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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#BEST
#SHMS
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Hi.
Speaker 2 (00:00):
I'm Rashaan McDonald, a host of weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
are for everyone. It's time to start reading other people's
success stories and start living your own.
Speaker 3 (00:13):
If you want to be.
Speaker 2 (00:13):
A guest on my show, please visit our website, Moneymakingconversations
dot com and click to be a guest button. If
you're a small business owner, entrepreneur, got a product, or
a motivational speaker, I want to hear from you.
Speaker 3 (00:26):
Let's get this show roller.
Speaker 2 (00:28):
My guess 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 Money Making Conversation Masterclass.
(00:51):
Terry Williams. How are you doing, Miss Williams.
Speaker 1 (00:54):
I'm great. How it's good to be here.
Speaker 2 (00:56):
Okay, you know I'm based in Atlanta, So where are
you calling in from.
Speaker 1 (01:02):
I'm calling in from Miami.
Speaker 2 (01:04):
Miami, Florid. Okay, now, One United Bank. 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 4 (01:19):
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
(01:40):
was over twenty years ago, and since then we have
launched a digital platform. We were actually the first digital
black owned bank, and that was in two thousand and.
Speaker 1 (01:53):
Five, so twenty years ago.
Speaker 4 (01:56):
And from there we have become the largest black owned
bank in the country with customers all over in all
fifty states.
Speaker 2 (02:05):
Now, how can people get information about One United Bank?
Speaker 3 (02:10):
Yep?
Speaker 4 (02:11):
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 2 (02:25):
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.
Speaker 3 (02:36):
You know, you talk about food.
Speaker 2 (02:37):
Deserts, in the black community, the financial desert doesn't even exist,
and so we are prisoners of those high check cashing places.
Speaker 3 (02:50):
I can't stand there. You go into a community of color.
Speaker 2 (02:54):
You see churches, you see these they call them hot
sheets motels, you see liquor stores and these check cash
in places.
Speaker 3 (03:03):
That really is embarrassing to.
Speaker 2 (03:05):
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 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.
Speaker 3 (03:28):
Let's go in detail a why that's so important. Mis Williams.
Speaker 4 (03:32):
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
(03:52):
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,
(04:15):
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. So with one United, you can you know,
anybody can access us on your phone or on your laptop.
(04:37):
You go to one unit dot com, you could open
up an account. You can take a picture of a check,
the positive check. You can get your checks deposited and
you'll get paid two days early. You know, we also
have a replacement for payday loans. You know, we have
something called cash Please, where you can get a short term,
small dollar loan without a credit check for ninety days,
(04:58):
just like a payday loan, except at one tenth in fact,
I'd say even one twentieth of the cost, you know,
whereas they want to charge you four hundred dollars in interest,
we charge twenty percent interest. So, you know, we realized
that technology was the future and that there was a
way for us to provide financial services to our community
(05:23):
in scale by using technology.
Speaker 3 (05:26):
Okay, MS Williams I'm talking to Terry Williams.
Speaker 2 (05:29):
She's a chief market and chief operating officer and the
president of One United Bank. She's righting now, calling in
from Miami at a location in Miami, two locations in
Los Angeles, and one in Boston.
Speaker 3 (05:40):
They started as a community bank in Boston.
Speaker 2 (05:43):
And now what's most important in this conversation is that
it is the world's largest black owned digital banking services
out there, which means that you can be you can
be in North Dakota, you can be in Chicago, you
can be a Houston, you can be in Dallas and
do your banking with One United Bank. Now, I love
people like Terry Williams because she knows her brand so
(06:05):
well that I always like to have to do a
pump the breaks because she's slid right by something that
was so important, that's taking a picture of your payroll check.
This is the 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
(06:27):
with these high fees. Treat you like I'm just telling
you they treat I don't think they treat you well.
I've been in there, I've seen it I've been fighting
this terry since I member when Steve Harvey and I
was in LA back in two thousand, 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.
(06:47):
You know, I may not I'm not a paid brand
in a basket. I'm just gonna put it out there,
but I am an ambassador of change. I am abassador,
ambassador of information and walk them through detail how they
can take a picture dick chick and how they can
get their money back through the ATM services they're everywhere.
Speaker 4 (07:08):
Yes, yes, So again we realized that you know, access
to money was going to be is important, that's going
to be is important to our community. So you bring
up ATM networks because people would be like, Okay, if
I bank with you, how do I get access to
my money. We have the largest surcharge free ATM network
than any other bank in the country. You can go
(07:29):
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,
(07:50):
developed these partnerships is because we realize that those you know,
some of those ATMs.
Speaker 1 (07:56):
In fact, I have to say this.
Speaker 4 (07:57):
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 1 (08:11):
It's crazy.
Speaker 4 (08:13):
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 it. Not
only does deserve to access our money, Sir church Free,
you mentioned, you know, getting paid two days early. You
know this is not a you know, payday advance loan.
(08:35):
You 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, You just get your money early. Again,
we recognize that that could make the difference between you
(08:57):
needing a payday loan or you not needing pay.
Speaker 2 (09:00):
The lock 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
(09:22):
continue 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
(09:43):
because she's providing a service that everybody on this call
need to hear. Because even I Rashaan 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 charged that fee you're talking about. Yes, Okay, Now
she's telling you you bank with one United Bank, you
(10:05):
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.
Speaker 3 (10:14):
Take a picture of your check. I've done this.
Speaker 2 (10:16):
Now I've taken 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 deposited, and everything's good.
Speaker 3 (10:26):
Never have to stand in a long line. So I
know that even my bank, I use that service. So
you could know that.
