The powerful movement of black banking has a strong message and a relentless mission to pursue excellence through financial empowerment. To see this empowerment in action, just look to these African American financial leaders.
This movement is aimed at providing powerful banking tools and accessibility of information to help provide a practical way toward financial freedom, much like those offered by MoneyLion and dfree.
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Banks Pushing The Movement Forward
Banks that care about empowering all communities, especially those traditionally underserved by the big banks, are leading the charge. Knowing which banks are pursuing this mission and what to look for in a bank can help individuals understand where to start.
What To Look For In A Bank
There are some key characteristics to look for when determining which bank is the best bank for African Americans. Before making a decision, do your research and consider the following aspects.
1. Bank with No Hidden Fees
In the past, exorbitant bank charges have been generally just accepted as the norm. But in recent years, these fees have started being viewed as deceitful toward consumers. One banking CEO even went as far as naming his Yacht Overdraft and is now in deep water after some appropriate backlash from communities.
When researching banking options, ask up front about overdraft fees or hidden transaction fees that have the potential to harm you in the future. MoneyLion’s RoarMoney banking account, offered in partnership with dfree, eliminates hidden fees and hefty maintenance and transaction fees in favor of one inclusive monthly fee of just $1.
That’s only $12 for the entire year to stay protected against surprise fees. Given that the average US household spends $290 a year on bank fees alone, it’s clear that RoarMoney is an amazing value.
2. Bank Without Balance Requirements
Balance requirements are often not a large concern until you realize that if you are to fall below a certain threshold, you can again be charged a fee. Senseless fees simply take the hard-earned money out of your pockets.
It’s good to use a bank without balance requirements, and it’s a trend some banks like MoneyLion are adopting. Having no minimum balance gives you more flexibility with your funds, and you can have peace of mind knowing you won’t see fees being tacked on to your account. There is no minimum balance requirement with a RoarMoney account.
3. Banks Helping You Stay Connected on Mobile
Banking institutions date back for hundreds of years, and sometimes the way they conduct business seems dated as well. Technology-driven banking has led a new charge that puts financial comprehension and connectivity into the hands of all consumers.
Staying on top of your financial goals requires appropriate tools and access every day. Tools such as credit building offerings, cashback rewards while spending, and investing capabilities all built into one accessible mobile app.
4. Banks With a Large ATM Network
A bank needs to be able to provide access to your funds when you need it most. Having a large network of ATMs available gives you 24/7 access to your money when you need it, without surcharges for withdrawing funds.
MoneyLion’s network of ATMs includes over 55,000 locations throughout the US, all of which can be easily found here.
5. Partnerships With Banks & Community Leaders
Groups involved in helping to continue positive trends in black financial growth include black-owned banks and organizations like dfree® that are focused on the financial health of the African American community.
With a mission on scaling financial freedom for black individuals and organizations, dfree® provides expert resources and strategic financial partnerships through their online community.
Founder of dfree® Reverend Dr. DeForest B. Soaries, Jr. set out to accomplish the mission of providing approachable wealth-building solutions for African Americans and their communities. Through the dfree mission and in partnership with MoneyLion, African Americans have access to financial and lifestyle coaching as well as all of the relevant banking tools from MoneyLion that empower black communities.
Check out this “Shopaholic” episode from dfree’s The Black Money Series, where Michelle and Stan give us the best tips and tricks on saving while shopping!
How To Be A Part Of The Movement
Start with researching which aspects of banking are important to you. We covered factors that are most important for banking solutions, but you can do your own research and learn more about what is important to you.
If you are looking for guidance from the start, organizations like dfree® can help. They offer online courses, free resources, expert tips, live workshops or events, and their membership includes a 12-step program toward financial freedom.