Monday Money Move: Where Your Money Sits Matters Too
We talk a lot about where we spend: the barbershop, the salon, the beauty supply, the restaurant. That matters. But there is another side of the money that we do not talk about as much. Between paychecks, our money sits somewhere. Where it sits matters too.
LEAD Barber & Salon Supply is Black-owned. For us, by us. Shop at LEADBLACKS.COM. No invented prices here. Check current price on each product page.
Your deposits do work
When you keep money in a bank or credit union, it does not just sit in a vault. Banks and credit unions use deposits to make loans, like home loans, car loans, and small business loans. So the place you choose has a say in whose homes and whose businesses get funded. Black-owned banks and community credit unions have long helped fund Black homeowners, churches, and small businesses, including the kind of barbershops and salons that anchor our neighborhoods.
Find out what is near you
The FDIC publishes a list of minority depository institutions, updated each quarter, and it notes each bank's minority status, so you can see which banks are Black-owned or Black-led. For credit unions, the NCUA explains how credit unions qualify as minority depository institutions. You can also simply ask a credit union about its ownership, its board, and the community it serves. Here in Atlanta, Citizens Trust Bank has served the community since 1921 and appears on the FDIC's list. Check the current list for what is near you.
Start small
You do not have to move everything at once. Many people start by opening one savings account, or sending part of a paycheck by direct deposit. Some start with a savings account for the kids. Small and steady counts.
Do your homework
Choose what works for your family. Compare fees, minimum balances, ATM access, and the mobile app. Make sure a bank is FDIC-insured or a credit union is federally insured through the NCUA. You can look up any bank with the FDIC's BankFind tool. This is general information, not financial advice.
Ask the people in your chair
Your barber and your stylist run small businesses. Next time you are in the chair, ask how they bank and where they got started. Shop owners often know which local lenders understand small businesses like theirs. That conversation can help you, and it lets them know their community is paying attention.
Spend Black, save Black
Here is the loop. You get your cut at a Black-owned shop. The shop restocks from a Black-owned supplier. The owners and the customers keep some of their savings with a Black-owned bank or community credit union. That bank lends to the next shop owner, the next homebuyer, the next family. Every step keeps more of the dollar circulating close to home.
Where LEAD fits
LEAD Barber & Salon Supply is Black-owned and built to keep Black barbershops and salons ready for every client. Shops can restock with Barber Station Essentials, and families can shop Hair Care for home. Learn more about LEAD.
No pressure and no guilt. Just one Monday question: where does my money sit, and could some of it be working closer to home?
FAQ
What is a minority depository institution?
It is a bank or credit union that meets federal rules for minority ownership or leadership, or for serving a mostly minority community. The FDIC publishes a list of these banks and notes each one's minority status. The NCUA explains how credit unions qualify.
Is my money safe at a smaller bank or credit union?
Look for deposit insurance. Banks should be FDIC-insured, and credit unions should be federally insured through the NCUA. You can look up any bank with the FDIC's BankFind tool before you open an account.
Do I have to move all my banking?
No. Many people start with one savings account or part of one direct deposit. Do what fits your family.
Can a barbershop or salon bank Black too?
Yes. Many banks and credit unions offer business accounts. Shop owners can ask a Black-owned bank or a community credit union what they offer small businesses.
Questions? Email info@leadblacks.com or call or text (470) 646-9473.
