Topic: Consumer Deposit Account Act
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Are we required to provide a free checking account to customers over the age of 55?
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Under the Illinois Consumer Deposit Account Act, every bank must offer a basic checking account to any person sixty-five years old or older. The minimum amount required to establish the account is $100, unless there is a written agreement with the customer that requires direct deposits of recurring payments due to the customer on at…
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Does Illinois law require us to print the month and date that a checking account was opened on the front of a check?
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Please note that this answer discusses the requirements of the Check Printer and Check Number Act before it was amended in 2014. For a current version of the law, please see 205 ILCS 690/10. Illinois law requires checks drawn on a consumer deposit account to include the month and year the account was opened and a check…
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What information is required to be included on checks? Some of our businesses are submitting checks that do not include the name of the bank on which the check is drawn (though they do include the bank’s routing number).
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Please note that this answer discusses the requirements of the Check Printer and Check Number Act before it was amended in 2014. For a current version of the law, please see 205 ILCS 690/10. Under the Uniform Commercial Code, a check is defined as an unconditional order to pay a fixed amount of money payable on…
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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…
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Illinois law requires us to start numbering checks at 101, but our customers are complaining that some merchants are refusing any check with a number lower than 301. Why is this a requirement, and do you have any suggestions for a resolution?
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Please note that this answer discusses the requirements of the Check Printer and Check Number Act before it was amended in 2014. For a current version of the law discussed in this answer, please see 205 ILCS 690/10. Most likely, many of the customers who are opening new deposit accounts at your bank are moving to…
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Is there an Illinois law that requires banks to cash government checks (social security or IRS refund checks) for non-customers?
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We are not aware of any Illinois law that requires banks to cash Social Security checks and IRS refund checks for non-customers. Of course, an individual who is 65 or older who is denied the right to cash a Social Security check at your bank may request that you establish a Basic Checking Account for…