Bank On Arkansas+ is offering access to certified checking accounts to ensure Arkansans are able to receive their Coronavirus Aid, Relief and Economic Security (CARES) Act relief in a timely manner.
The IRS is distributing the payments to help ease Americans’ COVID-19-related financial challenges. Those who are unable to get money through direct deposit may not receive paper checks until September, according to a news release from the Bank On Arkansas+ partnership.
“Since we formed Bank On Arkansas+ in 2018, we have focused on engaging Arkansans who still receive paper checks and are potentially unbanked,” Kara Wilkins, the initiative’s director, said. “In the face of COVID-19, this has become an urgent need, and we are grateful to our participating banks and credit unions for providing economic relief for struggling families.”
In order to receive the payments immediately, unbanked and underbanked Arkansans will need to open a bank account and provide their banking information through a secure IRS portal.
They can open accounts with Bank On Arkansas+ financial institutions: Bank of America, Diamond Lake Federal Credit Union, Iberiabank, First Security Bank, US Bank, Simmons Bank, Southern Bancorp, Citizens Bank, Wells Fargo and Centennial Bank. The accounts have no overdraft fees; monthly minimums of $5 or less; free debit / ATM cards; and direct deposit options.
In March, Bank On Arkansas+ partnered with the City of Little Rock to help nearly 200 city employees who were unable to physically obtain or deposit their paychecks due to COVID-19 restrictions.
Announced by the The Arkansas Asset Funders Network in 2018, Bank On Arkansas+ is supported by sponsorships from Arvest, the Carl B. & Florence E. King Foundation, Cities for Financial Empowerment Fund, Entergy Arkansas, First Security Bank, Iberiabank, Regions Bank and Southern Bancorp.
Sign up for Daily E-news
