Communities throughout Arkansas hosted events that highlighted safe, affordable Bank On checking accounts as well as other financial services.
Bank On Arkansas+ is an initiative to ensure that all Arkansans have access to safe, trusted, and affordable banking, so they have the opportunity to save for themselves, build wealth for their families, and improve quality of life in their communities.
Too Many Arkansans are Unbanked and Underbanked
Families who do have bank accounts often live paycheck to paycheck, which limits their economic mobility. Without bank accounts, families are often forced to rely on predatory lenders or check cashing establishments to cover monthly expenses and basic necessities, like rent, electricity, utilities, food, and medicine—paying more for basic services.
When lower-income families have access to bank accounts, they are more likely to own assets than families of similar means without bank accounts. Unfortunately, millions of families lacking access to mainstream financial services fall victim to high-risk, costly financial situations that trap them in a cycle of debt, dependency, and potential poverty. According to the Federal Deposit Insurance Corporation, unbanked refers to a household in which no one has a checking or savings account. A household is categorized as underbanked if it had a checking or savings account and used one of the following products or services from an alternative financial services provider in the past 12 months: money orders, check cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans.
Mission of Bank On Arkansas+
To collaboratively support individuals and families as they create and meet their financial goals by…
- Empowering people with knowledge and capability
- Providing financial tools and services that are affordable, available, and responsive
- Creating an environment that reduces and removes barriers to mainstream banking