Arkansas Extension Partners with BankOn Arkansas+ to Connect Arkansans to Affordable Banking

by Tabatha Duvall - February 28, 2023

Did you know that three in 10 Arkansans are losing $25,000 over their working lifetime?

Over 22.6% of Arkansas families are underbanked, according to 2017 figures from the Federal Deposit Insurance Corporation (FDIC), and 7.1% of families were unbanked in 2019. This means families are using check cashing and short-term high-interest loans with fees and interest that add up to an average $25,000 over an individual’s working years.

BankOn Arkansas+ is a project of the Asset Funders Network and partners financial partners (banks and credit unions) designed to provide accessible and affordable banking to all Arkansas families. Each BankOn+ accounts offer low monthly fees, no minimum checking account balance, a free ATM/Debit card, and free online banking. The standards for these accounts are geared toward providing Arkansas families the opportunity to invest in their future, protecting current assets and opening possibilities to invest or secure loans. BOA+ partners also offer financial capability services like financial education, financial coaching, credit building, debt management, asset building, and/or small business development.

The University of Arkansas System Division of Agriculture Cooperative Extension Service has partnered with BankOn Arkansas+ to connect the products that it provides with the people that we serve in all 75 Arkansas counties.

Dr. Laura Hendrix, Interim Director of Family and Consumer Science, and Megan Wells, Program Associate,  will be working to provide agents with materials to help get the word out and will be incorporating BOA+ into FCS Programming. Dr. Hunter Goodman, Assistant Professor, and Tabatha Duvall, Program Associate, from the Community, Professional, and Economic Development Department, are working with the Communications department to produce materials for our agents and with other BOA+ Community Partners like library systems, local food banks, and other nonprofits to keep their volunteers and patrons informed. 

How can you get involved?

BankOn Arkansas+ community partners work to educate people on the importance of access to safe, affordable banking and can incorporate banking equity into their services.  If your community or organization is interested in learning more about becoming a BankOn Arkansas+ partner, please reach out to Kara Wilkins, director of Bank On Arkansas+, at kara@assetfunders.org, or reach out to your local extension agent.