[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB3367
205 ILCS 605/4 from Ch. 17, par. 504
Amends the Consumer Deposit Account Act. Provides that
basic checking accounts shall be available to all persons,
not only those 65 years of age older.
LRB9010836JSgc
LRB9010836JSgc
1 AN ACT to amend the Consumer Deposit Account by changing
2 Section 4.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Deposit Account Act is amended
6 by changing Section 4 as follows:
7 (205 ILCS 605/4) (from Ch. 17, par. 504)
8 Sec. 4. (a) Every financial institution shall offer a
9 Basic Checking Account to any natural person 65 years of age
10 or older who requests such an account.
11 (b) A Basic Checking Account shall be established by
12 either (1) a minimum initial deposit of $100, or (2) a
13 written agreement with the account holder requiring direct
14 deposits with the financial institution by a third party of
15 recurring payments due to the account holder on at least a
16 monthly basis. Except as provided in subsection (d) of this
17 Section, no other minimum balance or minimum deposit
18 requirement may be imposed on a Basic Checking Account.
19 (c) No activity charge may be imposed for the first 10
20 checks drawn on a Basic Checking Account in any calendar
21 month, provided that a financial institution may charge its
22 customary fee for a stop payment order or any transaction
23 resulting in a check returned due to insufficient funds.
24 (d) A financial institution may offer any person 65
25 years of age or older a consumer-deposit account with terms
26 that are more favorable to such person than the terms
27 required under this Section and may designate such an account
28 as a Basic Checking Account.
29 (Source: P.A. 84-1036.)