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Citi is following through on its promises to eliminate overdraft fees. The financial institution is now one of the only top five banks in the U.S. (based on assets) to completely get rid of various charges affecting consumers daily. Now, those with Citi Retail Banking consumer deposit accounts no longer have to worry about overdraft fees, returned item fees, or overdraft protection fees. The move is a part of the bank’s ongoing commitment to providing financial inclusion for individuals in underserved communities. As previously shared by AfroTech, the bank is also on a mission to advance economic progress across the nation. Protection from overdraft fees doesn’t just stop at consumers seeing an extra charge or two on their bank account. Citi provides options for combating the issues. As a part of the new overdraft protection services, they will offer two choices for consumers looking to cover negative balance transactions. One includes Safety Check, which transfers available funds...
In an effort to work toward closing the racial wealth gap, Major League Soccer (MLS) will participate in a first-of-its-kind deal with Black-owned banks. According to MLS Soccer, the partnership includes a $25 million loan from a syndicate of Black-owned banks and will serve as a defining moment in history because there has never been a major commercial transaction “exclusively” between Black banks and a major sports league. “Major League Soccer’s partnership with the National Black Bank Foundation is a tangible step in the efforts to close the racial economic gap in the United States, and it’s the right business decision for us,” said MLS Commissioner Don Garber in an official statement. “As a league, we continue to increase our initiatives in support of racial justice. In order to make a genuine impact, economic justice must be part of the equation. This transaction with a syndicate of community-focused Black banks is an important measure, and it is our hope this will raise...
Wendy Williams may be being exploited — at least according to reports. People Magazine says that Wells Fargo Bank — which reportedly has “several million dollars” of Williams’ money — has denied the talk show maven access to that money. The bank is reportedly denying access based on the word of Wendy Williams’ former financial adviser, Lori Schiller, who told the courts that Williams “was of unsound mind.” Schiller also strongly insinuated — but didn’t outright state — that Williams might be the victim of financial abuse in the form of a conservatorship or guardianship. “Reports of the financial adviser, who has recently witnessed telltale signs of exploitation, including [Williams]’s own expressed apprehensions” was Wells Fargo’s official reasoning behind not releasing the funds to Williams. “We deny any allegations of improper actions with respect to Ms. Williams’ accounts and are fully participating in a court process to reach a resolution that is in her best interest. The...
Whatever your thoughts on the aesthetic of the Yeezy line, it has contributed to making rapper-turned-mogul Kanye West a billionaire. And if you believe the latest report from Wells Fargo, it’s going to make him even more. According to CNBC, Gap is partnering with West to release a form of the Yeezy line. And Wells Fargo says that the incremental sales of the line will net West close to $1 billion in sales in the first year alone. “Now that this catalyst is here, the majority of questions we are fielding regarding Gap is around how powerful this partnership with Yeezy could be — which is why we thought it would be helpful to put numbers behind the initiative,” Wells Fargo analyst Ike Boruchow wrote in a note to clients on Wednesday. Part of the bank’s projection has to do with the success of sales like the limited edition blue puffer jacket, which was on sale for a limited time. Even though it retailed for $200, it sold out pretty quickly. Today, the blue puffer jacket sells for...
Ahead of Juneteenth weekend, Western Union (WU) is pledging a commitment to two new programs supporting Black and brown communities. A press release reports that in partnership with the Western Union Foundation, the financial services company is launching two initiatives that aim to uplift both current and future business leaders across communities of color — including Project Finish Line, an extension of the Foundation’s WU Scholars program, and Sistahbiz, a Black women entrepreneurship program. The former initiative will be offering scholarships to Black and brown students working to finish their higher education — many of those who attend Historically Black Colleges and Universities (HBCUs) — while the latter plans to fund Black women-owned businesses and provide leadership development. Both of these programs are in response to the racial disparities that exist for Black, Indigenous and People of Color across educational institutions and the business world. “Social exclusion,...
When Brandon and Janine met on social media, they immediately bonded over their passion for supporting underrepresented founders. Janine had already been investing in women and Black founders, and Brandon had dreams of launching a $10 million fund to do the same. Eventually, they decided to join forces to launch their shared dream: a venture capital firm that invests in typically overlooked founders. Enter, Overlooked Ventures. Brandon and Janine recently announced their intention to raise a $50 million fund through their new firm Overlooked Ventures. In addition to soliciting support from traditional investors, they are opening up their fundraising to the public. “The people that have the most power are the community members and the founders in that community. And if the community believes in you and gets behind you like we’ve seen that they do at Overlooked Ventures, anything’s possible,” Brandon explains of their philosophy. Brandon and Janine are even more unconventional in...
The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...
Last year, founders Layla Nielsen, Natalie Robinson and Love-leigh Trimiew announced plans to launch HellaBlack, a new e-commerce marketplace for Black retailers and enthusiasts — now the digital shopping platform is officially live. In an op-ed for Blavity, Trimiew previously wrote about how her family’s story and desire to own her historical narrative inspired her to start her own Black-owned business. “In the wake of George Floyd’s murder, there have been many important articles written about the history of Blacks being denied the opportunity to thrive economically — Wilmington, North Carolina, and Tulsa, Oklahoma are often cited,” she wrote. “A lot of Black thought-leaders have written think pieces about the necessity of Black economic empowerment. I am neither a philosopher, historian or expert in African-American studies. I am a Black woman business owner, the descendant of West African slaves and an East African immigrant, looking to my own historical narrative of hope amid...
