BALTIMORE — With the changes to how unemployment claimants will be paid, this new service is working with the Maryland Department of Labor to ensure that people can get their payments quickly and safely.
Bank On Maryland, which is a program of the CASH Campaign of Maryland was launched to help connect consumers from all different walks of life to safe and affordable bank or credit union accounts.
"Bank On Maryland is a bit different in that these accounts are certified to be meeting the national account standards and so individuals can know exactly what they are getting when they choose to get a bank on certified account," explained Kylie Delgado, Bank On Maryland Program Manager, CASH Campaign of Maryland. "These standards typically mean that the accounts do not permit overdraft, that the monthly maintenance fees are zero to $5 a month and that individuals can use these accounts to pay their bills online, in person, over the phone and their funds are insured as any other accounts would be."
The advantage of going through this program is that you know the specific account you're going in for and that it meets national standards.
One of the challenges for individuals, Delgado said is that people can often feel intimidated or overwhelmed when walking into a financial institution or even going on line to set up an account.
"It's about 'how do I find the account that's right for me' and Bank On Maryland sort of takes away some of that guesswork and those feelings of being overwhelmed," she said.
These accounts are also available at different financial institutions, so you can still shop around and decide what you want.
Bank On Maryland helps individuals find accounts that do not have as many pieces of confusion to them such as high maintenance fees or permitting overdrafting.
With the program, you can also set up direct deposit of your unemployment benefits, tax refunds or even your paycheck.
It is important to note that the deadline to set up those direct deposit payments is May 21. This deadline is with the Maryland Department of Labor. Current recipients of unemployment insurance have until that date to select direct deposit or paper checks to avoid any delays in continuance of unemployment benefits.