According to the Census Bureau Report, in 2018, the annual income for Black Households was $46,703 compared to white households whose annual income was $70,642.
There is still a separation of wealth in this country with minority groups still not being equal or close to equal to the majority. One organization that is trying to close the racial wealth gap is the largest Black-owned bank in America, OneUnited Bank. OneUnited Bank has continued to be a voice for financial literacy within the Black community and with their new OneTransaction campaign, our community will close this racial wealth gap.
This year, the Bank introduces the vertically designed Solidarity Card with a Black power fist to represent Black Americans and its allies coming together to fight for economic and social justice! The Solidarity Visa Debit Card and the Bank’s other unapologetically Black Visa Debit Cards offer its new AutoSave service that automatically transfers change from card purchases to a savings account.
On Juneteenth, OneUnited Bank in partnership with Visa, will host its free OneTransaction Virtual Conference with the focus of closing the racial wealth gap and creating generational wealth for the Black community. We had the opportunity to speak to Kevin Cohee, CEO of OneUnited Bank, about the OneTransaction campaign, how organizations can close the racial wealth gap and Banking Black.
Check out the full interview below.