Wells Fargo said the number of minority-owned banks has declined over the years, but that they are important for the community.
The typical white family has eight times the wealth as the typical Black household, according to the Federal Reserve.
Last week, the Federal Deposit Insurance Corp. launched a marketing campaign aimed at the roughly 7.1 million American households without a bank account. Officials said the FDIC education efforts are focused on Atlanta and Houston, where research shows Black and Latino households are disproportionately “unbanked,” that is, without either a savings or checking account.
Among Black households nationally 13.8% have no bank account, while 12.2% of Latinos have no bank, according to the FDIC. That compares to 2.5% of white households that are “unbanked.”
Bankers are aware of the problem, according to Chad Cunningham, senior vice president at Bank of America.
The bank has a program called Better Money Habits aimed at improving a person’s financial literacy.
Last month, Rapper Killer Mike and his business partners said they had raised $40 million to support their new Atlanta-based digital bank Greenwood. Among investors in that venture are Truist Financial, Bank of America and Visa.
Greenwood plans to offer checking and savings accounts this summer, and to start lending money until next year.