Topic: Wild Card Powers (Illinois)
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What is the limit on returned check fees for commercial and consumer accounts? Do those limits apply to the Missouri branches of an Illinois-chartered bank? Our research has shown that Missouri does not limit returned check fees for commercial accounts.
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The Illinois Uniform Commercial Code (UCC) limits returned check fees to $4.50 for commercial accounts. We are not aware of any limits on returned check fees for commercial accounts in Missouri. The applicability of this Illinois $4.50 limit on returned check fees for the Missouri branches of Illinois state-chartered banks is a complex question that…
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Does Illinois have a unique wild card provision?
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Yes, Illinois has a unique “wild card” provision. Actually, we have two, one that is fairly typical of what most states have, which is to give Illinois state-chartered banks the same authority as national banks “to do any act” and to carry any property, including stock, as assets. That is Section 5(11) of our Banking…