New Opportunity for Maryland State-Chartered Credit Unions

Maryland state-chartered credit unions have a new opportunity to expand financial access, serve unbanked and underbanked consumers, and receive annual assessment fee credits through the Maryland Opportunity Account initiative.

Created through an expansion of the Maryland Access to Banking Act that took effect July 1, 2026, the initiative establishes a new type of transactional account that state-chartered credit unions and banks may offer to consumers.

To qualify as a Maryland Opportunity Account, an account must first receive BankOn certification, confirming that it meets the Cities for Financial Empowerment Fund's National Account Standards. Core account features include:

• No overdraft or nonsufficient funds fees
• No dormancy, inactivity, low-balance, or early-closing fees
• A low minimum opening deposit
• Free bill pay
• Debit card access
• Online and mobile banking

Once an account is BankOn certified, a Maryland state-chartered credit union may apply for Maryland Opportunity Account certification through the Office of Financial Regulation using its online form.

Certified credit unions may market the product as a Maryland Opportunity Account and receive a $5,000 assessment fee credit in the first year of certification and a $3,000 credit in each subsequent year the account remains certified.

The Association's advocacy team played an integral role in supporting expansion of the Access to Banking Act, with CEO John Bratskakis serving on its advisory board.