Teri Williams
President and Chief Operating Officer of OneUnited Bank. She is responsible for implementation of the Bank’s strategic initiatives, as well as the day-to-day operations. Under her leadership, OneUnited Bank has consolidated the local names and product offerings of four (4) banks and launched a digital platform to create a powerful national brand supported by innovative technology, products and services. OneUnited Bank, the nation’s largest Black owned bank and award-winning Community Development Financial Institution, serves as a bridge by offering affordable financial services and promoting financial literacy. She brings 30 years of financial services expertise from premier institutions such as Bank of America and American Express, where she was one of the youngest Vice Presidents. Ms. Williams holds an M.B.A. with honors from Harvard Business School and a B.A. with distinctions from Brown University.
Company Description *
OneUnited Bank, America's leading Community Development Financial Institution, the nation’s largest Black-owned bank, eleven-time recipient of the US Department of Treasury’s Bank Enterprise Award for community development and named Inc. Magazine’s Best in Financial Services 2024.OneUnited is grounded in its decades long mission to strengthen communities of color by offering affordable financial services for all, supporting local communities in Miami, Boston and Los Angeles. The ultimate mission is to make financial literacy a core value in communities of color in order to to close the wealth gap.
Talking Points/Questions *
1. Partnership wtih Esusu to increase homeownership in communities of color
2. Black businesses doing business with each other in war on DEI
3. Making financial literacy a core value of underserved communities
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi, I'm Rashaan McDonald, our host the weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides are for everyone. It's time to stop reading other
people's success stories and start living your own. If you
want to be a guest on my show, please visit
our website Moneymakingconversations dot com and clip to be a guest,
but first to submit and information will come directly to me.
Speaker 2 (00:24):
Now let's get this show started.
Speaker 1 (00:26):
My guest is the president and chief operating officer a
One United Bank. One United Bank is the nation's largest
black owned bank and award winning community development financial institution.
It serves as a bridge by offering affordable financial services
and promoting financial literacy. Please welcome to the Money Making
(00:47):
Conversation Masterclass. Terry Williams. How are you doing, Miss Williams.
Speaker 2 (00:52):
I'm great. It's good to be here. Okay.
Speaker 1 (00:55):
You know I'm based in Atlanta. So where are you
calling in from?
Speaker 2 (01:00):
I'm calling in from Miami.
Speaker 1 (01:02):
Miami, Florida. Okay. Now, One United Bank. I I talked
to Ken. I met him many many years ago in
Los Angeles. Now, how did the One United Bank four
match start?
Speaker 3 (01:17):
So we started with a community bank in Boston, and
we acquired four black owned banks, one here in Miami,
which is where I am now, and two in LA
and the one in Boston. We combined them into one
and we changed our name to One United Bank. That
(01:38):
was over twenty years ago, and since then we have
launched a digital platform.
Speaker 2 (01:45):
We were actually the first digital.
Speaker 3 (01:47):
Black owned bank, and that was in two thousand and five,
so twenty years ago. And from there we have become
the largest black owned bank in the country with customers
all over in all fifty states.
Speaker 1 (02:03):
Now, how could people get information about One United Bank?
Speaker 3 (02:09):
You can go to one United o Neunited dot com
and you can learn about who we are, our technology,
and you can also open up an account online within minutes.
Speaker 1 (02:23):
Okay, that's great because one thing I've always been mad
about is that in the black community, community of color,
they've taken all the brick and mortar banks basically out.
You know, you talk about food deserts, in the black community,
the financial desert doesn't even exist, and so we are
prisoners of those high check cash in places I can't
(02:50):
stand there. You go into the community of color, you
see churches, you see these they call them hot sheets motels,
you see liquor stores and these check cash in places.
That really is embarrassing to me because you know, you
got to get buzzed in, you got to get buzzed out.
You bringing your money in there to get cash, and
(03:10):
you're being treated like a criminal. And so it's so
enlightening to have one United Bank positioned itself to make services,
proper banking services available to our community in the digital format.
Let's go in detail of why that's so important. Mis Williams.
Speaker 3 (03:30):
Yeah, you're absolutely right, and that's what we saw twenty
years ago, where, first of all, where our community was
actually at the forefront of digital you know, they talk
about the digital divide, but the reality is that the
black community, we were at the forefront of using technology,
of using smartphones, of using social media, and so we
(03:50):
saw the young people growing up in this environment and
they didn't have a need to go into a branch
as much as some of us older folks did. And
so we, you know, twenty years ago, decided that we
wanted to build this platform not only because the technology
was important, but because of what you said, which is
that the branches were declining in our community. And you know,
(04:13):
one of the things about myself. I've lived in major cities,
but I've also lived in rural America. And you know,
there's just not enough financial services in rule America as well,
and there are a lot of us that live in
small towns.
Speaker 4 (04:29):
Now.
Speaker 1 (04:30):
I love people like Terry Williams because she knows her
brand so well that I always like to have to
do a pump the breaks because she slid rights by
something that was so important, that's taking a picture of
your payroll check.
Speaker 2 (04:45):
This is the.
Speaker 1 (04:46):
Part where I feel our community has been imprisoned by
these high check cashing places. They go in there, they
take a major portion of your check with these high fees,
treat you like I'm just cherry. They treat I don't
think to treat you well. I've been in there, I've
seen it. I've been fighting this cherry since i've been
when Steve Harven I was in LA back in two thousand,
(05:09):
so I've been on a war path about this, and
so when I that's why I'm such a fan of
one United Bank.
Speaker 2 (05:16):
You know you I may not.
