We believe that the Consumer Deposit Account Act requires you to provide a Basic Checking Account to seniors (persons over the age of 65) without charging fees based on a minimum balance requirement. The law states that Basic Checking Accounts “shall be established” with a $100 minimum initial deposit or a direct deposit agreement, and it states that “no other minimum balance or minimum deposit requirement may be imposed on a Basic Checking Account.” 205 ILCS 605/4(b).

The IDFPR’s Examination Procedures state that examiners must inquire: “Does the bank limit the requirements of its Basic Checking Accounts for individuals 65 years of age or older to the following?: a. a minimum initial deposit of $100, b. a written agreement requiring a direct deposit by a third party of recurring payments at least monthly [205 ILCS 605/4(b)].” Based on the law and the IDFPR’s examination procedures, we believe that you are prohibited from charging a fee based on a minimum balance requirement.