Speaker 2 (10:32):
Okay, Rishell, have you ever used that type of banking service?
You willing to deposit your check through a camera and
it goes into your bank account. 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 are you getting the word out terry
about this because it's so it's not even groundbreaking because
(10:55):
guess what, like you said, black people and people of
color have always used smartphones, have always been at the
fourth twunt of video gaming digital, and now we just
need to start being acknowledged and start using it other
than just taking pictures and texting people.
Speaker 4 (11:13):
Well, you know, I have to say that this has
been a really wonderful but long journey. And what I
mean by that is, you know, there was a time
when people didn't even know that black banks existed. You know,
they were like, oh no, you know, and you know,
one of the things that you mentioned. Yes, I'm the
president and COEO, but I'm actually also the owner of
(11:33):
the bank. And so there, you know, I always sort
of 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 1 (11:43):
Own banks, you know.
Speaker 4 (11:45):
And and I will also say that we as a
community need to learn to trust each other with our business.
Speaker 1 (11:54):
With our business.
Speaker 4 (11:56):
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 confidential information but doesn't have.
Speaker 1 (12:08):
The full faith and credit. We have the full faith.
Speaker 4 (12:11):
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 do need
(12:31):
to get educated.
Speaker 1 (12:33):
You know.
Speaker 4 (12:33):
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,
(12:54):
we have been 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 1 (13:04):
That discriminated against us.
Speaker 4 (13:07):
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. But we do
need to learn more about how wealthy people build wealth.
And I you know, I say this to everyone. One
of the ways, one of the things that wealthy people
(13:28):
know about building wealth is that you have to set
up an automatic way to save.
Speaker 1 (13:34):
If you don't have an automatic way of saving, if
it goes in your pocket.
Speaker 4 (13:38):
You're more likely to spend it. So you got to
put aside, you know, whatever it is. I don't care
if it's a dollar a week, ten dollars a week,
on hundred dollars, whatever you you think you can afford
to put aside 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 pay
(14:00):
check to an investment account, and not go in your pocket,
because if it goes in your pocket, you're 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,
(14:21):
like learning a video game. You got to know the rules.
Speaker 1 (14:25):
If I you know. Let me bring up another thing
you talk about check cashers.
Speaker 4 (14:29):
Check cashers only report to the credit bureaus when you
don't pay them, so it can only negatively impact your
credit score. We said, that's crazy, you know, with our
cash Please program, which again the interest rate is you know,
one twentieth of that of the check casher, but we
also report positive payments, so it can actually improve.
Speaker 1 (14:54):
Your credit score.
Speaker 4 (14:55):
So we always are looking for ways to help our
community build wealth. We just launched a partnership with Issusu.
Now this is another this is a new thing talking
about on your show. Issusu E s u s U
is a you go to go to wayn Night dot
com slash e Susu is a company that reports rent payments.
(15:19):
So if you're paying rent, is Susu will report your
rent payments to the credit bureau to build your credit score,
and the benefit of that is that it'll provide you
with an opportunity to improve your score, get better lending terms,
and even acquire a home. Just because you're paying rent
(15:39):
doesn't mean that you can't be building towards home ownership.
If you are just paying rent and not reporting your
rent payments, you are paying someone else's mortgage. What you
need to do is to get credit for those rent
payments so that you can improve your credit score so
that you could be home become a homeowner.
Speaker 5 (15:59):
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. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow Money Making
(16:22):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 3 (16:26):
This is all one United Bank.
Speaker 2 (16:28):
Let's do a quick weekat because we had a lot
to talk about. Okay, Terry is a busy person. She
already told you she owns. She is a owner of
one United Bank. She's not just the COO, she's not
just the president.
Speaker 3 (16:41):
She's the vested person. So when she looks around that coroner.
Speaker 2 (16:44):
That means a person like you is involved in a
financial institution that can change your life. Now we're not
talking to you because you may be the first customer.
They already got over one hundred thousand customers nationwide in
this platform. Like I said, they have hard brick and
mortars locations in Boston, Miami, and Los Angeles. But what
(17:05):
we're talking about is the digital platform that everybody's using.
By the way, now everybody has an app. Your bank
has an app, every credit card has an app.
Speaker 3 (17:14):
So you're not going to be doing something strange. You know.
Speaker 2 (17:18):
I got an app for my sprinkling system, I got
an app for my security system. I got an app
for every credit card that I own, And so I
know when I fly, I have apps. When I get
on a plane, I use my app. I just have
to break it down to everybody to say, we're not
asking you to do something that's going to be unique.
What we're talking about is inviting you to do something
(17:39):
that can change your life and create a legacy and
educate through financial literacy that your children can see.
Speaker 3 (17:47):
This is how they can do it.
Speaker 2 (17:49):
They don't have to live like a financial network that's
been created for their parents or their grandparents. That's what
we're talking about on this call to day. We want
you to join. We want to call to be two
hundred thousand, want that number to be three hundred thousand
member banking on one United Banks digital platform.
Speaker 3 (18:11):
That's the message we're trying to deliver today, right.
Speaker 4 (18:13):
Terry, Yeah, absolutely, And in fact, you brought up something
else that is really important for our community to understand.
Speaker 1 (18:22):
Not only do we.
Speaker 4 (18:23):
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 at your bank account
(18:46):
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 night? Do you know that
you paid Netflix twice? You have two Netflix bills? Do
you know that you have some additional cash that you
(19:09):
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, it can combine your mortgage,
It can combine other accounts you have with other organizations
(19:32):
all into one. It will tell you what your net
worth is. It will tell you what your cash flow is,
your income, your expenses, and it'll tell you how you
can reduce your debt and how you can reduce your expenses.
