Eastern Shawnee Tribe of Oklahoma partners with Totem Technologies
It will be the first operator to offer Totem accounts, designed to bolster customers’ financial health.
The Eastern Shawnee Tribe of Oklahoma has partnered with Totem Technologies to offer Totem accounts for customers at their casinos. This strategic partnership will allow them to create pathways to financial inclusion through digital banking.
The entities will work together to deliver culturally relevant financial products and education services while streamlining access to the benefits provided by the Tribe.
Eastern Shawnee Chief Glenna J. Wallace commented: “We are always looking at ways to empower our citizens. Working with Totem provides a great opportunity for us to provide best-in-class financial products to our people while simultaneously growing economic opportunities in areas that we already lead in – namely, financial services and innovation.”
The Eastern Shawnee Tribe is Totem’s first announced partner and already has established expertise in financial technology. The Tribe is a majority owner of the People’s Bank of Seneca, a $364m asset institution based in Seneca, Missouri. Recently, it announced it was developing a gaming venture into the metaverse with Lady Luck Games.
Partnering with Totem will enable the Tribe to offer Federal Deposit Insurance Corporation(FDIC)-insured accounts, with no monthly fees or balance minimum requirements to its members nationwide. The accounts will be held in partnership with Oklahoma-based First Pryority Bank, a member of the FDIC.
Totem offers both a virtual and physical debit card, a network of 55,000 surcharge-free ATMs, and two-day early paycheck access. It is designed to improve the customer’s financial health by encouraging responsible savings and incremental savings. The company plans to roll out a credit-builder product later this year.
Totem Founder and CEO Amber Buker commented: “We couldn’t be happier to be working with the Eastern Shawnee Tribe of Oklahoma to launch Totem. Together with our current and future Tribal partners, we’re working to create a new tradition of Native wealth-building that will help all of our people thrive for generations to come.”
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