Episode Details

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

1. 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.

2. 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).

3. 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.

4. 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.

5. 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.

6. 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.

7. 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 pa