Which bills should you pay first. You can either pay
the highest the bill with the highest interest rate, or
(19:57):
you can pay a bill that has a low interest rate,
but that is a smaller bill.
Speaker 2 (20:04):
Right, I'm a big fan of to get rid of
the small ones, because yes I am.
Speaker 3 (20:11):
It's like going to college. You know what I'm saying.
Speaker 2 (20:13):
If you see a medical degree gonna take you eight
years to get to, I'm would take some course. It's
gonna make me happy. So I'm gonna pay off some
low bills immediately. I'm playing 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 they,
as they say in the neighborhood, bite out more than
(20:34):
you can show.
Speaker 3 (20:37):
When it comes to bill paying and getting.
Speaker 2 (20:40):
Your credit score right, that's important and also, let's just
talk about one United Bank. I'm not I'm not this
is this is just a reality conversation and I'm and
I'm not trying to uh sell anybody on what they're doing.
Speaker 3 (20:57):
I'm just providing information. Please get that straight right now.
Speaker 2 (21:02):
I just know as a person knowing that banks are
not in black communities or communities of color. They're not
there like they should be. They're not there like they
should be. And I'm gonna tell you something else about
the communities that are not black. They're leaving those neighborhoods too.
(21:22):
In my neighborhood, I've seen three banks leave, okay where
I used to go. I'm not gonna say any names
because guess what. It was one on the corner that's gone.
The other bank gone. So guess what because they all
are going digital. So in a minute, you might be
resisting something that you can get ahead of. Right now,
(21:42):
the digital wave, that AI wave is not going to change.
I remember what people always say, I don't want to
take no picture. You know people or Big Brother know
where I'm at. Big Brother know where yet now you
might well join the Big Brother campaign. That's why when
I go fly, when I fly. I just walk right
on up digital take my photo. I just walk right
(22:05):
on the plane. I'm not fighting the digital world, Terry,
because the digital world is not going to stop. You
will eventually get in cars that drive themselves. You will
eventually talk to robots when you are the food.
Speaker 3 (22:22):
So let's talk about your money. Were talking about your money.
Speaker 2 (22:25):
Aren't you tied of going to check ash in places
that disrespect you?
Speaker 3 (22:30):
That's all I'm saying. All I'm saying is that come.
Speaker 2 (22:35):
To a place that wants you to be a customer
theirs that you can reap benefits of benefits. When I
say benefits, I'm talking about you can get credit score right,
you can get your rent payment being.
Speaker 3 (22:53):
A benefit to your credit score.
Speaker 2 (22:56):
You can get a debit card, you can get all
the banking, you get your checks, cash, you go anywhere
in the city, like you said, other than ATMs.
Speaker 3 (23:07):
You mentioned some stores that they can go into the Walgreens.
Speaker 4 (23:11):
Yep, those are the ones that we you know in
our community get and get cash.
Speaker 2 (23:18):
Let me just it's something you want to launch on
my show. I'm so proud that Terry chose to launches
on my show.
Speaker 3 (23:24):
I feel so good.
Speaker 2 (23:25):
I feel like money made conversations getting up in the
big world one United Bankers come here.
Speaker 3 (23:29):
Now you got the fifteenth annual I Got Bank.
Speaker 2 (23:33):
Youth Financial Literacy competition for kids eight through twelve.
Speaker 3 (23:37):
Tell us about that.
Speaker 4 (23:39):
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 book
(24:01):
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
(24:21):
his granddad taught him to do. He just saved his money.
His money went right into his savings account. But his mother,
his brother, and sister are trying to spend his money.
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
(24:43):
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
a thousand dollars savings account, and all they have to
do is read a book, whether it's my book that
(25:04):
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
I also say on your show. We're not asking you
for a book report. We don't want a book report.
We want you to tell us what you learned from
(25:25):
the book and how you can use that learning to
build wealth for you and your family.
Speaker 1 (25:30):
We choose ten or do a piece of art.
Speaker 4 (25:34):
So you can 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 1 (25:44):
Of the Igot Bank Essay Contest.
Speaker 4 (25:47):
Ten winners, ten kids win a thousand dollars savings account.
Speaker 2 (25:51):
No, not Terry, if you're going to launch it on
my show, you got to come back on my show
and announce the wish.
Speaker 4 (25:57):
Yes, I will, I absolutely will do that. 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
(26:19):
I couldn't figure out money when I was ten, and
I was like, that shouldn't.
Speaker 1 (26:23):
Be the case.
Speaker 4 (26:24):
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 are winners. I mean, we
definitely have the ten winners, but really every child that
participates in this contest wins.
Speaker 3 (26:42):
So let me ask you this, Terry, how do they apply?
Speaker 4 (26:47):
They go to one United dot Com slash book and
there is the information to apply information at the contest.
Speaker 1 (26:56):
They can download the book.
Speaker 4 (26:57):
They can download a Black Panther comic book Good and.
Speaker 1 (27:02):
Which is free. All that's free.
Speaker 4 (27:03):
They read the book and then they submit their essay
right or their artwork right from that website One United
dot Com.
Speaker 2 (27:12):
Slash Book Outstanding. Now let's talk about some more details here.
We talked about talking to Terry Williams she's the president, owner,
and chief operating officer of one United Bank Tears. A
lot of things are happening out there in the community
that affects how popable. What should black people be doing
with their money in these uncertain times?
Speaker 1 (27:32):
Yeah, no, it's a really good question.
Speaker 4 (27:35):
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.
Speaker 1 (27:50):
Your audience will hear that word more and more.
