IBA Compliance Connection

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Can eligible individuals open an Illinois ABLE account at a bank? We saw a statement online indicating that these accounts can be opened only at Illinoisable.com.

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No, eligible individuals cannot open Illinois ABLE accounts at banks. Illinois ABLE accounts must be opened online at Illinoisable.com or by submitting an enrollment form to [email protected] or by regular or overnight mail to the addresses provided in the resources below.

The State Treasurer Act provides that the “State Treasurer shall administer” Illinois’s ABLE account program and may contract with one or more third parties to carry out some or all of its administrative duties. Although Illinois ABLE checking accounts are provided through Fifth Third Bank, N.A., they cannot be opened at a Fifth Third branch.

For resources related to our guidance, please see:

  • Illinoisable.com, FAQs — Where can I open an IL ABLE Account? (“IL ABLE Accounts can be opened online at illinoisable.com or by sending in a paper enrollment form, which can be downloaded here. IL ABLE Accounts are not available at banks and are not sold by financial advisors and cannot be opened at any physical location or bank, including Fifth Third locations.”)
  • IL ABLE Enrollment Form (“Regular mailing address: IL ABLE P.O. Box 219420 Kansas City, MO 64121; Overnight mailing address: IL ABLE 1001 E 101st Terrace, Suite 200 Kansas City, MO 64131”)
  • State Treasurer Act, 15 ILCS 505/16.6(e) (“The State Treasurer shall administer the plan, including accepting and processing applications, maintaining account records, making payments, and undertaking any other necessary tasks to administer the plan, including the appointment of an account administrator. The State Treasurer may contract with one or more third parties to carry out some or all of these administrative duties, including, but not limited to, providing investment management services, incentives, and marketing the plan.”)
  • State Treasurer Act, 15 ILCS 505/16.6(a) (“‘ABLE account plan’ or ‘plan’ means the savings account plan provided for in this Section.”)
  • Illinoisable.com, Checking Account Option (“The IL ABLE Checking Account Option is provided through Fifth Third Bank, N.A. and gives Account Owners a flexible way to pay and save for current and future Qualified Disability Expenses.”)