Greenwood Bank Is Here!

Almost! Before I get started, I guess I should post my opinions on finance more often since people seem to be interested in that. I’m not doing incredible numbers but I’ve gone from no one clicking on my site to a couple of hits per day. I’m not doing this blog to make money or be popular but I do like interaction. I have a few more finance ideas but obviously I will be speaking about politics more within the next two weeks and beyond. Killer Mike is launching a bank catered towards Black and Latinx communities. It looks like he is starting it with Mayor Andrew Young and Ryan Glover. I say almost here because they have only released a wait list similar to the X1 credit card.

I’m very interested in anything Killer Mike is doing because i’m an Outkast fan. Anytime Killer Mike featured on their records he was a standout in my opinion. When I heard Big Beast on R.A.P. Music I needed to hear more and then came Run The Jewels. El-P immediately sounded familiar since I was big Rawkus and Soundbombing fan. His show on Netflix is good. I know it’s sounds crazy to say this but he is very articulate when it comes to activism. You can’t just stick a microphone in front of anyone and continue to want to hear what they have to say even if you regardless of whether or not you agree with them.

I like the idea of Black or minority owned banks. I was thinking lately about how do you see racism and you can’t really see it until there is some racist action. If you accuse someone of being racist of course they deny it or say they didn’t know. Only someone full of hate is going to admit to being a racist. I was listening to the 1619 podcast recently and there was an episode (The Land of Our Fathers) about a farmer that all of a sudden couldn’t get loans for his farm anymore and lost his family farm. Maybe a relationship with a Black bank would help. I don’t think every Black bank would give them a loan but I think they would still have their farm if there were more Black owned banks.

I’m also a fan of T.I. and his podcast Expeditiously and he had Killer Mike on to talk about the bank. One of the features that seems to be becoming more common lately is the ability to get what we used to call a pay day loan. I don’t think Killer Mike or these other companies would like me calling it that but it is about the same except you aren’t getting charged 400% or whatever number they make up as they go. Instead of taking advantage of desperate people they are charging a couple dollars at the most. The website shows a Pay It Forward charity plan that will be donating food to families, donating to UNCF and NAACP through round-ups, and gifting $10,000 grants to small businesses every month. I don’t think it’s possible to argue with any amount or form of charity. I think the fact that you are willing to give to people in need means that you are willing to continue to give and so I don’t care if you “only donated” $25 or 25 cents. There are several other features that I would like to hear more details on.

I’m very interested in the details on their global ATM network. I listened to that Expeditiously episode. I forget the specific number but Killer Mike mentioned 60% of banking is done online. Personally I rarely go to my bank and if I do I do not look forward to going to it. I don’t see the reason to sit down in person aside from maybe keeping someone on the payroll. I can’t speak for everyone because I know a lot of people that do not want to mix their money with the internet. The bank I use has several locations near me and is also willing to reimburse me ATM fees a couple times a month. I only signed up because my previous bank did not have this feature. I’m interested in switching to a Black bank one day like Greenwood or maybe Industrial Bank locally.

One thing that I don’t see at the moment but I hope is included is maybe some financial literacy content from Greenwood Bank. I think lack of education with finance is everyone’s biggest hurdle. I would hope that they are encouraging people to save more of their money. This is one reasons I signed up for Acorns years ago and I plan on doing a post about it soon.

Oh and also: I listened to a The Journal podcast episode where Killer Mike mentions that there are thousands of banks but only 20 of them are Black owned.

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