Speaker 4 (27:53):
And what it is is usually when there's inflation, it's
because the economy is growing, or when and 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
(28:15):
in unemployment. And 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
(28:37):
economy is going to be very, very difficult. Those are
my two recommendations. Hold on to your job. Start spending less,
saving more.
Speaker 2 (28:50):
You know, we talk about financial literacyre a lot on
my show Money Making Conversation master Class. How can we
I'm talking about me, me and you. That's why I
created this show, ed you kids and information. You in
the banking business. You have a the world's largest black
digital banking service available to everybody, by the way, not
just for African Americans, not just for people of color.
(29:11):
This service is available to everybody, but were making it
a known to the black community. They they have a
place where they can come that's welcoming and it's being
owned and operated by people that look.
Speaker 3 (29:24):
Just like them. That's what this conversation is all about.
Speaker 2 (29:27):
Because the the narrative that's put out there is that
Terry Webbs does not exist. The narrative that's put out
there is that one United Bank does not exist. Because
when they's use the words like DEI, and they use
the words like welfare, they use the words like unemployment,
(29:48):
they use the words like anything that is negative, they
make it seem like black people are the sole bete
factors of this, and that's not true. White women dominate
all those categories. When they came out there screaming by
DII when those planes crashed. You know, they was insinuating us.
(30:14):
But that's not true, like we would the ones benefited
from DEI, and that's not fair.
Speaker 3 (30:19):
How do you fight that unfairness to your wheels.
Speaker 1 (30:25):
One of the things I do is.
Speaker 4 (30:28):
To talk from a what's called asset framing perspective, and
what that means is I focus on our assets as
a community as opposed to our challenges and the assets
are That's why I was making the point. We're actually
good with money. We do very well with the little
money that we have from an income perspective, we make
(30:51):
good decisions with money. We also are very good in
terms of contributing to our community. So what I try
to do is to focus on the assets that we
have and not the challenges. What I also know is
that we're used to we're very resilient. So I would
(31:16):
say over the past few months, when there's been a
lot of challenges in the economy, we're not surprised by
the challenges. We expected them, and we are figuring out
ways to overcome the challenges. Whether it's high you know, prices,
or whether it's increase unemployment. We're going to be okay,
(31:38):
because we're going to support each other. So I really
you know, my view is to focus on the positive.
Speaker 2 (31:46):
Uh.
Speaker 1 (31:48):
And I would one other thing I want.
Speaker 4 (31:50):
To say, because I have to, I have to quote
Sabrina Fulton, who is Trayvon Martin's mom, and I tell her,
I always tell her this that I use her quote
because people come to her and say what can I do?
Speaker 1 (32:04):
What can I do?
Speaker 4 (32:06):
And her response, which I use, is to do your part.
Speaker 1 (32:12):
Do your part.
Speaker 4 (32:14):
But Sean, that's what you're doing. You're doing your part
to educate our community. That's what I'm doing. I'm doing
my part to provide banking services to our community. You know,
everyone has a part to play, and what I do
every day is to do my part.
Speaker 2 (32:35):
I will close the show with one question or it'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'll allow you
the floor to run them down to us and tell
us the importance to your wheels the floors.
Speaker 1 (32:56):
Yeah, yeah, yeah.
Speaker 4 (32:57):
That's one of the things that we think it's an
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
to one unite dot com slash home loans, you'll learn
(33:21):
that we 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.
Speaker 1 (33:41):
So whether that's your parents or your grandparents.
Speaker 4 (33:43):
Make sure they have insurance so that when they pass
that that those funds.
Speaker 1 (33:47):
Go to you or your children.
Speaker 4 (33:51):
Investments, 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
(34:12):
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.
Speaker 1 (34:25):
Credit score.
Speaker 4 (34:27):
Credit score is important, and that's why you know these
check cashers, they're they're worse, you know, because of the
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.
(34:48):
And so if you can take those transactions home ownership, savings,
credit scores, profitable business insurance investments. If you look focused
on those six transactions, you can build generational wealth.
Speaker 1 (35:02):
And you should focus on one of them. Just focus
on one.
Speaker 4 (35:06):
And again, if you go to our website one Night
dot com slash one Transaction, you will see all of
the sex transactions and a step by step guide that
you can take to build generational wealth. Don't focus on
all six, focus on one.
Speaker 3 (35:23):
Well, she's come on on show, Ladies and gentlemen.
Speaker 2 (35:27):
Terry Williams, Owner President COEO or One United Bank. There
are three uurls that are important to remember from this
call One United Bank dot com. Going there, you can
set up an account which will allow you to be
able to deposits your checks. Do direct deposits get you
(35:47):
paid two days earlier. It allows you to go to
any ATM in this country with no fees charged 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 Bank Youth Financial Literacy Competition for kids
eight through twelve.
Speaker 3 (36:05):
That's eight through twelve.
Speaker 2 (36:07):
Ten kids will win one thousand dollars savings account one
dollars 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. It's one United Slash,
(36:30):
one Transaction. Thank you Terry for coming on my show
Money Making Conversation Masterclass, 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.
Speaker 3 (36:42):
You are that count money. You count money I need
to put them in a bank.
Speaker 1 (36:46):
Thank you for having me now. I really appreciate it.
And like I said, you're doing your part.
Speaker 4 (36:52):
So I really appreciate you sharing this knowledge with the world.
Speaker 3 (36:56):
And we will thank you again.
Speaker 2 (36:59):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushaun McDonald. Thank you to our guests on
the show today and thank you for 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 next week and remember to always leave with
(37:20):
your gifts.
Speaker 3 (37:21):
Keep winning.
Hi.
Speaker 2 (00:00):
I'm Rashaan McDonald, a host of weekly Money Making Conversation
Masterclass show. The interviews and information that this show provides
are for everyone. It's time to start reading other people's
success stories and start living your own.