Speaker 1 (05:18):
I'm not a paid brand abaschetor. I'm just gonna put
it out there, but I am an ambacheldor of Change.
I am a bassador, ambassador of information and walk them
through detail how they can take a picture dick check
and how they can get their money back through the
ATM services they are everywhere.
Speaker 3 (05:36):
Yes, yes, So again we realized that, you know, access
to money, what's going to be is important, not what's
going to be is important to our community. So you
bring up ATM networks because people will be like, okay,
if I bank with you, how do I get access
to my money. We have the largest searcharge free ATM
network then any other bank in the country. You can
(05:58):
go if you're a customer when United, you can go
into a Walgreens seven eleven. You can even go to
a Chase Bank or a City bank and get access
to your money without paying a fee. We have one
hundred thousand surcharge free ATMs where you can access your money.
And the reason that we did that is we you know,
(06:18):
developed these partnerships, is because we realize that those you know,
some of those ATMs. In fact, I have to say this,
I was I needed cash, and I was in a
hotel and I went to the hotel ATM to get
some cash, and the fee was five dollars a ninety
nine cent just to get access to one hundred dollars.
Speaker 2 (06:40):
It's crazy.
Speaker 3 (06:42):
So I say that to say we know that these
fees add up, and that we have to be able
to access our money and want to access and not
only does deserve to access our money surcharge free. You mentioned,
you know, getting paid two days or early. You know
this is not a you know, payday advance loan. You
(07:04):
know this is not something that we charge you for.
If you bank with one United and you do a
direct deposit of your paycheck as opposed to you getting
that pay on Friday, you will get it on Wednesday,
no fee, no charge.
Speaker 2 (07:19):
You just get your money early.
Speaker 3 (07:22):
Again, we recognize that that could make the difference between
you needing a payday loan or you not needing a
payday loan.
Speaker 1 (07:30):
And the key in this conversation, ladies and gentlemen, is
that you're now doing positive banking these high fee charging places.
That's not banking. That's not banking. They're never going to
improve your credit score, there's never going to be in
a position to give you a debit credit card. None
of those things are going to happen if you continue
(07:52):
to bank or do financial transactions with these high check
cashing places. And that's important that we say this in
this interview, is that money making conversations masterclass is what
I call education information. Terry Williams is on this show
because I asked her to come on the show because
(08:12):
she's providing a service that everybody on this call need
to hear. Because even I Rashawn McDonald, because I use ATMs, Terry,
I bank with a particular bank. If I go to
another bank that's not my bank, I get.
Speaker 2 (08:26):
Charged that fee.
Speaker 1 (08:26):
You talking about it? Yeah, Okay, Now she's telling you
you bank with one United Bank, you can go anywhere
no fee. That right there is the home run we're
looking for. We are looking for as a community because
now we're banking. Take a picture of your check. I've
done this.
Speaker 2 (08:45):
Now I've taken.
Speaker 1 (08:46):
A picture of Sometimes I go in the bank, I
don't feel like standing in that line. I just go
up there, take a picture of the check depositive and
everything's good. Never never have to stand in a long line.
So I know that even my bank, I use their service.
So you could know that. Okay, Rishon, have you ever
used that type of banking service? You wanted to deposit
your check through a camera.
Speaker 2 (09:10):
And it goes it to your bank account.
Speaker 1 (09:11):
Yes, it does work like that. It works like that
for me and can work like that for you. Now,
when you start pushing this idea, how you getting the
word out terry about this because it's so it's not
even groundbreaking because guess what, like you said, black people
and people of color have always used smartphones, have always
been at the fort tronk of video gaming digital and
(09:34):
now we just need to start being acknowledged and start
using it other than just taking pictures and texting people.
Speaker 3 (09:42):
Well, you know, I have to say that this has
been a really wonderful but long journey.
Speaker 2 (09:47):
And what I mean by that is, you know, there was.
Speaker 3 (09:50):
A time when people didn't even know that black banks existed.
You know, they are like, oh no, you know, and
you know one of the things that you mentioned, Yes
I'm the president and see oh but I'm actually also
the owner of the bank. And so there, you know,
I always said I have to pop my head out
and say, see, I'm black, you know, and that, you know,
because people are like, oh, black people don't.
Speaker 2 (10:11):
Own banks, you know.
Speaker 3 (10:13):
But and and I will also say that we as
a community need to learn to trust each other with
our business. With our business. We are a FDIC insured bank.
We are a real bank, not a fintech, not somebody
that's you know, asking you for your money and your
(10:34):
confidential information but doesn't have.
Speaker 2 (10:37):
The full faith and credit.
Speaker 3 (10:38):
We have the full faith, faith and credit of the
US government for the bank. So you know, there's sort
of a mistrust that we have to get over as
a community. There's also a need for financial literacy. This
is where you know, your podcast, where your your program
comes in, because we we do need to get educated.
(11:01):
You know, I sometimes get annoyed when people talk about
black folks and try to make it seem like we're
not good with money. We are great with money. We
are great with money. We've always been great with money.
We don't have the same income. You know, we have
faced discrimination.
Speaker 2 (11:23):
We have been.
Speaker 3 (11:24):
Actually precluded from We were the asset that was owned
and we couldn't buy assets, We couldn't live where we
wanted to live because of laws.
Speaker 2 (11:33):
That discriminated against us.
Speaker 3 (11:36):
But if you look at you know what we are
able to accomplish given the amount of income that we
do have. We've accomplished a tremendous amount.
Speaker 2 (11:45):
But we do need to.
Speaker 3 (11:46):
Learn more about how wealthy people build wealth.
Speaker 2 (11:52):
And I, you know, I say this to everyone. One
of the ways.
