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Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Teri Williams.
Thanks! The transcript from this episode of Money Making Conversations Masterclass features a powerful and informative interview with Teri Williams, President, COO, and owner of OneUnited Bank, the largest Black-owned bank in the United States. Here's a breakdown of the key highlights and takeaways:
🔑 Key Themes & Takeaways 1. OneUnited Bank’s Mission & Reach
- Formed by merging four Black-owned banks in Boston, Miami, and Los Angeles.
- First Black-owned digital bank (since 2005).
- Serves customers in all 50 states.
- Offers accessible, affordable financial services and promotes financial literacy.
2. Digital Banking for Underserved Communities
- OneUnited provides:
- Mobile check deposit (via smartphone).
- Early direct deposit (get paid 2 days early).
- Access to 100,000+ surcharge-free ATMs (including Walgreens, 7-Eleven, Chase, Citibank).
- Designed to combat financial deserts and predatory check-cashing services in Black communities.
3. Financial Literacy & Trust
- Teri emphasizes the need for Black communities to trust Black-owned institutions.
- OneUnited is FDIC-insured and uses cutting-edge technology, including AI.
- Financial literacy is key to building generational wealth.
4. WiseOne AI Tool
- An AI-powered financial assistant that:
- Tracks spending and subscriptions.
- Offers insights on saving and debt reduction.
- Aggregates data from multiple accounts to show net worth, cash flow, and financial health.
5. Youth Financial Literacy – “I Got Bank” Contest
- 15th annual contest for kids ages 8–12.
- Participants submit an essay or artwork based on a financial literacy book.
- Ten winners receive $1,000 savings accounts.
- Book: I Got Bank by Teri Williams (available free at oneunited.com/book).
6. OneTransaction Concept
- Focuses on six key financial transactions to build generational wealth:
- Homeownership
- Life Insurance
- Investments
- Profitable Business
- Credit Score
- Savings
- Encourages individuals to focus on just one to start their wealth-building journey.
- Learn more: oneunited.com/one transaction
💬 Notable Quotes
- “We are a real bank, not a fintech. We are FDIC-insured.”
- “We are great with money. We just haven’t always had access.”
- “Focus on one transaction. That’s all it takes to start building generational wealth.”
#SHMS #STRAW #BEST
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