Speaker 3 (00:13):
If you want to be.
Speaker 2 (00:13):
A guest on my show, please visit our website, Moneymakingconversations
dot com and click to be a guest button. If
you're a small business owner, entrepreneur, got a product, or
a motivational speaker, I want to hear from you.
Speaker 3 (00:26):
Let's get this show roller.
Speaker 2 (00:28):
My guess 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 Money Making Conversation Masterclass.
(00:51):
Terry Williams. How are you doing, Miss Williams.
Speaker 1 (00:54):
I'm great. How it's good to be here.
Speaker 2 (00:56):
Okay, you know I'm based in Atlanta, So where are
you calling in from.
Speaker 1 (01:02):
I'm calling in from Miami.
Speaker 2 (01:04):
Miami, Florid. Okay, now, One United Bank. 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 4 (01:19):
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
(01:40):
was over twenty years ago, and since then we have
launched a digital platform. We were actually the first digital
black owned bank, and that was in two thousand and.
Speaker 1 (01:53):
Five, so twenty years ago.
Speaker 4 (01:56):
And from there we have become the largest black owned
bank in the country with customers all over in all
fifty states.
Speaker 2 (02:05):
Now, how can people get information about One United Bank?
Speaker 3 (02:10):
Yep?
Speaker 4 (02:11):
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 2 (02:25):
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.
Speaker 3 (02:36):
You know, you talk about food.
Speaker 2 (02:37):
Deserts, in the black community, the financial desert doesn't even exist,
and so we are prisoners of those high check cashing places.
Speaker 3 (02:50):
I can't stand there. You go into a community of color.
Speaker 2 (02:54):
You see churches, you see these they call them hot
sheets motels, you see liquor stores and these check cash
in places.
Speaker 3 (03:03):
That really is embarrassing to.
Speaker 2 (03:05):
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 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.
Speaker 3 (03:28):
Let's go in detail a why that's so important. Mis Williams.
Speaker 4 (03:32):
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
(03:52):
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,
(04:15):
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. So with one United, you can you know,
anybody can access us on your phone or on your laptop.
(04:37):
You go to one unit dot com, you could open
up an account. You can take a picture of a check,
the positive check. You can get your checks deposited and
you'll get paid two days early. You know, we also
have a replacement for payday loans. You know, we have
something called cash Please, where you can get a short term,
small dollar loan without a credit check for ninety days,
(04:58):
just like a payday loan, except at one tenth in fact,
I'd say even one twentieth of the cost, you know,
whereas they want to charge you four hundred dollars in interest,
we charge twenty percent interest. So, you know, we realized
that technology was the future and that there was a
way for us to provide financial services to our community
(05:23):
in scale by using technology.
Speaker 3 (05:26):
Okay, MS Williams I'm talking to Terry Williams.
Speaker 2 (05:29):
She's a chief market and chief operating officer and the
president of One United Bank. She's righting now, calling in
from Miami at a location in Miami, two locations in
Los Angeles, and one in Boston.
Speaker 3 (05:40):
They started as a community bank in Boston.
Speaker 2 (05:43):
And now what's most important in this conversation is that
it is the world's largest black owned digital banking services
out there, which means that you can be you can
be in North Dakota, you can be in Chicago, you
can be a Houston, you can be in Dallas and
do your banking with One United Bank. Now, I love
people like Terry Williams because she knows her brand so
(06:05):
well that I always like to have to do a
pump the breaks because she's slid right by something that
was so important, that's taking a picture of your payroll check.
This is the 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
(06:27):
with these high fees. Treat you like I'm just telling
you they treat I don't think they treat you well.
I've been in there, I've seen it I've been fighting
this terry since I member when Steve Harvey and I
was in LA back in two thousand, 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.
(06:47):
You know, I may not I'm not a paid brand
in a basket. I'm just gonna put it out there,
but I am an ambassador of change. I am abassador,
ambassador of information and walk them through detail how they
can take a picture dick chick and how they can
get their money back through the ATM services they're everywhere.
Speaker 4 (07:08):
Yes, yes, So again we realized that you know, access
to money was going to be is important, that's going
to be is important to our community. So you bring
up ATM networks because people would be like, Okay, if
I bank with you, how do I get access to
my money. We have the largest surcharge free ATM network
than any other bank in the country. You can go
(07:29):
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,
(07:50):
developed these partnerships is because we realize that those you know,
some of those ATMs.
Speaker 1 (07:56):
In fact, I have to say this.
Speaker 4 (07:57):
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 1 (08:11):
It's crazy.
Speaker 4 (08:13):
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 it. Not
only does deserve to access our money, Sir church Free,
you mentioned, you know, getting paid two days early. You
know this is not a you know, payday advance loan.
(08:35):
You 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, You just get your money early. Again,
we recognize that that could make the difference between you
(08:57):
needing a payday loan or you not needing pay.
Speaker 2 (09:00):
The lock 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
(09:22):
continue 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
(09:43):
because she's providing a service that everybody on this call
need to hear. Because even I Rashaan 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 charged that fee you're talking about. Yes, Okay, Now
she's telling you you bank with one United Bank, you
(10:05):
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.
Speaker 3 (10:14):
Take a picture of your check. I've done this.
Speaker 2 (10:16):
Now I've taken 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 deposited, and everything's good.
Speaker 3 (10:26):
Never have to stand in a long line. So I
know that even my bank, I use that service. So
you could know that.
Speaker 2 (10:32):
Okay, Rishell, have you ever used that type of banking service?
