INDUSTRY U P DAT E S
Joining Bank On Arkansas+ E X PA N D S R E A C H , BUILDS COMMUNITIES
by Kara Wilkins
A
re you part of Bank On Arkansas+? If not, you are missing the movement.
Did you know that Arkansas boasts more participating financial institutions with certified Bank On accounts than any other state? Why? Because we care in Arkansas. Financial institutions are stepping up to partner with community nonprofits to reach people who need bank accounts but have a harder time accessing traditional financial institutions. Our certified Bank On accounts provide access to safe, trusted, and affordable banking so that individuals have the opportunity to save for themselves, build wealth for their families, and improve the quality of life in their communities. As the largest coalition in our state that is focused solely on financial advocacy for Arkansans, the Bank On Arkansas+ Coalition works to integrate financial services through building community partnerships, developing a vision for banking and financial health in Arkansas, and advocating for larger asset building strategies for low to moderate income families. Since Bank On Arkansas+ launched, we have: • Engaged over 60 new community partners to join Arkansas’s movement for financial empowerment. • Formalized partnerships with local municipalities, such as the City of Little Rock, to increase financial education and access to banking services for city staff and residents. 14
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SUMMER 2021
• Partnered with corporations such as Entergy Arkansas to promote certified Bank On accounts to approximately 715,000 Arkansas customers in 63 counties.
• Provided support to the Small Business Administration, the Women’s Foundation of Arkansas, Winthrop Rockefeller Foundation, and other organizations to spark commitment among financial institutions and community development financial institutions to increase the percentage of capital invested in Black, Latinx, and women-owned businesses. In 2021, Bank On Arkansas+ will continue to strengthen partnerships to improve access to mainstream financial services. Thanks in part to the support of the American Bankers Association, which encouraged all banks to join the Bank On movement, Bank On Arkansas+ has experienced an increase in the number of financial institutions who are interested in offering certified Bank On accounts. Many banks already have qualifying accounts and can apply, at no cost, for a Bank On certification through the Cities for Financial Empowerment Fund, or CFE Fund. When an account is “Bank On Certified,” it simply means that consumers understand that it has the basic features they are looking for, including low or no fees, no overdraft charges, online bill pay, and more.