Speaker 3 (11:55):
One of the things that wealthy people know about building
wealth is that you have to say up an automatic
way to save.
Speaker 2 (12:02):
If you don't have an automatic.
Speaker 3 (12:04):
Way of saving, if it goes in your pocket, you're
more likely to spend it.
Speaker 2 (12:09):
So you got to put aside, you know, whatever it is.
Speaker 3 (12:12):
I don't care if it's a dollar a week, ten
dollars a week, hundred dollars, whatever you you think you
can afford to put a side into a savings account automatically.
It should go from your paycheck into a savings account,
or your paycheck to a four to one k, or
your paycheck to an investment account, and not go in
your pocket because if it goes in your pocket, you're
(12:34):
more likely to spend it. That's what wealthy people know,
and they've been doing this for many, many years. And
you look up and you see that you have a
substantial investment account or savings account. But these are things
that you know, we just need to learn. It's like
learning the games, Like learning a video game.
Speaker 2 (12:51):
You got to know the rules.
Speaker 3 (12:54):
In fact, you know, let me bring up another thing
you talk about check cashers. Check cashers only report to
the credit Euros when you don't pay them, so it
can only negatively impact your credit score. We said, that's crazy,
you know, with our cast Please program, which again the
interest rate is you know, one twentieth of that of
(13:15):
the check casher, but we also report positive payments, so
it can actually improve your credit score.
Speaker 4 (13:24):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald for.
Speaker 2 (13:40):
Our community to understand.
Speaker 3 (13:41):
Not only do we have an app, but we also
use artificial intelligence. Now, this is sort of a new
thing that you know, some people are afraid of, but
it is the future and it is important for us
to see the future. So we have something called wise
one and what it is is a service that looks
(14:03):
at your bank account and provides you with insights about
how you could make more money. It will tell you
things like, you know, did you know that your bill
from you know, AT and T went up last month?
Do you know that you paid Netflix twice? You have
(14:23):
two Netflix bills? Do you know that you have some
additional cash that you should move to savings. It will
provide you with insights to your spending to help you
make better financial decisions. And it uses data aggregation, so
it can combine not only your bank account with US,
(14:45):
it can combine your mortgage. It can combine other accounts
you have with other organizations all into one. It will
tell you what your net worth is. It'll tell you
what your cash flow is, your income, your expenses, and
it'll tell you how you can reduce your dat and
how you can reduce your expenses. Which bills should you
(15:07):
pay first? You can either pay the highest the bill
with the highest interest.
Speaker 2 (15:12):
Rate, or.
Speaker 3 (15:16):
You can pay a bill that has a low interest rate.
But that is a smaller bill, right.
Speaker 1 (15:23):
I'm a big fan of to get rid of the
small ones.
Speaker 2 (15:27):
Yes, I am too. I am too out of college.
Speaker 1 (15:31):
You know what I'm saying Exactly if you see a
medical degree gonna take you eight years to get to,
I'm gonna take some course. It's gonna make me happy
off some low bills immediately. I'm paying off those low
bill at least. That's called goal setting. A lot of
people get traumatized because they they set the wrong goal
and they then they, as they say in the neighborhood,
(15:53):
bite off more than you can shoot. R. Taylor, let
me let me just it's something you want to launch
on my show. I'm so proud that Terry chose and
launches on my show. I feel so good. I feel
like money made conversation. Get up in the big world.
One United Bank has come here.
Speaker 2 (16:08):
Now you got the.
Speaker 1 (16:09):
Fifteenth annual I Got Bank Youth Financial Literacy competition for
kids eight through twelve. Till us about that?
Speaker 3 (16:17):
Yeah, So, like you said, it's our fifteenth year and
we provide a way for kids to learn about money.
I actually wrote a book called I Got Bank. If
you go to one Night dot com slash book, you
can learn about the contest, but you can also download
the book, so we make it free and it's a
(16:38):
book that teaches kids everything they need to know about money.
It's actually about a young boy named Jazz Ellington. He
is ten years old and his brother, his sister, and
his mother are trying to spend his savings. He saves
a little over two thousand dollars because he did what
(17:00):
his granddad taught him to do.
Speaker 2 (17:02):
He just saved his money.
Speaker 3 (17:04):
His money went right into his savings account, but his mother,
his brother, and sister are trying to.
Speaker 2 (17:09):
Spend his money.
Speaker 3 (17:11):
And the reason that I wrote that story is because
for a lot of us in our community, you know,
we might have one of us that is done okay,
and then everyone else, you know, wants to figure out
how that one person can help. And sometimes it's hard
for us to help everybody, but Jazz figures it out.
But this book, this essay contest, we give ten kids
(17:34):
a thousand dollars savings account, and all they have to
do is read a book, whether it's my book that
they can get for free or another financial literacy book,
and talk about how that book can help them help
their family. Now I say that, and this is what
(17:55):
I also say on your show.
Speaker 2 (17:57):
We're not asking you for a book report. We don't
want a book report.
Speaker 3 (18:01):
We want you to tell us what you learned from
the book and how you can use that learning to
build wealth for you and your family. We choose ten
or do a piece of art, So you could either
write an essay or do a piece of art, and
we will choose ten winners, and on August thirty first,
we will announce the winners.
Speaker 2 (18:23):
Of the I Got Bank Essay contest.
Speaker 3 (18:26):
Ten winners, ten kids win a thousand dollars savings account.
Speaker 1 (18:30):
No, not, Terry, if you're going to launch it on
my show, you gotta come back on my show and
now it's the.
Speaker 2 (18:36):
Winnow, Yes, I will. I absolutely will do that.
