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We need to change the account numbers on some of our existing savings accounts to convert them to a 10-digit format. Does Illinois law require us to send any notice of the change to our customers? – IBA Compliance Connection

IBA Compliance Connection

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We need to change the account numbers on some of our existing savings accounts to convert them to a 10-digit format. Does Illinois law require us to send any notice of the change to our customers?

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We are not aware of any Illinois law that would govern the changing of account numbers. Having said that, you should be aware that Section 3.5 of the Illinois Consumer Deposit Account Act, at 205 ILCS 605/3.5, does address changes in a financial institution’s transit routing number (also called the “ABA number”). In such cases, a financial institution must give thirty days written notice to Illinois residents before invalidating a routing number on any consumer deposit account. The notice must include the following information:

  1. The date on which the routing number will no longer be effective.
  1. Procedures necessary to ensure that electronic funds transfers are processed correctly.  The electronic funds transfers would include direct deposits.
  1. Information on ordering new checks, debit cards and similar items.