Maryland Certified First Banks for Low-Cost Accounts

Residents can now access new low-fee checking options through First United Bank & Trust and Middletown Valley Bank.

Updated on Sept. 30, 2026 in Banking

Bold vector editorial illustration of a polished brass vault handle on an oak panel, representing financial access and inclusion. — First United Bank & Trust and Middletown Valley Bank have been certified to offer Maryland Opportunity Accounts, providing residents with low-fee, accessible banking options. AI Illustration. Upload story photo >

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The Maryland Department of Labor has officially certified First United Bank & Trust and Middletown Valley Bank as the first institutions to offer Maryland Opportunity Accounts. This initiative aims to increase access to affordable banking for unbanked and underbanked households across the state.

Why it matters

By meeting national Bank On standards, these accounts reduce financial barriers for families who previously struggled with high fees or high deposit requirements. This state-led program is designed to create a more secure and accessible path into the traditional banking system.

Maryland Opportunity Accounts now cap initial deposits at $25 and monthly maintenance fees at $10. These new products eliminate overdraft and non-sufficient funds fees entirely for qualifying households.

The players

First United Bank & Trust

A state-chartered financial institution now offering low-cost deposit products to Maryland households.

Middletown Valley Bank

A state-chartered financial institution participating in the state's new affordable banking initiative.

Maryland Department of Labor

The state agency overseeing financial regulation and the expansion of affordable banking access.

The details

State-chartered institutions qualify for this designation by ensuring their deposit products align with national Bank On standards for affordability and accessibility. To encourage participation, the state provides banks with a $5,000 regulatory assessment fee credit in their first year of certification, followed by $3,000 in subsequent years. Banks must submit formal certifications to the Office of Financial Regulation to earn the designation and offer these consumer-friendly accounts.

September 30, 2026: First institutions were certified for the Maryland Opportunity Account initiative.

Money Landscape

This certification follows legislative enhancements to the Access to Banking Act intended to foster greater financial inclusion. The initiative represents a state-level push to align local banking products with national affordability standards.

If you have struggled with traditional account fees, these new products offer a lower barrier to entry for managing your daily household budget. Consult with a qualified financial professional to determine if these specific accounts are the right fit for your personal financial goals.

The takeaway

These certified accounts prioritize affordability by removing common fee traps like overdraft charges for Maryland households. Keep an eye on the Maryland Department of Labor website for future announcements as the initiative expands to additional banks across the state.