Speaker 3 (18:39):
I would love to do that and maybe even have
one of the winners, one of the kids. I'm on
the show because I will tell you that it's amazing
what these kids write, what they learn. They are so
much further along than I know I was at ten
years old. Part of the reason I wrote the book
is because I couldn't figure out money when I was ten,
(19:00):
and I was like, that shouldn't be the case. And
these kids, either from reading my book or reading some
other book, they learn about money at a very young age,
and it makes it. In fact, I think all the
kids that participate our winners. I mean, we definitely have
the ten winners, but really every child that participates in
this contest wins.
Speaker 1 (19:20):
So let measure you this, Terry, how do they apply?
Speaker 3 (19:24):
They go to one United dot Com slash book.
Speaker 1 (19:27):
Here's a lot of things are happening out there in
the community that affects our popa book.
Speaker 2 (19:32):
What should black people be.
Speaker 1 (19:33):
Doing with their money in these uncertain times?
Speaker 2 (19:35):
Yeah, no, it's a really good question.
Speaker 3 (19:39):
So we should know that there's likely to be some
sort of recession and there's likely to also be inflation.
This is twenty twenty five, and with everything that's going on,
there's something called stagflation. Your audience will hear that word.
Speaker 2 (19:55):
More and more. And what it.
Speaker 3 (19:57):
Is is usually when there's inflation, it's because the economy
is growing, or when there's you know, a loss of employment,
the economy is declining. In this case, what they're expecting
is that there to be inflation or increase in prices
and at the same time an increase in unemployment. And
(20:21):
because of that, what I say to everyone, hold on
to your job. This is not a time to be
taking a new job. We're always the last hired, first fire,
so hold on to your job. The second is to
start saving more and spending less because this economy is
(20:41):
going to be very, very difficult. Those are my two recommendations.
Hold on to your job, start spending less, saving more.
Speaker 1 (20:53):
The narrative that's put out there is that Terry Wibbs
does not exist. The narrative that's put out there is
that one United Bank does not exist because when they
use the words like DEI, and they use the words
like welfare, they use the words like unemployment, they use
(21:13):
the words like anything that is negative, they make it
seem like black people are the sole benefactors of this,
and that's not true. White women dominate all those categories.
When they came out there screaming by DEI when those
planes crashed, you know, they was insinuating us. But that's
(21:40):
not true, like we were the ones benefited from DEI.
I will close the show with one question that's going
to be an extensive response by you because of the
one transaction concept, which focused on six major transactions that
working together will create generational wealth. I'm allowed the floor
(22:00):
to run them down to us and tell us the
importance to the floors.
Speaker 2 (22:04):
Yeah.
Speaker 3 (22:05):
Yeah, that's one of the things that we think is
important for our community to know, is that it really
is one transaction that can make a difference between you
being wealthy or not, in fact, building generational wealth, and
the six transactions include home ownership. In fact, that's one
of the other things that we have. If you go
(22:26):
to one Unite Dot com slash home loans.
Speaker 2 (22:29):
You'll learn that we.
Speaker 3 (22:30):
Are providing twenty five to fifty thousand dollars in downpayment
assistance to first time home buyers. So home ownership is one.
The second is insurance. Life insurance. Life insurance is a
really inexpensive way to build generational wealth. So whether that's
(22:50):
your parents or your grandparents, make sure they have insurance
so that when they pass that that those funds go to.
Speaker 2 (22:56):
You or your or your childrens.
Speaker 3 (23:00):
You know, look at investments as an option again, make
sure it goes from your paycheck into an investment account. Business,
you know, small businesses having a profitable business. So whether
it's you have a you know, sort of a gig
(23:20):
on the side, or whether you are an entrepreneur, but
having a profitable business can make the difference between you know,
you building wealth or you not building wealth. Credit score,
credit score is important, and that's why you know these
check cashers, they're they're worse, you know, because of the
(23:41):
the high interest rate that they charged. They actually only
can hurt your credit, they can't help your credit. Building
your credit is really important and again can make the difference.
And so if you can take those transactions home ownership, savings,
(24:01):
credit scores, profitable business insurance investments. If you look focused
on those six transactions, you can build generational wealth, and
you should focus on one of them. Just focus on
one and again. If you go to our website one
night dot com slash one Transaction, you will see all
of the six transactions and a step by step guide
(24:24):
that you can take to build generational wealth. Don't focus
on all six, focus on one.
Speaker 1 (24:32):
Well, she's come on my show, Ladies and gentlemen. Terry Williams,
Owner President COO or one United Bank. There are three
uols that are important to remember from this call. One
United buck dot com. Going there, you can shut up
an account which will allow you to be able to
(24:53):
deposits your checks. Do direct deposits, get you paid two
days earlier. It allows you to go to any ATM
in this country with no fees charge and remove money
from your account that you've set up with One United.
They have a contest called It's the fifteenth Daniel I
Got Banked Youth Financial Literacy competition for kids eight through twelve.
(25:14):
That's eight through twelve. Ten kids will win one thousand
dollars saves account one ten kids. It's an artwork or
an essay. It's about financial literacy. It's about your approach
to success. That's one United Slash book. And it's the
last thing we talked about was the one Transaction concept.
(25:37):
It's one United Slash, one Transaction. Thank you Terry for
coming on my show, Money Making Conversation Massaclins and I'm
telling you right now, you change some lives today, my friend.
I appreciate you taking the time because you are a
busy person. You are the town. Money you count I
need to put them in the bank.
Speaker 2 (25:55):
Thank you for having me now. I really appreciate it.