You willing to deposit your check through a camera and
it goes into your bank account. 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 are you getting the word out terry
about this because it's so it's not even groundbreaking because
(10:55):
guess what, like you said, black people and people of
color have always used smartphones, have always been at the
fourth twunt of video gaming digital, and now we just
need to start being acknowledged and start using it other
than just taking pictures and texting people.
Speaker 4 (11:13):
Well, you know, I have to say that this has
been a really wonderful but long journey. And what I
mean by that is, you know, there was a time
when people didn't even know that black banks existed. You know,
they were like, oh no, you know, and you know,
one of the things that you mentioned. Yes, I'm the
president and COEO, but I'm actually also the owner of
(11:33):
the bank. And so there, you know, I always sort
of 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 1 (11:43):
Own banks, you know.
Speaker 4 (11:45):
And and I will also say that we as a
community need to learn to trust each other with our business.
Speaker 1 (11:54):
With our business.
Speaker 4 (11:56):
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 confidential information but doesn't have.
Speaker 1 (12:08):
The full faith and credit. We have the full faith.
Speaker 4 (12:11):
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 do need
(12:31):
to get educated.
Speaker 1 (12:33):
You know.
Speaker 4 (12:33):
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,
(12:54):
we have been 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 1 (13:04):
That discriminated against us.
Speaker 4 (13:07):
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. But we do
need to learn more about how wealthy people build wealth.
And I you know, I say this to everyone. One
of the ways, one of the things that wealthy people
(13:28):
know about building wealth is that you have to set
up an automatic way to save.
Speaker 1 (13:34):
If you don't have an automatic way of saving, if
it goes in your pocket.
Speaker 4 (13:38):
You're more likely to spend it. So you got to
put aside, you know, whatever it is. I don't care
if it's a dollar a week, ten dollars a week,
on hundred dollars, whatever you you think you can afford
to put aside 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 pay
(14:00):
check to an investment account, and not go in your pocket,
because if it goes in your pocket, you're 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,
(14:21):
like learning a video game. You got to know the rules.
Speaker 1 (14:25):
If I you know. Let me bring up another thing
you talk about check cashers.
Speaker 4 (14:29):
Check cashers only report to the credit bureaus when you
don't pay them, so it can only negatively impact your
credit score. We said, that's crazy, you know, with our
cash Please program, which again the interest rate is you know,
one twentieth of that of the check casher, but we
also report positive payments, so it can actually improve.
Speaker 1 (14:54):
Your credit score.
Speaker 4 (14:55):
So we always are looking for ways to help our
community build wealth. We just launched a partnership with Issusu.
Now this is another this is a new thing talking
about on your show. Issusu E s u s U
is a you go to go to wayn Night dot
com slash e Susu is a company that reports rent payments.
(15:19):
So if you're paying rent, is Susu will report your
rent payments to the credit bureau to build your credit score,
and the benefit of that is that it'll provide you
with an opportunity to improve your score, get better lending terms,
and even acquire a home. Just because you're paying rent
(15:39):
doesn't mean that you can't be building towards home ownership.
If you are just paying rent and not reporting your
rent payments, you are paying someone else's mortgage. What you
need to do is to get credit for those rent
payments so that you can improve your credit score so
that you could be home become a homeowner.
Speaker 5 (15:59):
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. Money Making Conversations Masterclass
continues online at Moneymakingconversations dot com and follow Money Making
(16:22):
Conversations Masterclass on Facebook, Twitter, and Instagram.
Speaker 3 (16:26):
This is all one United Bank.
Speaker 2 (16:28):
Let's do a quick weekat because we had a lot
to talk about. Okay, Terry is a busy person. She
already told you she owns. She is a owner of
one United Bank. She's not just the COO, she's not
just the president.
Speaker 3 (16:41):
She's the vested person. So when she looks around that coroner.
Speaker 2 (16:44):
That means a person like you is involved in a
financial institution that can change your life. Now we're not
talking to you because you may be the first customer.
They already got over one hundred thousand customers nationwide in
this platform. Like I said, they have hard brick and
mortars locations in Boston, Miami, and Los Angeles. But what
(17:05):
we're talking about is the digital platform that everybody's using.
By the way, now everybody has an app. Your bank
has an app, every credit card has an app.
Speaker 3 (17:14):
So you're not going to be doing something strange. You know.
Speaker 2 (17:18):
I got an app for my sprinkling system, I got
an app for my security system. I got an app
for every credit card that I own, And so I
know when I fly, I have apps. When I get
on a plane, I use my app. I just have
to break it down to everybody to say, we're not
asking you to do something that's going to be unique.
What we're talking about is inviting you to do something
(17:39):
that can change your life and create a legacy and
educate through financial literacy that your children can see.
Speaker 3 (17:47):
This is how they can do it.
Speaker 2 (17:49):
They don't have to live like a financial network that's
been created for their parents or their grandparents. That's what
we're talking about on this call to day. We want
you to join. We want to call to be two
hundred thousand, want that number to be three hundred thousand
member banking on one United Banks digital platform.
Speaker 3 (18:11):
That's the message we're trying to deliver today, right.
Speaker 4 (18:13):
Terry, Yeah, absolutely, And in fact, you brought up something
else that is really important for our community to understand.
Speaker 1 (18:22):
Not only do we.
Speaker 4 (18:23):
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 at your bank account
(18:46):
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 night? Do you know that
you paid Netflix twice? You have two Netflix bills? Do
you know that you have some additional cash that you
(19:09):
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, it can combine your mortgage,
It can combine other accounts you have with other organizations
(19:32):
all into one. It will tell you what your net
worth is. It will tell you what your cash flow is,
your income, your expenses, and it'll tell you how you
can reduce your debt and how you can reduce your expenses.
