bank that I use personally I know they're not charging that much of a fee. They're surely not $50. I mean really. I mean times are hard. At the same time, that bank still wants your money. So the situation with these banks is they're making more money off of fees and penalties than they are off of interest. It's ridiculous. It's really ridiculous. We have to stand up Now.
Speaker 1:Black banks are everywhere. They're on the West Coast, the Midwest, southeast United States, northeast United States. Go on the web. You can find one and put your money in there. Someone's gonna say, well, who should actually do this? I'd say everyone. If you're with another bank, look.
Speaker 1:Okay, let me just break that off for a quick second. Don't go on it. If you walk into a Wells Fargo branch today, you're not gonna see anybody in that branch that you can talk to who's gonna help you make a decision, or anyone who's gonna make a decision on your half. Okay, everything is done electronically and there's some big guy in some special office in San Francisco or some other part of the country that gets your paperwork and makes a decision. There's no one at that bank that you could talk to about business, who probably knows what they're talking about and can help you. Okay, I know, as I took a client to get a $1.2 million loan to get his business going, I was able to talk to the folk at the bank who were in charge of making that deal happen and this was a black-owned bank. Yeah, the guy got $1.2 million. He's still in business today. I wrote his business plan. This is what we have to do. I mean, really, in 2023, we should be able to make at least two or three banks as competitive as any other bank in this country without ripping people off.
Speaker 1:So let's get to it. Don't make some excuse. Well, you know they don't treat me. We're not going back to that. We've got to move forward. We have to make sure that we have our future taken care of, because if we're not looking at what's going on in Florida and not thinking that that's going to happen anyplace else. We're fooling ourselves.
Speaker 1:So we have to make sure that we have the assets in place to sustain us so that, even though we may have to move, we have the assets to do that and we're not stuck behind a new type of slavery or servitude Indentured servitude is actually the word. If that ever happens, well, it's far going going to help. Citibank's not going to help. Jp Morgan's not going to help. They don't care. So you got to get with somebody who at least cares about you as a person.
Speaker 1:And then, when, if a time comes, when we have to make a financial move to do something different for the sake of our families and the future of our families, that we're ready to go with an entity that has our money and can maintain it safely. So what are you going to do? I'm going to sit back and complain that we don't get opportunities from banks. We can't get loan from banks. Cut the crap, go to the web. Go to the web for everything else. Find a blank bank and open an account there. Give it a try. At least. Do a savings account. Don't care, do something. Let's help us advance so that we can start having a word in what we want to do and we can fight back on the people like DeSantis in Florida and people in other states that are actually loony tunes okay but have no interest in black folk at all. So just want you to think about that.
Speaker 1:That's the Common Sense Millionaire comment for today. Thanks so much. You've been listening to the Common Sense Millionaire, where you can learn how to go from zero to a million using Common Sense solutions to everyday financial issues. Make sure and subscribe to stay connected for more content, tools and help so you can advance toward your financial goals. If you need assistance or have questions, leave a comment or you can email me at georgeatcommonsensemillionairecom.