Speaker 3 (25:58):
And yeah, like I said, you're doing your so I
really appreciate you sharing this knowledge with the.
Speaker 1 (26:04):
World and we will thank you again. This has been
another edition of Money Making Conversation Masterclass hosted by me
Rushaun McDonald. Thank you to our guests on the show
today and thank you listening to the audience now. If
you want to listen to any episode I want to
be a guest on the show, visit Moneymakingconversations dot com.
Our social media handle is money Making Conversation. Join us
(26:26):
next week and remember to always leave with your gifts.
Speaker 2 (26:29):
Keep winning
Hi, I'm Rashaan McDonald, our host the weekly Money Making
Conversation Masterclass show. The interviews and information that this show
provides are for everyone. It's time to stop reading other
people's success stories and start living your own. If you
want to be a guest on my show, please visit
our website Moneymakingconversations dot com and clip to be a guest,
but first to submit and information will come directly to me.
Speaker 2 (00:24):
Now let's get this show started.
Speaker 1 (00:26):
My guest is the president and chief operating officer a
One United Bank. One United Bank is the nation's largest
black owned bank and award winning community development financial institution.
It serves as a bridge by offering affordable financial services
and promoting financial literacy. Please welcome to the Money Making
(00:47):
Conversation Masterclass. Terry Williams. How are you doing, Miss Williams.
Speaker 2 (00:52):
I'm great. It's good to be here. Okay.
Speaker 1 (00:55):
You know I'm based in Atlanta. So where are you
calling in from?
Speaker 2 (01:00):
I'm calling in from Miami.
Speaker 1 (01:02):
Miami, Florida. Okay. Now, One United Bank. I I talked
to Ken. I met him many many years ago in
Los Angeles. Now, how did the One United Bank four
match start?
Speaker 3 (01:17):
So we started with a community bank in Boston, and
we acquired four black owned banks, one here in Miami,
which is where I am now, and two in LA
and the one in Boston. We combined them into one
and we changed our name to One United Bank. That
(01:38):
was over twenty years ago, and since then we have
launched a digital platform.
Speaker 2 (01:45):
We were actually the first digital.
Speaker 3 (01:47):
Black owned bank, and that was in two thousand and five,
so twenty years ago. And from there we have become
the largest black owned bank in the country with customers
all over in all fifty states.
Speaker 1 (02:03):
Now, how could people get information about One United Bank?
Speaker 3 (02:09):
You can go to one United o Neunited dot com
and you can learn about who we are, our technology,
and you can also open up an account online within minutes.
Speaker 1 (02:23):
Okay, that's great because one thing I've always been mad
about is that in the black community, community of color,
they've taken all the brick and mortar banks basically out.
You know, you talk about food deserts, in the black community,
the financial desert doesn't even exist, and so we are
prisoners of those high check cash in places I can't
(02:50):
stand there. You go into the community of color, you
see churches, you see these they call them hot sheets motels,
you see liquor stores and these check cash in places.
That really is embarrassing to me because you know, you
got to get buzzed in, you got to get buzzed out.
You bringing your money in there to get cash, and
(03:10):
you're being treated like a criminal. And so it's so
enlightening to have one United Bank positioned itself to make services,
proper banking services available to our community in the digital format.
Let's go in detail of why that's so important. Mis Williams.
Speaker 3 (03:30):
Yeah, you're absolutely right, and that's what we saw twenty
years ago, where, first of all, where our community was
actually at the forefront of digital you know, they talk
about the digital divide, but the reality is that the
black community, we were at the forefront of using technology,
of using smartphones, of using social media, and so we
(03:50):
saw the young people growing up in this environment and
they didn't have a need to go into a branch
as much as some of us older folks did. And
so we, you know, twenty years ago, decided that we
wanted to build this platform not only because the technology
was important, but because of what you said, which is
that the branches were declining in our community. And you know,
(04:13):
one of the things about myself. I've lived in major cities,
but I've also lived in rural America. And you know,
there's just not enough financial services in rule America as well,
and there are a lot of us that live in
small towns.
Speaker 4 (04:29):
Now.
Speaker 1 (04:30):
I love people like Terry Williams because she knows her
brand so well that I always like to have to
do a pump the breaks because she slid rights by
something that was so important, that's taking a picture of
your payroll check.
Speaker 2 (04:45):
This is the.
Speaker 1 (04:46):
Part where I feel our community has been imprisoned by
these high check cashing places. They go in there, they
take a major portion of your check with these high fees,
treat you like I'm just cherry. They treat I don't
think to treat you well. I've been in there, I've
seen it. I've been fighting this cherry since i've been
when Steve Harven I was in LA back in two thousand,
(05:09):
so I've been on a war path about this, and
so when I that's why I'm such a fan of
one United Bank.
Speaker 2 (05:16):
You know you I may not.
Speaker 1 (05:18):
I'm not a paid brand abaschetor. I'm just gonna put
it out there, but I am an ambacheldor of Change.
I am a bassador, ambassador of information and walk them
through detail how they can take a picture dick check
and how they can get their money back through the
ATM services they are everywhere.
Speaker 3 (05:36):
Yes, yes, So again we realized that, you know, access
to money, what's going to be is important, not what's
going to be is important to our community. So you
bring up ATM networks because people will be like, okay,
if I bank with you, how do I get access
to my money. We have the largest searcharge free ATM
network then any other bank in the country. You can
(05:58):
go if you're a customer when United, you can go
into a Walgreens seven eleven. You can even go to
a Chase Bank or a City bank and get access
to your money without paying a fee. We have one
hundred thousand surcharge free ATMs where you can access your money.
