If you’ve ever been turned away from a bank, hit with surprise overdraft fees, or felt like the whole system just wasn’t built for you — you’re not alone. And there’s something in Maryland specifically designed to fix that.
It’s called Bank On Maryland, and it’s changing how thousands of people access basic financial services. Here’s what you need to know.
The problem is bigger than you might think.
According to the FDIC’s 2023 National Survey of Unbanked and Underbanked Households, 5.6 million U.S. households have no checking or savings account at any bank or credit union. And it falls hardest on the people who can least afford it — Black households are unbanked at a rate of 10.6%, compared to just 1.9% for white households.
The most common reason people give for not having an account? Not having enough money to meet minimum balance requirements. Second most common? Not trusting banks.
Neither of those is a personal failing. Both are systems problems — and that’s exactly what Bank On Maryland is designed to address.
Being unbanked is expensive.
Without a bank account, everyday financial tasks cost real money. Check-cashing stores can charge up to 9.9% per check — meaning a $500 paycheck might cost you nearly $50 just to access. Do that every two weeks and you’re losing over $1,200 a year. The Brookings Institution estimates that over a lifetime, an unbanked person can spend as much as $40,000 on check-cashing fees alone.
Payday loans — a common alternative for unbanked households in a financial pinch — can carry interest rates as high as 400%. A $100 loan could end up costing $500 to pay back.
Beyond the fees, being unbanked means no FDIC insurance on your money, no credit history to qualify for a car loan or mortgage, and no path to building real savings. It’s a cycle that’s hard to escape — and Bank On Maryland is one of the most practical tools available to break it.
So what is Bank On Maryland, exactly?
Bank On Maryland is a statewide initiative led by CASH Campaign of Maryland, with support from the Cities for Financial Empowerment (CFE) Fund. It works by certifying bank and credit union accounts that meet a set of national standards — meaning they’re safe, affordable, and actually accessible to people who’ve been shut out before.
Every certified Bank On account is:
- $5/month or less, with no unpredictable fees
- Free from overdraft and non-sufficient funds (NSF) fees
- Equipped with free deposits, withdrawals, and bill pay
- Often open to people with negative ChexSystems history
That last point matters a lot. ChexSystems is a database banks use to flag people with past overdrafts or unpaid fees. It can follow you for years and lock you out of account after account. Bank On certified accounts frequently bypass that barrier entirely.
Which banks are participating?
The list of certified accounts in Maryland includes options from major national banks and local institutions alike — many of which you can open entirely online:
- Bank of America SafeBalance Banking
- Capital One 360 Checking
- Chase Secure Banking
- M&T Bank MyWay Banking
- PNC Bank Simple Checking
- TD Bank TD Essential Banking
- Fulton Bank Xpress Account, Atlantic Union Bank PRISM Checking, Ally Bank, Discover, and more
The full list with direct links to apply is at bankonmaryland.org/accounts.
Ready to take the next step?
Opening a Bank On certified account is one of the most impactful things you can do for your financial future — and it takes less than 10 minutes for most accounts online. If you’re not sure which account is right for you, CASH Academy offers free financial coaching to help you figure it out. Visit mdcashacademy.org or reach out to CASH Campaign at cashmd.org.
Everyone deserves access to safe, affordable banking. Bank On Maryland is here to make that a reality — and CASH Campaign is leading the way.