State Announces New Program To Increase Access To Banking Services

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The state of Michigan announced a new program designed to increase access to financial services for under served Michiganders. The new initiative offers low-cost bank accounts for Michiganders who are unbanked or underbanked. Anita Fox is director of the Michigan Department of Insurance and Financial Services.

“The Michigan Open Account Coalition that we are announcing here today was formed this year in order to make sure that banks and credit unions offer accounts that meet the needs of all Michiganders and to educate consumers about the benefits of having a relationship with a financial institution,” Fox said.

To date, 20 banks and credit unions have agreed to participate in the program, offering no overdraft, account activation, closure, or low balance fees in addition to $3 limits on ATM use fees.