LITTLE ROCK, Ark. – A new program called Bank on Arkansas+ is working to expand access to banking in underserved communities.
In Arkansas, one in 10 households do not have a bank account. As a result, most families rely on costly services to access their own money or cover monthly bills.
Now this first ever statewide coalition is offering safer accounts — free or low cost– and have little or no opening deposit requirements and no overdraft fees.
Southern Bancorp is one of the leading institutions helping launch the program. They’re offering what’s called the opportunity card.
“Offer credit counseling budget counseling help people improve financial health in addition to just having a bank account,” says Darrin Williams, CEO Southern Bancorp.
Bank on Arkansas+ will officially launch on Nov. 1.