Michigan Open Account Coalition to Promote Opening a Bank Account for Financial Security
Having a bank account opens the door to more opportunities, but some Michigan communities are underserved when it comes to access to banks and credit unions. The Michigan Open Account Coalition could change that.
The Michigan Department of Insurance and Financial Services, Michigan Bankers Association, and Michigan Credit Union League are trying to help more residents establish a relationship with a bank or credit union.
DIFS Director Anita Fox said, “There are many benefits to having a relationship with a financial institution, including added security and access to home loans and other important financial services. This coalition will work to clear barriers for Michiganders who currently do not have an account with a bank or credit union and help more Michiganders build greater financial security.”
The Coalition will be promoting access to low- and no-cost accounts by certifying accounts through the Cities for Financial Empowerment Fund’s Bank On Program. The Program sets standards for fees and costs. They will also work on educating the public about the advantages of having a bank account.
Reporting for WGRT – Jennie McClelland






