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On March 20, 2026, Maryland Governor announced a new set of banking laws aimed at protecting consumers from excessive fees and predatory practices by financial institutions. The legislation, known as the Banking Fee Protection Act, will impose stricter regulations on the fees that banks can charge their customers, in an effort to promote transparency and fairness in the banking industry.Under the new law, banks in Maryland will be required to provide clear and concise information about all fees associated with their services, including account maintenance fees, overdraft fees, and ATM fees. Additionally, banks will be prohibited from charging excessive fees for services that are traditionally provided free of charge, such as balance inquiries and paper statements.In a statement, Governor praised the new legislation as a crucial step towards ensuring that consumers are not taken advantage of by banks. "Far too often, Marylanders have been hit with unexpected and exorbitant fees from their banks, causing financial hardship and exacerbating inequalities," he said. "With the Banking Fee Protection Act, we are taking a stand against these unfair practices and putting the needs of consumers first."The new law also includes provisions to protect low-income consumers, such as a cap on the total amount of fees that can be charged to a customer in a given month. Additionally, banks will be required to offer alternative banking options for individuals who may not qualify for traditional accounts, such as prepaid debit cards or low-cost checking accounts.Consumer advocacy groups have lauded the new legislation as a major victory for Maryland residents. "For too long, banks have been able to abuse their power and exploit consumers with impunity," said a spokesperson for Maryland Consumer Rights Alliance. "The Banking Fee Protection Act will level the playing field and ensure that all Marylanders have access to fair and transparent banking services."The new banking laws are set to go into effect on July 1, 2026, giving financial institutions ample time to adjust their practices and comply with the new regulations. Governor has urged banks to proactively inform their customers about the changes and to work towards providing more affordable and accessible banking options for all Maryland residents.