Black Owned Bank (Citizens Trust) Gets 8k+ applications in just a few days

[DrBanneker]

I had a CD at Citizens Trust in ATL a few years ago before ZIRP. Good bank and good service. ATM network is sparse (like all small banks) but you can deal with that if you plan.

 

[DrBanneker]

Going to the black bank in Philly this week if my schedule permits

United Bank of Philadelphia

 

[DrBanneker]

well rush card (like all prepaid debit cards) were for people on the margins who can't even open a bank account. different type of consumer altogether. anyway you're right that applications don't matter, it's the number of people opening accounts that matter and i think the min deposit to open an account is $100. deposits is what they use to invest so we'll see how they do that.

but a bank regardless of race will have lending standards. i don't want a bank that i have money in lending to people with a 500 credit score. a good credit score is reflective of responsible financial decision making and i don't know an irresponsible person who will do good with a personal or business loan. all the depositors suffer when a bank makes too many bad loans. if you're young with no credit history and no job history, but you think you have a great business idea, i'm sorry to say but a bank is never going to lend you money. you better pray for family and angel investment.

Their personal credit lending standards are probably all right. What got them in trouble (like all banks) before was mortgage lending. However, if you put deposits in Black banks then businesses, churches, and others in the community who may not find anyone else to take chance on them could get that loan. My business bank account has been at a Black bank from the beginning. Just couldn't do it any other way.

 

[J-Nice]

Going to the black bank in Philly this week if my schedule permits

You headed to United bank? I've had an account there for years. You won't be disappointed breh.

 

[Yapdatfool]

The only black owned bank left in Milwaukee WI closed shop this year, losing 2 milly per year in the last year of business

Citizens trust in NC holds all their accounts now..

 

[EndDomination]

What does this mean?
And I definitely support this, there need to be physical branches in large Black areas all over the US.
And a need for a continued increase in money flow from Black people.

 

[Don De Dieu]

The only black owned bank left in Milwaukee WI closed shop this year, losing 2 milly per year in the last year of business

Citizens trust in NC holds all their accounts now..

Yeah, unfortunately North Milwaukee State Bank was losing money for a while. Columbia Savings & Loan is still around, though.

 

[MrFantastic]

You headed to United bank? I've had an account there for years. You won't be disappointed breh.

How the fees breh?

 

[J-Nice]

How the fees breh?

I have a savings account and two CD's there and the fees only kick in when your account goes below $300 and they charge you a $7 monthly service charge. If you have $300 minimum, you don't get charged anything.