Bank of Jabez

10/01/2024

Investing in Financial Education for Our Community

At the Bank of Jabez, we believe that knowledge is power. That's why we're committed to providing financial literacy programs tailored to every stage of life. Whether you're just starting out, looking to buy a home, or planning for retirement, we have resources to help you make informed decisions.

While we’re still in the "in organization" phase, we’re already planning these programs as a core part of our mission. Certain programs will even serve as prerequisites for accessing our credit products, ensuring that every customer is well-prepared for financial success.

Learn more about how we plan to empower our community through education: https://bankofjabez.com/educational-resources

09/24/2024

Building the Future Together: Update on Bank of Jabez!

As we continue our journey to establish Bank of Jabez, we're excited to share some updates! We are currently in the "in organization" phase, working hard behind the scenes to bring our vision to life.

We have secured our headquarters location at 191 W 5th St, Waterloo, IA 50701 and hired our CEO—both significant steps forward!

We continue on our path to cover essential pre-opening expenses like technology, marketing, and application fees. Every bit of support helps us move closer to opening our doors and serving our community.

Stay tuned for more updates and learn how you can be a part of our journey!

https://givebutter.com/bankofjabez

09/18/2024

Empowering Communities Through Financial Inclusion

At the Bank of Jabez, our mission is simple: to serve all people through innovative financial services that educate, prepare, and empower them to create generational wealth and live the life of their dreams.

While we're still in the "in organization" phase, we're dedicated to laying the groundwork for a bank that prioritizes your financial well-being. Our vision is to bridge financial and cultural divides, ensuring everyone has the opportunity to succeed.

Join us in making this vision a reality! Your support today helps build a brighter tomorrow.

Donate now: https://givebutter.com/bankofjabez

09/13/2024

Be a Part of History: Become an Early Founding Supporter of the Bank of Jabez!

At the Bank of Jabez, we’re on a mission to transform our community by creating a financial institution that is rooted in inclusion, empowerment, and generational wealth-building.

As we work through the "in organization" phase, we are calling on passionate individuals and businesses to join us as early supporters of this groundbreaking movement.

By joining, you'll:
➡ Shape the future of financial services in our community.
➡Be part of a bank that is dedicated to financial literacy, affordable credit, and inclusive wealth-building.
➡Receive special recognition as an early supporter.

This is more than just a donation—it’s an investment in the future of our community. Whether you contribute $1 or $25,000, your support brings us one step closer to making this dream a reality.

Join us today and make a lasting impact: https://givebutter.com/bankofjabez

09/10/2024

We would like to reintroduce Bank of Jabez (in organization), a new community-focused bank committed to serving you with integrity, innovation, and dedication.

What Does It Mean to Be "In Organization"?

Being "in organization" means we are in the crucial planning and preparation phase before officially opening our doors. This includes securing funding, obtaining necessary approvals, developing our product offerings, and hiring the right team to serve you.

We’re working diligently to ensure everything is in place to provide the best possible service to our community. We appreciate your patience and support during this time. Together, we are building a bank that truly serves and empowers our community!

Follow us to stay updated on our exciting progress, new offerings, and ways we’re committed to making banking better for everyone.

Invite your friends and network to follow as well so they can join us on this journey! Thank you for your support as we walk on this exciting journey together.

Stay tuned for more updates and announcements coming soon!

09/09/2022

We appreciate the support from UrbanDevelopers. Urban Developers is a non-profit organization within the Cedar Valley, created to give the power of computer science to underprivileged, undervalued, and underrepresented youth. Throughout their programs, they are creating opportunities and empowering the youth within our community. Visit their page to learn more or how you can get involved.

04/15/2022

Understanding credit cards is an important part of credit overall. First, choose a credit card with a low interest rate. Many credit card issuers offer 0% interest for a specified amount of time, a lump sum of cash back after so many purchases or even discounts at your favorite retail stores. Although all those perks sound great at the moment, it’s important to know the terms and understand how the card will work when the specials are over. Also pay close attention to possible fees.

