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#MoveYourBlackMoney2020 Black-Owned Banks See Surge Of Applicants Following Protests Against Police Brutality

By | On June 03, 2020

Black-owned banks have seen a surge of applicants following protests against police brutality. From Eric Garner to George Floyd weeks after weeks were killed by police, a campaign starter encouraging African Americans to bank with black-owned banks #MoveYourBlackMoney2020.

The movement #MoveYourBlackMoney2020 has picked up steam and Chicago's two black banks have reported a spike in new customers. Recording artist and studio owner Jabari Evans opened up an account at a black-owned bank on Chicago's South Side.

"I feel like there's a strong need for African Americans to harness their power," said Evans. To protest recent police shootings, an online campaign called on African Americans to move their money to blank-owned banks #MoveYourBlackMoney2020.

The response has been huge. 5 Banks you can #MoveYourBlackMoney to
  • OneUnited Bank (Los Angeles, Boston and Miami)
  • Carver Federal Savings Bank (New York)
  • Liberty Bank (Alabama, Illinois, Kansas, Louisiana, Mississippi and Michigan.)
  • Industrial Bank (District of Columbia)
  • GN Bank formerly ISF Bank (Chicago, Ill)
All available ONLINE also to people in ALL of United States. #MoveYourBlackMoney2020
Black-owned banks across the country in places like Atlanta, Columbus, Georgia, Birmingham and Houston are reporting a surge of new applicants.

In Chicago's Bronzeville neighborhood, Jeffery Beckham, a small business owner, recently opened a new account at Illinois Federal Savings and Loan. The bank has had $4 million in new deposits since last week. #MoveYourBlackMoney2020

"I think that an economic protest is the most successful way to protest," Beckham said. "One of the issues of Chicago is the opportunity gap that exists...the way we solve that is by creating businesses and as we move our money and support our banks we make them stronger."

GN Bank owner Cheify Nduom said a strong bank can make loans to small black businesses, creating jobs for blacks in the black community.

#MoveYourBlackMoney2020 "You will not through protest, you will not through elections, you will not change the situation in these communities unless more money is put in the pockets of young African American males," Nduom said. "Young people living in depressed communities all over the country and the proper way to do that is through banking, investment, and social development.

At multiple black-owned banks, more than 10,000 new accounts have been opened in the last few weeks.

This online campaign #MoveYourBlackMoney2020 started as a way to show solidarity, but in the long run, if the movement continues, some bank owners predict this movement could transform black communities all over the country.



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