We do not see any problems in charging a dormant account fee and remitting an account to the state, even though the primary owner of the account is a minor. Under the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18], deposit accounts are presumed abandoned after five years of no communication from the owner or activity on the account (or on any other accounts that appear on the same consolidated statements). 765 ILCS 1025/2(a) [Repealed effective 1/1/18]. There is a special provision that tolls the abandonment period for “money of a minor deposited pursuant to Section 24-21 of the Probate Act.” 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. However, we do not believe that subsection would apply to any other deposits held by a minor, and we note that under the Illinois Banking Act, “the rules and regulations of such bank with respect to each such deposit and account shall be as binding upon such minor as if such minor were of full age and legal capacity.” 205 ILCS 5/45.1.

As to charging a fee, Illinois law permits a bank to charge any fee in accordance with the bank’s prudent business judgment and safe and sound operating standards. 205 ILCS 5/5e(b). Further, the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] allows banks to withhold any “charges that may be lawfully withheld” from any abandoned deposit accounts. 765 ILCS 1025/2(a) [Repealed effective 1/1/18]. The regulations set out specific requirements for withholding those fees. 74 Ill. Adm. Code 760.60. You may also withhold the actual costs of mailing money — the costs of envelopes, postage and stationery. 74 Ill. Adm. Code 760.40.