We agree that the bank should consider UDAAP concerns in analyzing the paper statement fee for senior citizen deposit accounts. Although we are not aware of any laws or regulations that would prohibit such a fee, as we discuss below, there is a chance that an examiner could see such a fee as unfair or abusive, particularly where the bank is already aware that many of its senior customers do not have access to computers.

We do not believe that the Consumer Deposit Account Act would prohibit charging such a fee on a Basic Checking Account (the required deposit accounts for 65+ individuals), as it prohibits only activity charges on the first ten checks drawn on the account (while also restricting minimum balance and minimum deposit requirements for such accounts). 205 ILCS 605/4.

Before charging a fee for paper statements, the bank would have to comply with the provisions of the federal Electronic Signatures in Global and National Commerce (ESIGN) Act and the Illinois Financial Institutions Electronic Documents and Digital Signature Act. Those laws require banks to disclose “any conditions, consequences (which may include termination of the parties’ relationship), or fees” that would apply if the customer does not consent to electronic disclosures. 15 USC 7001(c)(1)205 ILCS 705/10(a).