And the reason that we did that is we you know,
(06:18):
developed these partnerships, is because we realize that those you know,
some of those ATMs. In fact, I have to say this,
I was I needed cash, and I was in a
hotel and I went to the hotel ATM to get
some cash, and the fee was five dollars a ninety
nine cent just to get access to one hundred dollars.
Speaker 2 (06:40):
It's crazy.
Speaker 3 (06:42):
So I say that to say we know that these
fees add up, and that we have to be able
to access our money and want to access and not
only does deserve to access our money surcharge free. You mentioned,
you know, getting paid two days or early. You know
this is not a you know, payday advance loan. You
(07:04):
know this is not something that we charge you for.
If you bank with one United and you do a
direct deposit of your paycheck as opposed to you getting
that pay on Friday, you will get it on Wednesday,
no fee, no charge.
Speaker 2 (07:19):
You just get your money early.
Speaker 3 (07:22):
Again, we recognize that that could make the difference between
you needing a payday loan or you not needing a
payday loan.
Speaker 1 (07:30):
And the key in this conversation, ladies and gentlemen, is
that you're now doing positive banking these high fee charging places.
That's not banking. That's not banking. They're never going to
improve your credit score, there's never going to be in
a position to give you a debit credit card. None
of those things are going to happen if you continue
(07:52):
to bank or do financial transactions with these high check
cashing places. And that's important that we say this in
this interview, is that money making conversations masterclass is what
I call education information. Terry Williams is on this show
because I asked her to come on the show because
(08:12):
she's providing a service that everybody on this call need
to hear. Because even I Rashawn McDonald, because I use ATMs, Terry,
I bank with a particular bank. If I go to
another bank that's not my bank, I get.
Speaker 2 (08:26):
Charged that fee.
Speaker 1 (08:26):
You talking about it? Yeah, Okay, Now she's telling you
you bank with one United Bank, you can go anywhere
no fee. That right there is the home run we're
looking for. We are looking for as a community because
now we're banking. Take a picture of your check. I've
done this.
Speaker 2 (08:45):
Now I've taken.
Speaker 1 (08:46):
A picture of Sometimes I go in the bank, I
don't feel like standing in that line. I just go
up there, take a picture of the check depositive and
everything's good. Never never have to stand in a long line.
So I know that even my bank, I use their service.
So you could know that. Okay, Rishon, have you ever
used that type of banking service? You wanted to deposit
your check through a camera.
Speaker 2 (09:10):
And it goes it to your bank account.
Speaker 1 (09:11):
Yes, it does work like that. It works like that
for me and can work like that for you. Now,
when you start pushing this idea, how you getting the
word out terry about this because it's so it's not
even groundbreaking because guess what, like you said, black people
and people of color have always used smartphones, have always
been at the fort tronk of video gaming digital and
(09:34):
now we just need to start being acknowledged and start
using it other than just taking pictures and texting people.
Speaker 3 (09:42):
Well, you know, I have to say that this has
been a really wonderful but long journey.
Speaker 2 (09:47):
And what I mean by that is, you know, there was.
Speaker 3 (09:50):
A time when people didn't even know that black banks existed.
You know, they are like, oh no, you know, and
you know one of the things that you mentioned, Yes
I'm the president and see oh but I'm actually also
the owner of the bank. And so there, you know,
I always said I have to pop my head out
and say, see, I'm black, you know, and that, you know,
because people are like, oh, black people don't.
Speaker 2 (10:11):
Own banks, you know.
Speaker 3 (10:13):
But and and I will also say that we as
a community need to learn to trust each other with
our business. With our business. We are a FDIC insured bank.
We are a real bank, not a fintech, not somebody
that's you know, asking you for your money and your
(10:34):
confidential information but doesn't have.
Speaker 2 (10:37):
The full faith and credit.
Speaker 3 (10:38):
We have the full faith, faith and credit of the
US government for the bank. So you know, there's sort
of a mistrust that we have to get over as
a community. There's also a need for financial literacy. This
is where you know, your podcast, where your your program
comes in, because we we do need to get educated.
(11:01):
You know, I sometimes get annoyed when people talk about
black folks and try to make it seem like we're
not good with money. We are great with money. We
are great with money. We've always been great with money.
We don't have the same income. You know, we have
faced discrimination.
Speaker 2 (11:23):
We have been.
Speaker 3 (11:24):
Actually precluded from We were the asset that was owned
and we couldn't buy assets, We couldn't live where we
wanted to live because of laws.
Speaker 2 (11:33):
That discriminated against us.
Speaker 3 (11:36):
But if you look at you know what we are
able to accomplish given the amount of income that we
do have. We've accomplished a tremendous amount.
Speaker 2 (11:45):
But we do need to.
Speaker 3 (11:46):
Learn more about how wealthy people build wealth.
Speaker 2 (11:52):
And I, you know, I say this to everyone. One
of the ways.
Speaker 3 (11:55):
One of the things that wealthy people know about building
wealth is that you have to say up an automatic
way to save.
Speaker 2 (12:02):
If you don't have an automatic.
Speaker 3 (12:04):
Way of saving, if it goes in your pocket, you're
more likely to spend it.
Speaker 2 (12:09):
So you got to put aside, you know, whatever it is.
Speaker 3 (12:12):
I don't care if it's a dollar a week, ten
dollars a week, hundred dollars, whatever you you think you
can afford to put a side into a savings account automatically.
