The Maryland Opportunity Account Initiative takes effect on July 1 as part of an expansion to the Maryland Access to Banking Act supported by the Association during the recent Maryland legislative session.

What are Maryland Opportunity Accounts?
The initiative is designed to expand access to safe, affordable banking services for unbanked and underbanked Marylanders. It establishes Maryland Opportunity Accounts as a new type of transactional account that Maryland state-chartered banks and credit unions may offer to consumers. These accounts are intended to be basic, low- or no-fee products guided by standards set annually by the Commissioner of Financial Regulation.

How to Qualify
To qualify as a Maryland Opportunity Account, a transactional account must first receive BankOn certification through the national BankOn Program, which certifies accounts based on the Cities for Financial Empowerment Fund’s National Account Standards. Once an account is BankOn certified, Maryland state-chartered banks and credit unions may request certification from the Maryland Office of Financial Regulation using the online Maryland Opportunity Account certification form.

Assessment Fee Credit
Certified institutions may advertise the account to consumers as a Maryland Opportunity Account in accordance with BankOn certification mark usage standards. Beginning with the assessment fee billing period in early 2027, institutions with an active account certified as both BankOn and a Maryland Opportunity Account will receive a $5,000 annual assessment fee credit for the first year of certification and a $3,000 annual credit each year thereafter, as long as the account remains certified.

The Office of Financial Regulation is planning virtual information sessions for industry representatives to learn more and ask questions. The Association will keep credit unions informed. If you want to know more, please contact the Association’s VP of Advocacy, Rory Murray at Rmurray@mddccua.org