In a previous post, we talked about how a credit card can help your credit score when used responsibly. Only use the card for what you know you can afford to pay back. Always pay your bill by the due date. Keep your balance below 30% of your credit limit. If you’re already carrying a balance higher than 30%, begin to make a plan to start paying it down. If you’re getting a tax refund, stimulus payment or other type of extra funds, using a portion of it to pay down your balance could boost your score. Keeping a card and managing it in this way helps build a long history of credit behavior which should positively impact your score in the long run. Just keep in mind, there are many other factors that also go into your score so it doesn’t just stop here. Keep following us throughout Financial Literacy Month for more tips.

www.bankofjabez.com

04/13/2022

Since 10% of your credit score is based on having a mix of revolving and installment loans, it’s important to know the difference between the loan types. Revolving loans have open lines of credit. Examples include credit cards and certain home equity loans known as HELOCs. You are approved for a specific loan amount which becomes your credit limit. You can then repeatedly borrow how much of the limit you need and pay it back for as long as the loan stays open. When you are approved for an installment loan, you receive the funds up front and pay a fixed number of payments for a set amount of time. Once the balance is paid off completely, the loan closes. Examples of installment loans include auto, mortgage and student loans.

Having a mix of both loan types shows how responsible you are in managing different types of debt. There’s a myth that credit cards are not good for you, but that’s not exactly true. Credit cards can actually help you maintain a healthy credit score when managed correctly. If you read our post yesterday, it said 15% of your score is based on credit age. Auto loans and mortgages eventually drop off your credit report after they’re paid in full. Credit cards stay on your report as long as the loan is open, which gives them the ability to show a longer history of credit behavior. The key is to choose the card that’s right for you, keep your balance below 30% of the credit limit and make on-time payments. Stay tuned for more financial literacy tips. Next we’ll take a closer look at credit card best practices.

www.bankofjabez.com

04/12/2022

This week of Financial Literacy Month we’re talking about credit. Your credit score is more than just a three digit number. It’s a representation of your creditworthiness. Lenders use your credit score to determine how responsible you are financially. It’s also not uncommon for employers and landlords to use your credit score when determining to move forward with you as an applicant. Since your credit score can have a major impact in your life, it’s important to understand how it’s calculated.

Payment History: 35% of your credit score is based on whether or not you make on-time payments for the accounts on your credit report.

Credit Utilization: 30% of your score is based on how much of your available credit you are using. Staying below 30% utilization is a good goal to have.

Credit Age: 15% of your score is based on the length of your accounts. Older accounts with a good history show you’re able to manage debt over time.

Credit Mix: 10% of your score is based on how diverse your credit portfolio is. You should have a mix of revolving and installment loans.

Credit Inquiries: 10% of your score is based on how many times you’ve applied for credit in the past few years. This is also known as hard pulls of credit.

Now that you know what all goes into your credit score, you can focus on what actions to take in order to make positive changes in your score. Keep following our page as we will be taking a deeper dive into some of these factors.

www.bankofjabez.com

04/02/2022

April is Financial Literacy Month! A month dedicated to draw awareness to financial literacy and to promote financial education across the country. The mission of Bank of Jabez is to serve all people through financial services that educate, prepare and empower them to create generational wealth and live the life of their dreams. We are committed to helping you reach financial success no matter what that may mean for you. Follow us throughout the month as we will provide financial tips about credit, money management and saving for the future. Invite others to follow so they can get the information as well.

www.bankofjabez.com
www.givebutter.com/bankofjabez_donate

03/10/2022

Did you see the article on USA Today about Bank of Jabez. We can make this happen... and it will take the community to bring it to existence. Read the article... share this post... visit the website... spread the word... donate... whatever you can do, you can be a part of this too. Let's come together as a community and create opportunities for us all. We WILL make this happen! Join our journey in closing the wealth gap!

https://www.usatoday.com/story/money/2022/02/22/bank-owned-black-woman-iowa/6797505001/

www.bankofjabez.com
www.givebutter.com/bankofjabez_donate

An Iowa entrepreneur is on a quest to open the state's only Black-owned bank to help small businesses, bring equity and narrow the racial wealth gap

10/03/2021

It's been a while since we've posted. We want you all to know that there are really great things happening! As we continue to meet with and attract investors, we want to show that our community supports this project. Even if you're not located in Waterloo, IA, we will have very strong online and mobile banking systems, so you are still part of our community.

We are asking all of our supporters to complete this short Support Form https://forms.gle/G6J8gLYQnf2f5L3y7. It should take you 3 minutes, or less.

Thanks for all of your support and know that we are continuing to move this exciting project forward!

The mission of Bank of Jabez is to serve all people through financial services that educates, prepares and empowers them to create generational wealth and live the life of their dreams. We are committed to strengthening the communities we serve by ensuring individuals and businesses have access to a...