Under the Uniform Commercial Code, returned check fees may not exceed $4.50 for “a commercial checking account or other similar commercial account.” 810 ILCS 5/3-806.

As to consumer accounts, we are not aware of any limitations on returned check fees that would apply to banks. Under Illinois law, there are very few limitations on fees that banks can charge, whether on commercial or consumer accounts or loans. Section 5e of the Banking Act states that banks may charge any “interest, fees, and other charges . . . subject only to the provisions of [subsection 4(1)] of the Interest Act” (and subject to any laws applicable to “credit secured by residential real estate”). (Emphasis in bold added.) The only provisos are that the customer must agree to the charges and the bank must set its fees using its “prudent business judgment and safe and sound operating standards.” 205 ILCS 5/5e. While the Banking Act does refer to the Interest Act (subsection (4)(1)), that law also allows banks to charge any fees that a customer agrees to pay — it authorizes banks “to receive or contract to receive and collect interest and charges at any rate or rates agreed upon by the bank or branch and the borrower.” 815 ILCS 205/4(1).