Initially scheduled to open in January, Bank Greenwood says they’re launching their slew of services to the over 600,000 on their waitlist some time between May and June.
When Killer Mike announced he started a digital bank focusing on servicing Black and Latino communities with several high-profile partners, almost 100,000 interested people signed up within a week. Now, taking more time to officially allow potential clients to create spending and savings accounts, the financial institution prepares to offer virtual debit cards, Apple & Android Pay, mobile check deposits, free ATM usage in more than 30,000 locations, and community reinvestment and services to businesses of color.
Slowly rolling out financial tips for individual users and small businesses on their blog and other social media platforms, Bank Greenwood has also been continuously hiring to fill positions in marketing, tech security and product development.
“We are leading with the deposit account, savings accounts and the debit card, but there are more things planned in the future, some of them are products that I haven’t worked with for a very long time,” said Lynn Tillman-Cherry to Banking Dive, who was brought on as the bank’s first chief compliance and risk officer in February.
“Lynn’s knowledge and innate understanding of the fintech payments landscape are key to her success and will ensure that Greenwood customers will conduct their banking safely and securely,” said Ryan Glover, Greenwood Co-Founder and Chairman.
With two main goals: modernizing banking for the culture, and implementing an easier method to recirculate wealth, a main component is to also assist Black and Latio enterprises. Every month, they commit to donating to a Black or Latinx business $10,000, and upon individuals setting up an account, $5 goes to Goodr, a B-corp that picks up unsold food from restaurants then redelivers it to families.
The bank posted about the importance of their new banking model. “Improved inclusion in the financial system would benefit the entire economy: Black and Latinx families would have more significant opportunities to reinvest and grow wealth, leading to increased economic activity for all Americans.”
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