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August 14, 2025
Media Contact: DIFS-press@michigan.gov
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints
FOR IMMEDIATE RELEASE: August 14, 2025
(LANSING, MICH) National Financial Awareness Day is on August 14 and the Michigan Department of Insurance and Financial Services (DIFS) is celebrating 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, Michigan Open Account Coalition (MOAC) can assist you in finding low- or no-cost accounts.
“Michiganders who have an account with a bank or credit union save money on check cashing and other fees, and have a place to turn to when they are looking for a mortgage, auto, or other type of loan,” said DIFS Director Anita Fox. “Having an account at a financial institution helps you to manage your money, establish and meet savings goals, and helps you build credit, all foundations for achieving financial security. The Michigan Open Account Coalition is here to help Michiganders as they work toward their financial goals.”
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. By having an account with a bank or credit union, consumers enjoy the conveniences of debit cards, direct deposit, and online bill pay, and peace of mind knowing their money is insured and their personal information is protected.
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.
All MOAC accounts are certified by the Cities for Financial Empowerment (CFE) Fund, and follow the CFE’s National Account Standards which includes:
Currently, there are more than 35 financial institutions offering certified low- or no-cost accounts, with branch locations across 67 Michigan counties. MOAC account holders reside in every county in Michigan, though, 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.
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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