It should go from your paycheck into a savings account,
or your paycheck to a four to one k, or
your paycheck to an investment account, and not go in
your pocket because if it goes in your pocket, you're
(12:34):
more likely to spend it. That's what wealthy people know,
and they've been doing this for many, many years. And
you look up and you see that you have a
substantial investment account or savings account. But these are things
that you know, we just need to learn. It's like
learning the games, Like learning a video game.
Speaker 2 (12:51):
You got to know the rules.
Speaker 3 (12:54):
In fact, you know, let me bring up another thing
you talk about check cashers. Check cashers only report to
the credit Euros when you don't pay them, so it
can only negatively impact your credit score. We said, that's crazy,
you know, with our cast Please program, which again the
interest rate is you know, one twentieth of that of
(13:15):
the check casher, but we also report positive payments, so
it can actually improve your credit score.
Speaker 4 (13:24):
Please don't go anywhere. We'll be right back with more
Money Making Conversations Masterclass. Welcome back to the Money Making
Conversations Masterclass hosted by Rashaan McDonald for.
Speaker 2 (13:40):
Our community to understand.
Speaker 3 (13:41):
Not only do we have an app, but we also
use artificial intelligence. Now, this is sort of a new
thing that you know, some people are afraid of, but
it is the future and it is important for us
to see the future. So we have something called wise
one and what it is is a service that looks
(14:03):
at your bank account and provides you with insights about
how you could make more money. It will tell you
things like, you know, did you know that your bill
from you know, AT and T went up last month?
Do you know that you paid Netflix twice? You have
(14:23):
two Netflix bills? Do you know that you have some
additional cash that you should move to savings. It will
provide you with insights to your spending to help you
make better financial decisions. And it uses data aggregation, so
it can combine not only your bank account with US,
(14:45):
it can combine your mortgage. It can combine other accounts
you have with other organizations all into one. It will
tell you what your net worth is. It'll tell you
what your cash flow is, your income, your expenses, and
it'll tell you how you can reduce your dat and
how you can reduce your expenses. Which bills should you
(15:07):
pay first? You can either pay the highest the bill
with the highest interest.
Speaker 2 (15:12):
Rate, or.
Speaker 3 (15:16):
You can pay a bill that has a low interest rate.
But that is a smaller bill, right.
Speaker 1 (15:23):
I'm a big fan of to get rid of the
small ones.
Speaker 2 (15:27):
Yes, I am too. I am too out of college.
Speaker 1 (15:31):
You know what I'm saying Exactly if you see a
medical degree gonna take you eight years to get to,
I'm gonna take some course. It's gonna make me happy
off some low bills immediately. I'm paying off those low
bill at least. That's called goal setting. A lot of
people get traumatized because they they set the wrong goal
and they then they, as they say in the neighborhood,
(15:53):
bite off more than you can shoot. R. Taylor, let
me let me just it's something you want to launch
on my show. I'm so proud that Terry chose and
launches on my show. I feel so good. I feel
like money made conversation. Get up in the big world.
One United Bank has come here.
Speaker 2 (16:08):
Now you got the.
Speaker 1 (16:09):
Fifteenth annual I Got Bank Youth Financial Literacy competition for
kids eight through twelve. Till us about that?
Speaker 3 (16:17):
Yeah, So, like you said, it's our fifteenth year and
we provide a way for kids to learn about money.
I actually wrote a book called I Got Bank. If
you go to one Night dot com slash book, you
can learn about the contest, but you can also download
the book, so we make it free and it's a
(16:38):
book that teaches kids everything they need to know about money.
It's actually about a young boy named Jazz Ellington. He
is ten years old and his brother, his sister, and
his mother are trying to spend his savings. He saves
a little over two thousand dollars because he did what
(17:00):
his granddad taught him to do.
Speaker 2 (17:02):
He just saved his money.
Speaker 3 (17:04):
His money went right into his savings account, but his mother,
his brother, and sister are trying to.
Speaker 2 (17:09):
Spend his money.
Speaker 3 (17:11):
And the reason that I wrote that story is because
for a lot of us in our community, you know,
we might have one of us that is done okay,
and then everyone else, you know, wants to figure out
how that one person can help. And sometimes it's hard
for us to help everybody, but Jazz figures it out.
But this book, this essay contest, we give ten kids
(17:34):
a thousand dollars savings account, and all they have to
do is read a book, whether it's my book that
they can get for free or another financial literacy book,
and talk about how that book can help them help
their family. Now I say that, and this is what
(17:55):
I also say on your show.
Speaker 2 (17:57):
We're not asking you for a book report. We don't
want a book report.
Speaker 3 (18:01):
We want you to tell us what you learned from
the book and how you can use that learning to
build wealth for you and your family. We choose ten
or do a piece of art, So you could either
write an essay or do a piece of art, and
we will choose ten winners, and on August thirty first,
we will announce the winners.
Speaker 2 (18:23):
Of the I Got Bank Essay contest.
Speaker 3 (18:26):
Ten winners, ten kids win a thousand dollars savings account.
Speaker 1 (18:30):
No, not, Terry, if you're going to launch it on
my show, you gotta come back on my show and
now it's the.
Speaker 2 (18:36):
Winnow, Yes, I will. I absolutely will do that.
Speaker 3 (18:39):
I would love to do that and maybe even have
one of the winners, one of the kids. I'm on
the show because I will tell you that it's amazing
what these kids write, what they learn. They are so
much further along than I know I was at ten
years old. Part of the reason I wrote the book
is because I couldn't figure out money when I was ten,
(19:00):
and I was like, that shouldn't be the case. And
these kids, either from reading my book or reading some
other book, they learn about money at a very young age,
and it makes it. In fact, I think all the
kids that participate our winners. I mean, we definitely have
the ten winners, but really every child that participates in
this contest wins.
