Michigan Encourages Bank Accounts Through Open Account Coalition

MI DIFS Press Releases

Published April 1st, 2026

Detected April 2nd, 2026

Summary

The Michigan Department of Insurance and Financial Services (DIFS) announced the first-ever Michigan Open Account Coalition (MOAC) Month throughout April 2026. The initiative promotes low- and no-cost bank accounts to help Michiganders avoid approximately $3,000 in annual fees associated with check-cashing and other alternative financial services. MOAC accounts are certified by the Cities for Financial Empowerment Fund and follow National Account Standards including no overdraft fees and $5 or less monthly maintenance.

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What changed

DIFS announced MOAC Month as an awareness initiative promoting financial inclusion through certified low- and no-cost bank accounts at participating institutions across Michigan's 67 counties. The MOAC program, formed in 2022, follows CFE Fund National Account Standards including no overdraft, inactivity, or dormancy fees; $3 or less out-of-network ATM fees; $25 or less opening deposits; and $5 or less monthly maintenance fees.

This is an informational announcement with no compliance requirements or regulatory mandates for financial institutions. Banks and credit unions already participating in MOAC may wish to highlight their certified accounts during April. Consumers without bank accounts are directed to Michigan.gov/DIFSOpenAccount to find participating institutions and open accounts ahead of the federal transition to electronic tax refunds.

Source document (simplified)

DIFS Promotes Michigan Open Account Coalition Month Throughout April

April 01, 2026

Media Contact: DIFS-press@michigan.gov
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints

FOR IMMEDIATE RELEASE: April 1, 2026

The Michigan Department of Insurance and Financial Services (DIFS) is celebrating its first-ever ‘Michigan Open Account Coalition (MOAC) Month’ during the month of April by encouraging Michiganders to take control of their finances by establishing a relationship with a bank or credit union. If you do not have an account with a financial institution, MOAC can assist you in finding low- or no-cost accounts.

“DIFS is excited to celebrate MOAC Month and provide Michiganders with financial education resources and tips to help them build a secure financial future, starting with access to low- or no-cost accounts,” said DIFS Director Anita Fox. “MOAC is available across Michigan and member institutions will help consumers establish a transparent, low-fee account so they can save money on check‑cashing and other fees. Having an account with a bank or credit union is an important tool for managing money, meeting savings goals, and building credit, all key foundations for long‑term financial security.”

MOAC is especially important this year, as the federal government is issuing tax refunds electronically after phasing out paper checks last year.

Consumers without an account at a bank or credit union spend an average of $3,000 per year on fees for check cashing, money orders, bill pay services, third-party debit cards, and more. By having an account with a financial institution, Michiganders enjoy the conveniences of debit cards, direct deposit, online bill pay, and peace of mind knowing their money is insured and their personal information is protected.

For Michiganders looking to open an account, MOAC offers certified low- or no-cost accounts with branch locations across 67 Michigan counties. According to data from the Bank On National Data (BOND) Hub, MOAC accountholders reside in every county in Michigan and access their financial services online where branches are unavailable. For more information on opening an account and a list of participating institutions, visit Michigan.gov/DIFSOpenAccount.

All MOAC accounts are certified by the Cities for Financial Empowerment (CFE) Fund, and follow the CFE’s National Account Standards which includes:

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) MOAC was formed in 2022 by DIFS, the Michigan Bankers Association, Michigan Credit Union League, and community organizations. Its mission is to encourage relationships between financial institutions and historically underserved communities, to educate consumers about the importance of having a relationship with a financial institution, and to promote the availability of, and access to, consumer financial accounts with low and transparent fees.

During MOAC Month, DIFS is sharing content on X, Facebook, and LinkedIn to highlight the importance of having an account at a financial institution, careers in finance, and information to help the overall financial wellbeing of Michiganders. There is also a wealth of personal finance resources on the DIFS website or the State of Michigan Financial Literacy page.

Consumers who have questions or disputes that cannot be resolved directly with their financial institutions can contact DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or file a complaint online at Michigan.gov/DIFScomplaints.

The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, X, or LinkedIn.

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