No, we are not aware of a law or regulation that would limit the number of joint account holders that can co-own a deposit account in Illinois. Accordingly, we believe whether to open a joint account with five co-owners is a business decision for your bank.

For resources related to our guidance, please see:

• Joint Tenancy Act, 765 ILCS 1005/2(a) (“When a deposit in any bank or trust company transacting business in this State has been made or shall hereafter be made in the names of 2 or more persons payable to them when the account is opened or thereafter, the deposit or any part thereof or any interest or dividend thereon may be paid to any one of those persons whether the other or others be living or not, and when an agreement permitting such payment is signed by all those persons at the time the account is opened or thereafter the receipt or acquittance of the person so paid shall be valid and sufficient discharge from all parties to the bank for any payments so made.”)