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Insights > How Helpful is Bank On Arkansas+? Ask Heather
How Helpful is Bank On Arkansas+? Ask Heather
12/02/2019
Entergy Arkansas enthusiastically supports Bank On Arkansas+. Through Bank On Arkansas+, nearly 4,000 people who didn't have bank accounts now do. Because of this program, those individuals have access to the same tools for saving money and financial transactions that most of us take for granted.
Here's a story from the folks at Bank On Arkansas+ about a life they helped to change for the better:
Heather looks up from her spreadsheet and breathes a sigh of relief. She has been studying the cells closely, updating here and there, then looking again. She found a decimal that kept throwing off her budget for the month. For her that decimal would mean the difference between paying bills on time or not. Happy to know she will make ends meet, Heather heads to the bank, where she requests a statement from the teller to make sure her account shows a direct deposit from her employer. Seeing that her money has been deposited, she goes on to transfer 10 percent of her paycheck into her savings account. Heather feels incredible doing it.
Just a few months ago, this wasn't a reality for her. After being released from prison, Heather faced many financial challenges that one encounters upon re-entry. Due to her incarceration she didn't have access to a bank account, and because it was difficult to secure employment, putting aside any cash for emergency savings felt like an impossibility. With support from staff at Our House – a Little Rock-based homeless shelter – Heather received job training, assistance with housing and support with other needs. She was also able to participate in a new pilot program, which allowed her to attend weekly financial education classes. Heather began to learn how to manage her finances more effectively and ultimately, she opened a certified Bank On checking account.
Heather's story is why Bank On Arkansas+ exists.
Since its launch in 2018, Bank On Arkansas+ has partnered with nine financial institutions to establish nearly 4,000 bank accounts for low- and moderate-income Arkansans. Many more Arkansans like Heather now have access to safe, trusted, and affordable banking and have the opportunity to save for themselves, build wealth for their families, and improve the quality of life in their communities. With continued support from sponsors like Entergy, Bank On Arkansas+ will continue to be a leader in helping to improve the financial health of Arkansans. Join us in our efforts to promote access to mainstream financial services by becoming a Bank On Arkansas+ financial institution provider, a coalition member or a sponsor. For more information, contact Kara Wilkins, Director, at kara@assetfunders.org or visit bankonar.org.
