Illinois Compiled Statutes
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FINANCIAL REGULATION205 ILCS 605/0.01
(205 ILCS 605/) Consumer Deposit Account Act.
(205 ILCS 605/0.01)
(from Ch. 17, par. 500)
This Act may be cited as the
Consumer Deposit Account Act.
(Source: P.A. 86-1324.)
205 ILCS 605/1
(205 ILCS 605/1)
(from Ch. 17, par. 501)
For the purposes of this Act:
"Consumer-deposit account" means a demand or other similar deposit
account, such as a checking, negotiable order of withdrawal, money
market, savings deposit, share, or member account established and maintained by
a natural person with a financial institution and operated primarily for
personal, family, or household purposes.
"Financial institution" means any bank subject to the Illinois Banking
Act, including a branch of an out-of-state bank as defined in Section 2 of
the Illinois Banking Act, any savings bank subject to the Savings Bank Act,
any savings and
loan association subject to the Illinois Savings and Loan Act of 1985, and
any federally chartered commercial bank, savings bank, or savings and loan
association organized and operated in this State under the laws
of the United States.
"Check" means a writing that complies with the requirements of Section
3-104 of the Uniform Commercial Code.
(Source: P.A. 89-208, eff. 9-29-95.)
205 ILCS 605/2
(205 ILCS 605/2)
(from Ch. 17, par. 502)
Identification and numbering of consumer - deposit account.
For all consumer-deposit accounts
opened after January 1, 1982, all new checks, drafts, or orders drawn on
financial institution accounts shall clearly display on the face of each check,
draft, or order a number. Each check, draft,
or similar order shall be numbered consecutively. This
Section shall not apply to temporary checks, drafts, or orders of withdrawal
provided by financial institutions upon the opening of a consumer deposit
No liability or penalty shall be imposed on any financial institution or
printer for an unintentional failure to comply with this Act.
(Source: P.A. 98-950, eff. 8-15-14.)
205 ILCS 605/3
(205 ILCS 605/3)
(from Ch. 17, par. 503)
(a) Every financial institution shall provide a disclosure
statement for each consumer-deposit account offered by the
institution containing the following information:
(1) a description of the consumer-deposit account;
(2) the conditions, if any, on which the
consumer-deposit account is offered;
(3) the terms of interest offered for the
consumer-deposit account; and
(4) all fees charged for the consumer-deposit account.
The disclosure statement specified in this subsection may include a
separate fee schedule or interest rate table.
(b) Every financial institution shall provide the disclosure statement
specified in subsection (a) to each depositor at the time of the initial
deposit into a consumer-deposit account with respect to the type of
account, and not less than once during each calendar year to every
consumer-deposit account holder with respect to each type of consumer-deposit
(c) Every financial institution shall provide the disclosure statement
specified in subsection (a) to any person requesting the statement with
respect to an identified type of consumer-deposit account.
(d) The statements provided pursuant to subsections (b) and (c) shall
be accompanied by a brief description of all other available
consumer-deposit accounts offered by the institution and a statement that
more detailed information is available on request.
(e) Notwithstanding the provisions of this Section, a financial
institution subject to and in compliance with the provisions of Sections
261 through 274 of the Truth in Savings Act, as contained within the Federal
Comprehensive Deposit Insurance Corporation Improvement Act of
1991 (FDICIA), 12 USCA 4301 et seq., shall be deemed to be in compliance
with this Section, including the requirement of subsection (b) that the
disclosure be provided to account holders annually.
(Source: P.A. 87-1098; 88-236.)
205 ILCS 605/3.5
(205 ILCS 605/3.5)
Notification to consumer of invalidated routing number.
least 30 days before a financial institution invalidates a routing number on a
consumer deposit account, whether as a result of a merger, purchase and
acquisition, or other transaction, the institution shall send a notice to each
affected consumer deposit account holder advising the holder of the
invalidation and the effect it will have on the account. The notice shall
include, but shall not be limited to, the following information: the date on
which the routing number will no longer be effective; procedures necessary to
ensure that electronic funds transfers, including direct deposits, are
processed correctly; and information on ordering new checks, debit cards, and
(Source: P.A. 92-811, eff. 8-21-02.)
205 ILCS 605/4
(205 ILCS 605/4)
(from Ch. 17, par. 504)
(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.)
205 ILCS 605/5
(205 ILCS 605/5)
(from Ch. 17, par. 505)
(Source: P.A. 86-1213. Repealed by 89-364, eff. 8-18-95.)