Which bills should you pay first. You can either pay
the highest the bill with the highest interest rate, or
(19:57):
you can pay a bill that has a low interest rate,
but that is a smaller bill.
Speaker 2 (20:04):
Right, I'm a big fan of to get rid of
the small ones, because yes I am.
Speaker 3 (20:11):
It's like going to college. You know what I'm saying.
Speaker 2 (20:13):
If you see a medical degree gonna take you eight
years to get to, I'm would take some course. It's
gonna make me happy. So I'm gonna pay off some
low bills immediately. I'm playing 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 they,
as they say in the neighborhood, bite out more than
(20:34):
you can show.
Speaker 3 (20:37):
When it comes to bill paying and getting.
Speaker 2 (20:40):
Your credit score right, that's important and also, let's just
talk about one United Bank. I'm not I'm not this
is this is just a reality conversation and I'm and
I'm not trying to uh sell anybody on what they're doing.
Speaker 3 (20:57):
I'm just providing information. Please get that straight right now.
Speaker 2 (21:02):
I just know as a person knowing that banks are
not in black communities or communities of color. They're not
there like they should be. They're not there like they
should be. And I'm gonna tell you something else about
the communities that are not black. They're leaving those neighborhoods too.
(21:22):
In my neighborhood, I've seen three banks leave, okay where
I used to go. I'm not gonna say any names
because guess what. It was one on the corner that's gone.
The other bank gone. So guess what because they all
are going digital. So in a minute, you might be
resisting something that you can get ahead of. Right now,
(21:42):
the digital wave, that AI wave is not going to change.
I remember what people always say, I don't want to
take no picture. You know people or Big Brother know
where I'm at. Big Brother know where yet now you
might well join the Big Brother campaign. That's why when
I go fly, when I fly. I just walk right
on up digital take my photo. I just walk right
(22:05):
on the plane. I'm not fighting the digital world, Terry,
because the digital world is not going to stop. You
will eventually get in cars that drive themselves. You will
eventually talk to robots when you are the food.
Speaker 3 (22:22):
So let's talk about your money. Were talking about your money.
Speaker 2 (22:25):
Aren't you tied of going to check ash in places
that disrespect you?
Speaker 3 (22:30):
That's all I'm saying. All I'm saying is that come.
Speaker 2 (22:35):
To a place that wants you to be a customer
theirs that you can reap benefits of benefits. When I
say benefits, I'm talking about you can get credit score right,
you can get your rent payment being.
Speaker 3 (22:53):
A benefit to your credit score.
Speaker 2 (22:56):
You can get a debit card, you can get all
the banking, you get your checks, cash, you go anywhere
in the city, like you said, other than ATMs.
Speaker 3 (23:07):
You mentioned some stores that they can go into the Walgreens.
Speaker 4 (23:11):
Yep, those are the ones that we you know in
our community get and get cash.
Speaker 2 (23:18):
Let me just it's something you want to launch on
my show. I'm so proud that Terry chose to launches
on my show.
Speaker 3 (23:24):
I feel so good.
Speaker 2 (23:25):
I feel like money made conversations getting up in the
big world one United Bankers come here.
Speaker 3 (23:29):
Now you got the fifteenth annual I Got Bank.
Speaker 2 (23:33):
Youth Financial Literacy competition for kids eight through twelve.
Speaker 3 (23:37):
Tell us about that.
Speaker 4 (23:39):
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 book
(24:01):
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
(24:21):
his granddad taught him to do. He just saved his money.
His money went right into his savings account. But his mother,
his brother, and sister are trying to spend his money.
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
(24:43):
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
a thousand dollars savings account, and all they have to
do is read a book, whether it's my book that
(25:04):
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
I also say on your show. We're not asking you
for a book report. We don't want a book report.
We want you to tell us what you learned from
(25:25):
the book and how you can use that learning to
build wealth for you and your family.
Speaker 1 (25:30):
We choose ten or do a piece of art.
Speaker 4 (25:34):
So you can 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 1 (25:44):
Of the Igot Bank Essay Contest.
Speaker 4 (25:47):
Ten winners, ten kids win a thousand dollars savings account.
Speaker 2 (25:51):
No, not Terry, if you're going to launch it on
my show, you got to come back on my show
and announce the wish.
Speaker 4 (25:57):
Yes, I will, I absolutely will do that. 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
(26:19):
I couldn't figure out money when I was ten, and
I was like, that shouldn't.
Speaker 1 (26:23):
Be the case.
Speaker 4 (26:24):
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 are winners. I mean, we
definitely have the ten winners, but really every child that
participates in this contest wins.
Speaker 3 (26:42):
So let me ask you this, Terry, how do they apply?
Speaker 4 (26:47):
They go to one United dot Com slash book and
there is the information to apply information at the contest.
Speaker 1 (26:56):
They can download the book.
Speaker 4 (26:57):
They can download a Black Panther comic book Good and.
Speaker 1 (27:02):
Which is free. All that's free.
Speaker 4 (27:03):
They read the book and then they submit their essay
right or their artwork right from that website One United
dot Com.
Speaker 2 (27:12):
Slash Book Outstanding. Now let's talk about some more details here.
We talked about talking to Terry Williams she's the president, owner,
and chief operating officer of one United Bank Tears. A
lot of things are happening out there in the community
that affects how popable. What should black people be doing
with their money in these uncertain times?
Speaker 1 (27:32):
Yeah, no, it's a really good question.
Speaker 4 (27:35):
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.
Speaker 1 (27:50):
Your audience will hear that word more and more.
