July 01, 2026
Media Contact: DIFS-press@michigan.gov
Consumer Hotline: 877-999-6442, Michigan.gov/DIFScomplaints
FOR IMMEDIATE RELEASE: July 1, 2026
(LANSING, MICH) National Financial Freedom Day is on July 1 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, participating banks and credit unions offer low- or no-cost accounts through the Michigan Open Account Coalition (MOAC).
“Michigan Open Account Coalition accounts are available across Michigan at nearly 40 financial institutions ready to help consumers establish a transparent, low-fee account so they can save money on check‑cashing and other fees,” said DIFS Director Anita Fox. “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 freedom.”
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 can access their financial services online where branches are unavailable.
All MOAC accounts are certified by the Cities for Financial Empowerment (CFE) Fund, and follow the CFE’s National Account Standards which includes:
For more information on opening an account and a list of participating institutions, visit Michigan.gov/DIFSOpenAccount.
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.
National Financial Freedom Day is observed on July 1 every year and serves as a time to raise awareness for consumers about the idea of reaching a point where they have enough savings and passive income to afford the kind of life and freedom they desire. Consumers can also access a wealth of personal finance resources on the DIFS website or the State of Michigan Financial Literacy page to help navigate their journey to financial freedom.
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. Translation services are available for individuals with limited English proficiency who contact the Department. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, X, or LinkedIn.
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