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.
The Arkansas Asset Funders Network invites you to join a conversation to collectively change statistics in Arkansas. Learn how Southern Bancorp is taking action and engage in a discussion to explore what role you can play. David Rothstein from Cities for Financial Empowerment will share successful BankOn initiative strategies Arkansas leaders may consider to help the unbanked and underbanked join the financial mainstream and move toward financial stability, and Lisa Potts from BankOn/Save Up St. Louis will share how powerful partnerships between community and financial institutions have helped propel efforts in that region.
Abby Hughes Holsclaw, email@example.com with any questions.