Money Tips: She represents first Black-owned digital bank—and now the largest Black-owned bank in the country.

Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Teri Williams.

President & COO (and owner) of OneUnited Bank, from Money Making Conversations Masterclass:

Purpose of the Interview

The interview aimed to:

Showcase OneUnited Bank’s role as the largest Black-owned bank and its commitment to financial empowerment.
Educate listeners on digital banking solutions, financial literacy, and generational wealth strategies.
Promote OneUnited Bank’s services and initiatives, including its youth financial literacy contest and “One Transaction” wealth-building concept.

Key Takeaways

Origins & Growth of OneUnited Bank
- Started as a community bank in Boston, later acquired four Black-owned banks (Miami, LA, Boston) and merged into OneUnited.
- Became the first Black-owned digital bank and now serves customers nationwide.
Digital Banking & Accessibility
- Customers can open accounts online in minutes.
- Features include:
  - Mobile check deposit (take a photo of your check).
  - Direct deposit with early pay (up to 2 days early, no fees).
  - Largest surcharge-free ATM network (100,000 ATMs, including Walgreens, 7-Eleven, Chase, Citibank).
Combatting Financial Deserts
- Addresses lack of brick-and-mortar banks in Black communities and reliance on predatory check-cashing services.
- Emphasizes that check-cashing services never improve credit scores and often harm financial health.
Financial Literacy & Wealth Building
- Advocates automatic savings as a key wealth-building habit.
- Introduced WiseOne, a tool that aggregates financial data to:
  - Track net worth, income, expenses.
  - Identify duplicate charges and suggest savings.
  - Provide debt-reduction strategies.
Youth Financial Literacy Initiative
- “I Got Bank” Contest for ages 8–12:
  - Read a financial literacy book (free download available).
  - Submit an essay or artwork on what they learned.
  - 10 winners receive $1,000 savings accounts.
One Transaction Concept
- Six key transactions to build generational wealth:
  - Homeownership (OneUnited offers $25K–$50K down payment assistance).
  - Life Insurance (affordable way to transfer wealth).
  - Investments (automatic contributions).
  - Profitable Business (entrepreneurship or side gigs).
  - Credit Score Improvement.
  - Savings (automatic transfers).
- Focus on one transaction at a time for sustainable progress.
Economic Advice for Uncertain Times
- Anticipates stagflation (inflation + rising unemployment).
- Recommendations:
  - Hold on to your job (avoid unnecessary job changes).
  - Save more, spend less.

Notable Quotes

“We were the first Black-owned digital bank—and now the largest Black-owned bank in the country.”
“Check cashers only report to credit bureaus when you don’t pay them. That’s crazy.”
“If it goes in your pocket, you’re more likely to spend it. Wealthy people automate savings.”
“One transaction can make the difference between being wealthy or not.”
“We have the largest surcharge-free ATM network in the country—100,000 ATMs.”
“Hold on to your job. Start saving more and spending less.”

#SHMS #STRAW #BEST

Support the show: https://www.steveharveyfm.com/

See omnystudio.com/listener for privacy information.

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