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Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests
Posted on 10/11/20 at 10:00 pm
Posted on 10/11/20 at 10:00 pm
In less than 24 hours
Finally, a bank to compete against the likes of USAA.
quote:
A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.
quote:
While the bank doesn't open until January, the company launched its website on Thursday and there is already a waiting list for those who want to open a Greenwood account.
quote:
Like its competitors Chime, Aspiration, Money Lion and Vero, Greenwood is a digital bank whose financial services -- including checking and savings accounts, mobile deposits and peer-to-peer transfers -- are fulfilled almost entirely online. The bank offers a global ATM network, Apple and Android Pay services, and two-day advances on paychecks for customers who sign up for direct deposit.
Unlike its peers, however, Greenwood's target audiences are Black and Latinx communities and anyone else who wants to support Black-owned businesses. Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically
have a harder time securing loans from mainstream commercial banks.
Finally, a bank to compete against the likes of USAA.
56
Posted on 10/11/20 at 10:01 pm to Will Cover
Posted on 10/11/20 at 10:02 pm to Will Cover
So the premise is targeting accounts based specifically on race. That's racist.
Posted on 10/11/20 at 10:02 pm to Will Cover
quote:
two-day advances on paychecks for customers who sign up for direct deposit.
I'm sure this will all go smoothly
Posted on 10/11/20 at 10:03 pm to Will Cover
quote:
Latinx
I have never met a Hispanic person that didn’t think this is retarded.
White people taking offense for minorities
This post was edited on 10/11/20 at 10:12 pm
Posted on 10/11/20 at 10:03 pm to Will Cover
quote:
Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically
have a harder time securing loans from mainstream commercial banks.
AKA sub prime lending. Sounds like a great business model. Not sure why Wells Fargo or Chase never thought of it.
Banks don't refuse you based on race as that is highly illegal. They refuse you based on ability to repay.
Posted on 10/11/20 at 10:04 pm to Will Cover
quote:
and two-day advances on paychecks for customers who sign up for direct deposit.
I found what’s going to bankrupt them.
Posted on 10/11/20 at 10:04 pm to Will Cover
Can't wait to see the reaction when interest rates go through the roof because the folks with a credit score of 12 keep defaulting on their $900 loan
Posted on 10/11/20 at 10:04 pm to Will Cover
So, is this bank going to be federally insured?
Posted on 10/11/20 at 10:05 pm to Will Cover
If something like this could be done right (unlikely) I actually don’t hate the idea. It would show some actual concrete initiative to at least attempt to improve inner cities and maybe encourage small business ownership, entrepreneurship, and self initiative instead of bitching about how bad you have it ... team up with people in the communities to pair it with some career counseling and some business and management classes and it could have some decent potential
This post was edited on 10/11/20 at 10:08 pm
Posted on 10/11/20 at 10:09 pm to Will Cover
Wtf is Latinx?
Oh..and I’d be Hesitant to trust my money with anyone named “Killer Mike”...but my parents were ultra,conservative
Oh..and I’d be Hesitant to trust my money with anyone named “Killer Mike”...but my parents were ultra,conservative
This post was edited on 10/11/20 at 10:11 pm
Posted on 10/11/20 at 10:09 pm to Will Cover
It doesn’t have vaults so it’s easier to rob to make poc more comfortable
Posted on 10/11/20 at 10:12 pm to Will Cover
quote:
Latinx-owned
Can we stop this shite? No latino I know likes or says (how do you even say it, la-tinks) this nonsense.
Posted on 10/11/20 at 10:13 pm to Will Cover
I see this one ending in a lot of lawsuits
Posted on 10/11/20 at 10:13 pm to Will Cover
As a half Latino, I despise the word latinx. That is some stupid progressive woke shite. I asked my family in Costa Rica do people say that over there and they never heard of that word lol. Other Latinos I know here despise that word.
This post was edited on 10/11/20 at 10:14 pm
Posted on 10/11/20 at 10:15 pm to Will Cover
Love how the article says that racist white banks won’t loan people of color money. Maybe it’s because no one is going to loan money to someone with a credit score of 402. It will be interesting to see what the rate of default will be at this bank.
Posted on 10/11/20 at 10:17 pm to Will Cover
quote:
two-day advances on paychecks for customers who sign up for direct deposit.
They’ll make a shite ton of money off of fees for stuff like this.
It’s actually a pretty ingenious idea if they can get a business model together. If it’s black owned and can for the large part help the black community by assisting them in building trust and hopefully credit, I’m all for it.
There’s going to be some incredible fricking for a good portion of them though. You can’t target a market that has a history of bad credit and poor banking and not have a method to make money in a non traditional banking method.
Posted on 10/11/20 at 10:22 pm to Will Cover
quote:
Killer Mike
You’d think based on racial crime statistics he’d definitely want to change his name.
But nah..... Wypipo bad
This post was edited on 10/12/20 at 8:03 am
Posted on 10/11/20 at 10:24 pm to Will Cover
I’d rather use Wells Fargo over them
Posted on 10/11/20 at 10:32 pm to Will Cover
Never trust a bank whose CFO’s first name is “Killer”.
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