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New state program aims to boost access to financial services, save Michiganders money

Lansing Capitol
Posted at 6:59 PM, May 05, 2022
and last updated 2022-05-05 18:59:11-04

LANSING, Mich. — Governor Gretchen Whitmer and the Michigan Open Account Coalition teamed up to save Michiganders money.

The MI Open Account program offers certified, low-cost accounts from Michigan's banks and credit unions.

The goal is to help tens of thousands of Michiganders participate in the state’s growing economy.

The Michigan Department of Insurance and Financial Services, the Michigan Bankers Association and Michigan Credit Union League formed the MOAC in March.

So far, there are 20 certified MI Open accounts in Michigan, with dozens more working toward certification.

“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 in a news release. “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.” 

For a list of participating banks and credit unions, click here.