(205 ILCS 605/4) (from Ch. 17, par. 504)
Sec. 4.
(a) Every financial institution shall offer a Basic Checking
Account to any natural person 65 years of age or older who requests such an account.
(b) A Basic Checking Account shall be established by either (1) a
minimum initial deposit of $100, or (2) a written agreement with the
account holder requiring direct deposits with the financial institution by
a third party of recurring payments due to the account holder on at least a
monthly basis. Except as provided in subsection (d) of this Section, no
other minimum balance or minimum deposit requirement may be imposed on a
Basic Checking Account.
(c) No activity charge may be imposed for the first 10 checks drawn on a
Basic Checking Account in any calendar month, provided that a financial
institution may charge its customary fee for a stop payment order or any
transaction resulting in a check returned due to insufficient funds.
(d) A financial institution may offer any person 65 years of age or
older a consumer-deposit account with terms that are more favorable to such
person than the terms required under this Section and may designate such an
account as a Basic Checking Account.
(Source: P.A. 84-1036.)
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