Last year, Wells Fargo announced a $50 million investment into Black-owned Minority Depository Institutions (MDIs) to improve the lending ecosystems of underserved communities. This week, the financial services company shares news that it plans to invest in five additional Black-owned banks in an effort to uphold its initial commitment. “The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed,” William Daley — vice chairman of Public Affairs at Wells Fargo — shared in a company statement. “The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities.” Wells Fargo shares that its latest round of investments include the following Black-owned institutions: Carver State Bank in Savannah, Georgia Citizens Trust Bank in Atlanta, Georgia...
Wells Fargo is finally putting its money where its mouth is. The financial institution has announced investments in six-African American Minority Depository Institutions (MDIs) to support its pledge made in March 2020 to invest up to $50 million in Black-owned banks. Banks will have access to a dedicated Wells Fargo relationship team that will provide product development, technological, and financial expertise in order to help each institution enhance and benefit their local community. “These investments are designed to help the banks become stronger and more impactful to the minority communities they serve, which leads to economic revitalization and job opportunities,” said vice-chairman of Public Affairs at Wells Fargo, Bill Daley. “So many communities have suffered over the past year. MDIs need capital, but they can also benefit from access to other resources, and Wells Fargo is committed to building lasting, strategic relationships with these institutions in support of their...
Yelp isn’t just connecting people with local businesses, but they’re equipping Black-owned banks with the funds needed to support the communities they serve. On Dec. 15, the company announced it has deposited $10 million of its cash reserves into minority-owned financial institutions that support Black and underserved communities. Those institutions include Citizens Savings Bank and Trust Company (Citizens Savings Bank), Broadway Federal Bank (Broadway), and Carver Federal Savings Bank (Carver). According to The Wall Street Journal, 15 years ago America had 36 Black-owned banks. Today government data shows this number has decreased to only 18. “We recognize that the distribution of financial capital is not equitable in the United States, particularly in Black communities, and we know we have a role to play to support a more equitable financial system,” said Yelp’s Chief Financial Officer, David Schwarzbach. “We’re committed to making financial capital available to low-and...
The Atlanta Hawks is continuing its legacy as one of the boldest, and most audacious, pro-Black professional basketball franchises in all of American sports with its latest achievement. According to USA Today, the NBA team announced this past Thursday that it has agreed to refinance the construction loan for the Emory Sports Medicine Complex with a network of Black-owned banks. “We’re getting a very attractive loan with very attractive terms that we’re proud to have,” said principal owner of the Hawks, Tony Ressler, at a press conference, “and that’s the message that hopefully we can all make quite clear.” Historically speaking, the groundbreaking $35 million loan marks the first time a professional sports franchise has underwritten a significant loan exclusively using Black-owned banks’ credit. “The Hawks are not only the first-in-league with this deal, but are the first in all major league sports,” said ESPN commentator and NFL alumni, Ryan Clark, in a statement. “Banking black is...
The role of the Black bank in communities across the country plays a vital part in funding businesses, entrepreneurs, and institutions as well as helping individuals who can’t seek help from other banks. This week, City First Bank in Washington D.C. and Broadway Financial Corporation in Los Angeles have decided to merge together to form the largest Black-led Minority Depository Institution in the nation, according to the Los Angeles Times . The two banks announced that they’ve entered a transformational Merger of Equals agreement to expand access capital in underserved communities in urban neighborhoods. The new merger allows the two banks to put their funds together for a combined total of over $1 billion in assets under management and approximately $850 million in total depository institution assets, according to a press release . The now combined nine-member board is composed of five directors from City First Bank and four from Broadway with Broadway’s president and CEO...
Building generational wealth has become a key value in the Black community as of recently with an added emphasis on buying and owning our own platforms and institutions. In an effort to resolve the racial economic divide that plagues underserved communities across America, Netflix has announced a plan to invest $100 million into Black-owned banks with a focus on helping the Black community. The New York Post reports that the streaming giant will shift two percent of its cash holdings to Black-owned banks and lenders to “directly support Black communities in the US.” According to Variety , Netflix claims that banks led or owned by Black people represent only a small portion of the country’s banking assets. “We believe bringing more capital to these communities can make a meaningful difference for the people and businesses in them, helping more families buy their first home or save for college, and more small businesses get started or grow,” the streaming platform wrote in a blog...
For many minority and Black business-owners, stimulus funds have been a grave concern. However, Black-owned banks in America are making sure that small businesses will receive their fair share of funding from the Paycheck Protection Program (PPP). We Buy Black reported that OneUnited Bank announced it’ll be using its platform to assist Black entrepreneurs affected by COVID-19. “Most of our customers who filed PPP applications with other institutions during the first round were not funded,” said Teri Williams, president and COO of OneUnited Bank, owner of the largest African American-owned bank in the country. “We’re proud that OneUnited can step up to provide Black businesses with better access to stimulus funding.” The bank recently launched its Small Business Administration (SBA) PPP to offer loans to new and existing customers across the country, through their online and mobile banking platforms. Additionally, We Buy Black also reported other banks such as Industrial Bank in...