From May 04, 2022
Today, Governor Gretchen Whitmer and the Michigan Open Account Coalition (MOAC) launched a new program to help more Michiganders participate in
the state’s growing economy. The MI Open Account program offers certified low-cost accounts from Michigan’s banks and credit unions, saving tens of
thousands of Michiganders money by boosting access to financial services.
“Not having access to financial resources and tools costs unbanked and underbanked Michiganders an average of $3,000 a year in fees for check
cashing, money orders, bill pay services, third-party debit cards, and more,” said Governor Gretchen Whitmer. “Michiganders deserve access to safe and
secure financial services without paying an arm and a leg in hidden fees. MI Open Accounts are certified low- or no-cost bank or credit union accounts
with no hidden fees, no overdraft fees, and little to no minimum deposit. These accounts also offer essential financial tools—a debit card, direct deposit,
and online bill pay. The MI Open Account Coalition will help unbanked or underbanked Michiganders avoid unexpected costs, build credit, and pay for
emergencies by putting more money in their pockets as we keep growing our economy.”
“Some consumers may not have an account at a bank or credit union because they worry that there might be hidden fees or terms that they do not
understand,” said Michigan Department of Insurance and Financial Services Director Anita Fox. “We’re pleased that Michigan’s banks and credit unions
have joined with us to offer and promote low- and no-cost accounts and educate consumers about the availability and benefits of CFE-certified MI Open
Accounts.”
The MOAC was formed in March by Michigan Department of Insurance and Financial Services (DIFS), the Michigan Bankers Association, and Michigan
Credit Union League. Its mission is to encourage relationships between financial institutions and historically underserved communities, educate
consumers about the importance of having a relationship with a financial institution, and promote the availability of, and access to, consumer financial
accounts.
All MI Open Accounts are certified by the Cities for Financial Empowerment (CFE) Fund, and follow the CFE’s National Account Standards:
- No overdraft, account activation, closure, dormancy, inactivity, and low balance fees
- Limits on ATM fees (no fees in-network; $3 or less out-of-network)
- A limit on minimum opening deposits ($25 or less)
- A limit on monthly maintenance fees ($5 or less)
Account Coalition and a list of participating financial institutions, visit Michigan.gov/DIFSOpenAccount.
Questions or concerns that cannot be resolved directly with financial institutions should be directed to DIFS at 877-999-6442 or visiting
Michigan.gov/DIFScomplaints to file a complaint.
Original source can be found here.
