Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 605/3.5

(205 ILCS 605/3.5)

Sec. 3.5.

Notification to consumer of invalidated routing number.

At
least 30 days before a financial institution invalidates a routing number on a
consumer deposit account, whether as a result of a merger, purchase and
acquisition, or other transaction, the institution shall send a notice to each
affected consumer deposit account holder advising the holder of the
invalidation and the effect it will have on the account.  The notice shall
include, but shall not be limited to, the following information: the date on
which the routing number will no longer be effective; procedures necessary to
ensure that electronic funds transfers, including direct deposits, are
processed correctly; and information on ordering new checks, debit cards, and
similar items.

(Source: P.A. 92-811, eff. 8-21-02.)