The Consumer Deposit Account Act requires financial institutions to offer “basic checking accounts” to any person 65 years of age or older that request such an account. 205 ILCS 605/4. You may not charge activity fees on these accounts for the first ten checks each month, though you may charge your customary stop payment and insufficient fund fees. 205 ILCS 605/4(c).

As conditions on opening such accounts, you may require either a $100 minimum initial deposit or a written agreement with the account holder requiring direct deposits by a third party of recurring payments on at least a monthly basis. 205 ILCS 605/4(b). However, you may not impose any conditions on opening the accounts that would be more restrictive than those requirements (such as a higher minimum initial deposit).

In addition, the IDFPR has released an examination checklist for compliance with the Act.