Insights > Entergy Partners with Bank On Arkansas+ during Super Tax Day
Entergy Partners with Bank On Arkansas+ during Super Tax Day
Entergy Arkansas customers who received free tax assistance during Super Tax Day in Little Rock received a bonus by having an opportunity to meet representatives of Bank On Arkansas+.
Bank On Arkansas+ partners with financial institutions to offer checking accounts with no overdraft fees, no minimum monthly balance and debit/ATM cards. The initiative helps ensure that all Arkansans have access to safe, trusted, and affordable banking.
During Entergy Super Tax Day in February, tax filers were able to open bank accounts onsite, while others made appointments with participating banks to open accounts later. Five financial institutions participated — IBERIABANK, Bank of America, U.S. Bank, Southern Bancorp and First Security Bank.
According to the Bank On Arkansas+ website, the cycle of “barely scraping by” is not uncommon among the unbanked and underbanked community in Arkansas. The latest Federal Deposit Insurance Corporation’s survey reports that Arkansas has 9.7 percent unbanked households and 22.6 percent underbanked households.
Checking and savings accounts are critical in boosting financial empowerment and economic mobility. Accounts allow working families to keep more of their hard-earned money while building relationships with financial institutions, which are essential for saving, borrowing and long-term financial planning. Accounts also help people establish or repair credit.
“Studies show that Arkansans who don't have a regular bank can spend hundreds of dollars more per year on financial services than people who have a bank,” said Kara Wilkins, director of Bank On Arkansas+. “Having bank accounts positions people to build assets for themselves and their families and contribute to the overall health of the communities in which they live.”
For information about setting up a bank account through Bank On AR+, visit www.bankonar.org/.