Speaker 4 (27:53):
And what it is is usually when there's inflation, it's
because the economy is growing, or when and 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
(28:15):
in unemployment. And 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
(28:37):
economy is going to be very, very difficult. Those are
my two recommendations. Hold on to your job. Start spending less,
saving more.
Speaker 2 (28:50):
You know, we talk about financial literacyre a lot on
my show Money Making Conversation master Class. How can we
I'm talking about me, me and you. That's why I
created this show, ed you kids and information. You in
the banking business. You have a the world's largest black
digital banking service available to everybody, by the way, not
just for African Americans, not just for people of color.
(29:11):
This service is available to everybody, but were making it
a known to the black community. They they have a
place where they can come that's welcoming and it's being
owned and operated by people that look.
Speaker 3 (29:24):
Just like them. That's what this conversation is all about.
Speaker 2 (29:27):
Because the the narrative that's put out there is that
Terry Webbs does not exist. The narrative that's put out
there is that one United Bank does not exist. Because
when they's use the words like DEI, and they use
the words like welfare, they use the words like unemployment,
(29:48):
they use the words like anything that is negative, they
make it seem like black people are the sole bete
factors of this, and that's not true. White women dominate
all those categories. When they came out there screaming by
DII when those planes crashed. You know, they was insinuating us.
(30:14):
But that's not true, like we would the ones benefited
from DEI, and that's not fair.
Speaker 3 (30:19):
How do you fight that unfairness to your wheels.
Speaker 1 (30:25):
One of the things I do is.
Speaker 4 (30:28):
To talk from a what's called asset framing perspective, and
what that means is I focus on our assets as
a community as opposed to our challenges and the assets
are That's why I was making the point. We're actually
good with money. We do very well with the little
money that we have from an income perspective, we make
(30:51):
good decisions with money. We also are very good in
terms of contributing to our community. So what I try
to do is to focus on the assets that we
have and not the challenges. What I also know is
that we're used to we're very resilient. So I would
(31:16):
say over the past few months, when there's been a
lot of challenges in the economy, we're not surprised by
the challenges. We expected them, and we are figuring out
ways to overcome the challenges. Whether it's high you know, prices,
or whether it's increase unemployment. We're going to be okay,
(31:38):
because we're going to support each other. So I really
you know, my view is to focus on the positive.
Speaker 2 (31:46):
Uh.
Speaker 1 (31:48):
And I would one other thing I want.
Speaker 4 (31:50):
To say, because I have to, I have to quote
Sabrina Fulton, who is Trayvon Martin's mom, and I tell her,
I always tell her this that I use her quote
because people come to her and say what can I do?
Speaker 1 (32:04):
What can I do?
Speaker 4 (32:06):
And her response, which I use, is to do your part.
Speaker 1 (32:12):
Do your part.
Speaker 4 (32:14):
But Sean, that's what you're doing. You're doing your part
to educate our community. That's what I'm doing. I'm doing
my part to provide banking services to our community. You know,
everyone has a part to play, and what I do
every day is to do my part.
Speaker 2 (32:35):
I will close the show with one question or it'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'll allow you
the floor to run them down to us and tell
us the importance to your wheels the floors.
Speaker 1 (32:56):
Yeah, yeah, yeah.
Speaker 4 (32:57):
That's one of the things that we think it's an
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
to one unite dot com slash home loans, you'll learn
(33:21):
that we 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.
Speaker 1 (33:41):
So whether that's your parents or your grandparents.
Speaker 4 (33:43):
Make sure they have insurance so that when they pass
that that those funds.
Speaker 1 (33:47):
Go to you or your children.
Speaker 4 (33:51):
Investments, 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
(34:12):
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.
Speaker 1 (34:25):
Credit score.
Speaker 4 (34:27):
Credit score is important, and that's why you know these
check cashers, they're they're worse, you know, because of the
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.
(34:48):
And so if you can take those transactions home ownership, savings,
credit scores, profitable business insurance investments. If you look focused
on those six transactions, you can build generational wealth.
Speaker 1 (35:02):
And you should focus on one of them. Just focus
on one.
Speaker 4 (35:06):
And again, if you go to our website one Night
dot com slash one Transaction, you will see all of
the sex transactions and a step by step guide that
you can take to build generational wealth. Don't focus on
all six, focus on one.
Speaker 3 (35:23):
Well, she's come on on show, Ladies and gentlemen.
Speaker 2 (35:27):
Terry Williams, Owner President COEO or One United Bank. There
are three uurls that are important to remember from this
call One United Bank dot com. Going there, you can
set up an account which will allow you to be
able to deposits your checks. Do direct deposits get you
(35:47):
paid two days earlier. It allows you to go to
any ATM in this country with no fees charged 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 Bank Youth Financial Literacy Competition for kids
eight through twelve.
Speaker 3 (36:05):
That's eight through twelve.
Speaker 2 (36:07):
Ten kids will win one thousand dollars savings account one
dollars 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. It's one United Slash,
(36:30):
one Transaction. Thank you Terry for coming on my show
Money Making Conversation Masterclass, 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.
Speaker 3 (36:42):
You are that count money. You count money I need
to put them in a bank.
Speaker 1 (36:46):
Thank you for having me now. I really appreciate it.
And like I said, you're doing your part.
Speaker 4 (36:52):
So I really appreciate you sharing this knowledge with the world.
Speaker 3 (36:56):
And we will thank you again.
Speaker 2 (36:59):
This has been another edition of Moneymaking Conversation Masterclass hosted
by me Rushaun McDonald. Thank you to our guests on
the show today and thank you for 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 next week and remember to always leave with
(37:20):
your gifts.
Speaker 3 (37:21):
Keep winning.
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