#MoveYourMoney: Black-Owned Banks See Surge After Police Shootings

Teller Handing Woman Money at a BankIn light of the recent police shootings that have seem to come back to back to back, people want change. Some are taking to the streets in protests, others have organized to protest with their pocketbook.

The #MoveYourMoney movement has African Americans moving their money from traditional banking institutions to Black-Owned Banks.

The movement has picked up steam and two of Chicago’s Black banks, Illinois Service Federal (ISF) and Seaway National Bank, have reported a spike in new customers. ISF also pledged $1,000 for every new qualifying deposit will go toward small-business loans for the community.

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Black-owned banks across the country in places like Atlanta, Columbus, Georgia, Birmingham and Houston are reporting a surge of new applicants.

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But this is not a new concept for protest. As a matter of fact, Martin Luther King said this in his last speech, “I’ve Been To The Mountain Top,” but many people don’t mention it. Here’s the excerpt:

“But not only that, we’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in Tri-State Bank. We want a “bank-in” movement in Memphis. Go by the savings and loan association. I’m not asking you something that we don’t do ourselves at SCLC. Judge Hooks and others will tell you that we have an account here in the savings and loan association from the Southern Christian Leadership Conference.

We are telling you to follow what we are doing. Put your money there. You have six or seven black insurance companies here in the city of Memphis. Take out your insurance there. We want to have an “insurance-in.”

Now these are some practical things that we can do. We begin the process of building a greater economic base. And at the same time, we are putting pressure where it really hurts. I ask you to follow through here.

Now, let me say as I move to my conclusion that we’ve got to give ourselves to this struggle until the end.”