We’re here to decolonize banking
Based in Tulsa, Oklahoma – the heart of Indian Country
“Decolonizing wealth means accepting that institutions that control wealth are inherently broken... The best we can do is recognize the history, the hurt and pain that it has caused, then heal, repair and use resources in a way that doesn’t cause further harm.”
— Edgar Villanueva, Decolonizing Wealth
Why do Native Americans need Our own banking app?
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Natives are 8x more likely to be unbanked than white Americans.
The number one reason why most unbanked people report not having an account is “Don't Have Enough Money to Meet Minimum Balance Requirements.”
Account fees are also high on the list.
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Natives travel 12x farther than other Americans to get to a bank branch.
18% of residents on tribal land have no internet access, so online banking isn’t always accessible.
Most banks will not mail a debit card to a P.O. Box. But on some reservations, homes don’t have deliverable, physical addresses. For example, the Navajo Nation has 50,000 unaddressed homes and businesses.
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Poverty is a real reason for avoiding the banking system.
Poverty rates are disproportionately high for minorities – particularly for Native Americans.
ChexSystems is a nationwide system that reports if you’ve had negative activity on a past bank account. Being on this list can keep you from getting a new account in the future.
This happens to Native people often. And studies have shown that ChexSystems has a disproportionate, negative impact on Black Americans' financial health.
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Natives are more likely to be credit invisible than other Americans.
We’re less likely to participate in the formal credit system through things like taking out a mortgage or signing a long term phone contract.
Because banks use technology that leverages credit-based data sources to confirm an applicant’s identity, credit-invisible folks are more likely to be rejected when they apply for a new bank account.
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Most of the financial services industry fail to notify Native customers of important financial opportunities like Section 184 mortgages or tax exemptions.
Tribes disburse millions of dollars in cash benefits to their members each year. Most tribes resort to issuing benefits via costly financial products like paper checks and prepaid cards.
How Totem decolonizes banking
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The number one reason why most unbanked people report not having an account is “Don't Have Enough Money to Meet Minimum Balance Requirements.” Account fees are also high on the list.
Our accounts don’t have any monthly fees or minimum balances.
We believe everyone deserves access to safe, simple banking. We’ll never deny you an account based on ChexSystems.
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Because branches and broadband aren't always accessible to our people, we built Totem as a mobile app that's available anywhere you can snag cell service.
We'll mail our debit cards to a PO box if you don't have a deliverable physical address.
Virtual cards are ready for use as soon as you open your account.
We know cash is still key for a lot of folks, so we provide a nationwide, surcharge free ATM network in convenient retail locations and enable cash loads through the GreenDot network.
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Our customer operations team is Native-led.
They conduct research and regularly update our Know Your Customer (KYC) rules to create a more inclusive onboarding process.
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Totem customers can send money to one another instantly, with no fees.
In the Native community, our culture places a high value on providing help to others. Whether it’s sending money to your kid in college or helping out a friend on their electric bill, we know Totem users want to be able to share their funds with others in the community.
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The articles in our Resources tab are vetted and written by Native authors.
The content covers topics that help tribal members access the benefits our ancestors fought for us to have.
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We’re partnering with tribes to help them disburse benefit payments into Totem accounts.
Email us to see if your tribe is participating: community@mytotem.app.
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We share interchange revenue with our partner tribes every time their members make a purchase.
We support our partner tribes and other Indigenous-led community efforts. We’ve sponsored the Lenape Travel Fund which helps folks travel to Indigenous Peoples Day Philly, the reception for the land rematriation ceremony for a small plot in Topeka back to the Kaw Nation, and the Eastern Shawnee Golf Tournament, which supports their teen powwow prizes.
We sponsor tribal industry events, host booths, and advertise at numerous powwows each year.
We work with Native creators for social media partnerships, photography, and videography.
Amber Buker
Founder, CEO
Choctaw
Totem was founded based on the lived experiences of modern Indigenous people trying to successfully navigate the financial system and access tribal benefits. We share our revenue with partner tribes to keep money in the Native community longer.
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Every time you swipe your Totem debit card to make a purchase, the merchant pays your bank and card network a fee for the convenience of accepting cards. We receive some of those fees.
We share a portion of our revenue with our tribal partners, with every single transaction.
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Less than 1% of banks are Native-owned.
Totem is founded by Natives.
We’re the ONLY digital bank catering to indigenous people.
Banking together gives our people a trusted financial partner.
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Natives are more likely to be credit invisible than other Americans, and they travel 3x times further on average to get to a bank branch.
Left out of the financial system, our people more often lack opportunities to fully participate in the modern economy.
Our mobile-first experience and inclusive KYC procedures enable Totem to put accounts and digital banking services in the palms of our customers’ hands.
