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DIFS Reminds Consumers During Tax Season of Low-Cost Accounts Available to Quickly, Securely Get Refunds
March 06, 2023
FOR IMMEDIATE RELEASE: March 6, 2023
(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) is reminding consumers during tax season that the fastest and most secure way to receive a tax refund is through a direct deposit to an account with a bank or credit union, and low- or no-cost accounts are available at nearly 30 banks and credit unions across Michigan through the Michigan Open Account Coalition (MOAC).
“Michiganders who do not have an account with a bank or a credit union face longer wait times and may have to pay fees for cashing checks in order to receive their tax refunds,” said DIFS Director Anita Fox. “If you don’t have an account with a financial institution, the Michigan Open Account Coalition has nearly 30 banks and credit unions throughout the state offering low- or no-cost accounts. Not only will opening an account help you get your tax refund quicker, it can also help you to build savings for the future.”
The MOAC is a partnership between DIFS, the Michigan Bankers Association, the Michigan Credit Union League, and community organizations 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 ensure that consumers have access to low- and no-cost accounts.
The accounts at participating banks and credit unions are certified by the Cities for Financial Empowerment Fund’s Bank On program, which sets standards for acceptable fees and costs for customer accounts, and have no fees for overdrafts, account activation, closure, dormancy, inactivity, or low balances.
To learn more about MOAC, visit Michigan.gov/DIFSOpenAccount. 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 Michigan.gov/DIFScomplaints to file a complaint.
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, Twitter, or LinkedIn.