Greenwood Banking is named after the Oklahoma neighborhood that housed Black Wall Street and was entirely burned down by a white mob in 1921.
Killer Mike has partnered with former Atlanta mayor, Andrew Young, and Bounce TV founder, Ryan Glover, to launch a new banking platform designed to level the playing field for Black and Latinx customers.
Announced on Thursday via Instagram (see below,) the Greenwood Banking service provides savings and spending accounts for its users with no fees on withdrawals at any of its 30,000 ATM locations. According to their site, the bank has partnered with Goodr to donate five meals to a family in need with the creation of each new account. Greenwood is also donating spare change round-ups to UNCF and the NAACP. And each month, the bank will be pledging $10,000 to a Black or Latinx business.
The service is compatible with Apple, Samsung, and Android pay apps. And those who sign up by the end of the year will receive a black metal debit card from the bank.
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community,” the Atlanta rapper notes in a press release. “We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future,” Glover adds.
Greenwood is named after the Tulsa, Oklahoma neighborhood that was once home to a thriving center of black business and wealth. In 1921, it was entirely burned down during one of the nation’s most devastating race massacres, the story of which has only just resurfaced after being featured in the opening episode of HBO’s Watchmen series.
You can sign up for the Greenwood banking service here. Watch Killer Mike and Andrew Young discuss the importance of financial solvency in communities of color below.