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.
What is meant by "Unbanked" and "Underbanked"?
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.
Learn more about the un- and underbanked in Arkansas.
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
Be Part of the Solution
The Bank On Arkansas+ initiative is a partnership among financial institutions, community organizations, grantmakers, and city, state, and federal government agencies that work to improve the financial stability of unbanked and underbanked residents in their communities.
Join the Bank On Arkansas+ Coalition and work with other community leaders invested in the financial stability of Arkansas to meet the needs of the unbanked and underbanked.
Financially empowered families lead to financially empowered communities where everyone in the state of Arkansas, not just the few, can set and achieve their financial goals.