Join the Arkansas Asset Funders Network and The Federal Reserve Bank for a Talk with Darrin Williams, Southern Bancorp, Inc. focused on the unbanked and underbanked in Arkansas.
Arkansans living outside the financial mainstream and relying on alternative financial services to meet their everyday needs can pay an average of up to $1,200 each year in fees, or more than $35,000 over a lifetime.
According to the FDIC, there are an estimated 9 million American households that are "unbanked," meaning they do not have a checking or savings account. Another 24.5 million households are "underbanked," which means that while they may have a bank account, they are still relying on alternative financial services. In Arkansas, the number of unbanked and underbanked are even higher than the national averages.
For Arkansans living outside the financial mainstream, everyday transactions can be costly and loans often come with steep interest rates and fees. These high costs are dipping into these families' already limited resources.
You are invited to join the conversation to collectively change statistics in Arkansas. Learn what action Southern Bancorp is taking to change these statistics. Lend your voice to a fireside chat featuring David Rothstein from Cities for Financial Empowerment who will share successful strategies Arkansas leaders may consider to help the unbanked and underbanked join the financial mainstream and move toward financial stability.
Federal Reserve Bank of St. Louis, Little Rock Branch
111 Center Street
Little Rock, AR 95814
9:30 a.m. - 10:00 a.m. - Registration
10:00 a.m. - 11:30 a.m. - Big Idea: Reaching the Unbanked and Underbanked in Arkansas
12:00 p.m. - 1:00 p.m. - Funder Only Luncheon*
*This portion of the program is open only to funders and financial institutions.
Contact Abby Hughes Holsclaw, firstname.lastname@example.org with any questions.