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Michigan Open Account Coalition

There are many benefits to having an account at a bank or credit union, including the convenience of debit cards, direct deposit, and online bill pay, as well as peace of mind knowing that your money and personal information are protected.

Most importantly, Michiganders 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.

Through the Michigan Open Account Coalition, participating banks and credit unions are offering certified low- or no-cost accounts to help Michiganders get access to critical financial services and build stronger financial futures, without worrying about hidden fees or costs.

Account Standards:

All MI Open Accounts are certified by the Cities for Financial Empowerment (CFE) Fund, and follow the CFE’s National Account Standards, which include:

  • 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)

Certified Accounts:

MI Open Accounts are a great way for anyone without an account to safely and conveniently get the benefit of a relationship with a financial institution. These accounts are easy to understand, user-friendly, have no surprise fees, and can help you on the path to financial security. If you don’t currently have an account at a bank or credit union, consider opening a certified low-cost MI Open Account today at one of these participating institutions:

Updated March 26, 2024

About the Michigan Open Account Coalition

The Michigan Open Account Coalition (MOAC) is a partnership between the Michigan Department of Insurance and Financial Services (DIFS), the Michigan Bankers Association, the Michigan Credit Union League, and community organizations.

The Coalition’s 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.

For more information or if you have questions or concerns about a financial institution, call DIFS Monday through Friday 8 a.m. to 5 p.m. at 877-999-6442 or visit to file a complaint.