SOCIAL BUZZ: The #BankingBlack movement is gaining momentum
Proponents say the #BankingBlack movement is about building economic clout in communities of color. Find out what’s happening here in Charlotte.
Social Buzz: a taste of what’s trending on social media and has the Qcity talking.
#BankingBlack has been trending now for several weeks. A recent check of Facebook found more than 88,000 people using the hash tag. Countless more were buzzing on Twitter.
It’s all part of a nationwide push to persuade more black consumers to put their money in black-owned banking institutions. If more African Americans would do this, proponents say, communities of color could build the economic muscle they need to fight the various forms of social and racial injustice. (Think #BlackLivesMatter.)
Learn more about the movement by clicking here.
According to published reports, the #BankingBlack campaign, less than a month old, is already paying off. More than 8,000 people are said to have opened new accounts at the black-owned Citizen’s Trust Bank in Atlanta.
Closer to home, Jim Sills, president and CEO of the Durham-based Mechanics & Farmers Bank (with branches in Charlotte, Raleigh, Durham, Winston-Salem and Greensboro) said M&FB has seen a “significant” increase in new accounts since the campaign began July 8. He declined to give specifics.
“We have large deposits, and we also have people who are just coming in to establish a relationship with the bank and are making the minimum deposit needed to open an account,” he said.
At the M&FB branch on Beatties Ford Road, Charlotte resident Brandi Williams opened an account last week and posted this video on Facebook:
Sick and Tired? Do Something.Are you sick and tired of being disrespected because your skin is black or brown? Do something. Act Now. Don’t just talk about it. We are setting the foundation for change. Part of that foundation is making sure we are #bankingblack. What does #bankingblack have to do with #policebrutality? Let me explain :: http://tiny.cc/bankblackclt.
Posted by The Damn Truth on Friday, July 22, 2016
When asked how #BankingBlack will benefit communities of color, Sills offered this:
“Most minority community banks recycle a large percentage of their deposits back into the communities they serve,” he said
Sills said black-owned banks are also committed to helping their clients learn the fundamentals of money management – saving, investing, negotiating loans and managing credit.
“That happens better with people who have a similar background and are familiar with the community where their customer base is located,” he said.
The minimum required to open a M&FB account is $100 for checking and $25 for savings.
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