BankBlack X Inquires


Question: What is BankBlack X?

Answer: OneUnited Bank, the largest Black bank in the country, is launching BankBlack X, a movement to close the racial wealth gap.


Question:What is the racial wealth gap?

Answer: The racial wealth gap is the key economic disparity between Black and White America. It measures wealth or net worth, which is assets, such as homes, investments, etc. minus liabilities such as home loans, student loans, bills, etc.


White Americans have seven times the wealth of Black Americans. According to the New York Times #1619 Project, though Black America makes up nearly 13 percent of the U.S. population, we hold less than 3 percent of the nation’s wealth. The median family wealth for White Americans is $171,000, compared with just $17,600 for Black Americans. According to the Economic Policy Institute, 19 percent of Black households have zero or negative net worth, while just 9 percent of White families are that poor.


Question: What is the X Factor?

Answer: OneUnited recognizes the future success of Black America will be defined by new leaders, who are smart, socially conscious and use technology to share information. The X Factor is you!


Together, we can uplift our community and instill a sense of pride that we have achieved $1.3 trillion in annual spending. We can share our true history that despite facing discrimination for over 400 years, Black Americans have been able to advance equality, for ourselves and others. Together, we can share that without us, the United States, as we know it, would simply not exist. We are identifying and organizing new leaders to instill pride and change the paradigm of Black people and money, which we call the X Factor.


Question: How does the X Factor affect change?

Answer: We have many weapons to affect change, starting with the truth. The reality is that almost everything we have been taught about Black Americans and money has been wrong. We have been bamboozled and led astray…for 400 years! The reality is that we have overcome tremendous racial discrimination since 1619 to reach $1.3 trillion in annual spending today! We need to change our mindset and instill pride in our community.


Question: What are the benefits of BankBlack X?

Answer: We have powerful features such as BankBlack Early Pay, so you can get paid up to 2 days early with direct deposit and our BankBlack Card which represents the power of our $1.3 trillion in annual spending. We also offer Holographic Tap-to-Pay Visa Debit Cards that include radiant images to reflect the power of our dollars and “contactless” technology so you can simply tap your card to make purchases and be on your way in seconds.


Question: What about financial literacy?

Answer: Yes, another tool we have to affect change and close the racial wealth gap is financial literacy. By making our X Factor network more financially literate and having new leaders disseminate information, we make the whole community more financially literate. Information is everything. One key reason for the racial wealth gap is the disparity in information about money.


We offer an online Financial Education Center to educate our community. On our website you can learn:

  • How to #BankBlack
  • How to support other Black businesses to #BuyBlack
  • How to budget and save
  • How to purchase homes
  • How to purchase multifamily properties

The X Factor network provides the critical information necessary for the individual to become financially literate and in turn help our community become more financially literate. We want to provide our community with the keys to affect positive changes in net worth.


This concept has been advocated by every Black leader since the end of slavery. W.E.B. Du Bois, Marcus Garvey, Malcolm X, MLK… the list goes on, advocated for Black Americans to organize our economic spending power and to re-channel it back into our community. Since the end of slavery our Black leaders have envisioned an America that has achieved social and economic parity. BankBlack X is the manifestation of that dream.