Speaker 1 (19:20):
So let measure you this, Terry, how do they apply?
Speaker 3 (19:24):
They go to one United dot Com slash book.
Speaker 1 (19:27):
Here's a lot of things are happening out there in
the community that affects our popa book.
Speaker 2 (19:32):
What should black people be.
Speaker 1 (19:33):
Doing with their money in these uncertain times?
Speaker 2 (19:35):
Yeah, no, it's a really good question.
Speaker 3 (19:39):
So we should know that there's likely to be some
sort of recession and there's likely to also be inflation.
This is twenty twenty five, and with everything that's going on,
there's something called stagflation. Your audience will hear that word.
Speaker 2 (19:55):
More and more. And what it.
Speaker 3 (19:57):
Is is usually when there's inflation, it's because the economy
is growing, or when there's you know, a loss of employment,
the economy is declining. In this case, what they're expecting
is that there to be inflation or increase in prices
and at the same time an increase in unemployment. And
(20:21):
because of that, what I say to everyone, hold on
to your job. This is not a time to be
taking a new job. We're always the last hired, first fire,
so hold on to your job. The second is to
start saving more and spending less because this economy is
(20:41):
going to be very, very difficult. Those are my two recommendations.
Hold on to your job, start spending less, saving more.
Speaker 1 (20:53):
The narrative that's put out there is that Terry Wibbs
does not exist. The narrative that's put out there is
that one United Bank does not exist because when they
use the words like DEI, and they use the words
like welfare, they use the words like unemployment, they use
(21:13):
the words like anything that is negative, they make it
seem like black people are the sole benefactors of this,
and that's not true. White women dominate all those categories.
When they came out there screaming by DEI when those
planes crashed, you know, they was insinuating us. But that's
(21:40):
not true, like we were the ones benefited from DEI.
I will close the show with one question that's going
to be an extensive response by you because of the
one transaction concept, which focused on six major transactions that
working together will create generational wealth. I'm allowed the floor
(22:00):
to run them down to us and tell us the
importance to the floors.
Speaker 2 (22:04):
Yeah.
Speaker 3 (22:05):
Yeah, that's one of the things that we think is
important for our community to know, is that it really
is one transaction that can make a difference between you
being wealthy or not, in fact, building generational wealth, and
the six transactions include home ownership. In fact, that's one
of the other things that we have. If you go
(22:26):
to one Unite Dot com slash home loans.
Speaker 2 (22:29):
You'll learn that we.
Speaker 3 (22:30):
Are providing twenty five to fifty thousand dollars in downpayment
assistance to first time home buyers. So home ownership is one.
The second is insurance. Life insurance. Life insurance is a
really inexpensive way to build generational wealth. So whether that's
(22:50):
your parents or your grandparents, make sure they have insurance
so that when they pass that that those funds go to.
Speaker 2 (22:56):
You or your or your childrens.
Speaker 3 (23:00):
You know, look at investments as an option again, make
sure it goes from your paycheck into an investment account. Business,
you know, small businesses having a profitable business. So whether
it's you have a you know, sort of a gig
(23:20):
on the side, or whether you are an entrepreneur, but
having a profitable business can make the difference between you know,
you building wealth or you not building wealth. Credit score,
credit score is important, and that's why you know these
check cashers, they're they're worse, you know, because of the
(23:41):
the high interest rate that they charged. They actually only
can hurt your credit, they can't help your credit. Building
your credit is really important and again can make the difference.
And so if you can take those transactions home ownership, savings,
(24:01):
credit scores, profitable business insurance investments. If you look focused
on those six transactions, you can build generational wealth, and
you should focus on one of them. Just focus on
one and again. If you go to our website one
night dot com slash one Transaction, you will see all
of the six transactions and a step by step guide
(24:24):
that you can take to build generational wealth. Don't focus
on all six, focus on one.
Speaker 1 (24:32):
Well, she's come on my show, Ladies and gentlemen. Terry Williams,
Owner President COO or one United Bank. There are three
uols that are important to remember from this call. One
United buck dot com. Going there, you can shut up
an account which will allow you to be able to
(24:53):
deposits your checks. Do direct deposits, get you paid two
days earlier. It allows you to go to any ATM
in this country with no fees charge and remove money
from your account that you've set up with One United.
They have a contest called It's the fifteenth Daniel I
Got Banked Youth Financial Literacy competition for kids eight through twelve.
(25:14):
That's eight through twelve. Ten kids will win one thousand
dollars saves account one ten kids. It's an artwork or
an essay. It's about financial literacy. It's about your approach
to success. That's one United Slash book. And it's the
last thing we talked about was the one Transaction concept.
(25:37):
It's one United Slash, one Transaction. Thank you Terry for
coming on my show, Money Making Conversation Massaclins and I'm
telling you right now, you change some lives today, my friend.
I appreciate you taking the time because you are a
busy person. You are the town. Money you count I
need to put them in the bank.
Speaker 2 (25:55):
Thank you for having me now. I really appreciate it.
Speaker 3 (25:58):
And yeah, like I said, you're doing your so I
really appreciate you sharing this knowledge with the.
Speaker 1 (26:04):
World and we will thank you again. This has been
another edition of Money Making Conversation Masterclass hosted by me
Rushaun McDonald. Thank you to our guests on the show
today and thank you listening to the audience now. If
you want to listen to any episode I want to
be a guest on the show, visit Moneymakingconversations dot com.
Our social media handle is money Making Conversation. Join us
(26:26):
next week and remember to always leave with your gifts.
Speaker 2 (26:29):
Keep winning
Host
Rushion McDonald
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