{"data":{"id":"us-il/205-ilcs-605-4","jurisdiction":"us-il","citation":"205 ILCS 605/4","heading":"","body":"(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.\n(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.\n(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.\n(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.","path":["CHAPTER 205 FINANCIAL REGULATION","Consumer Deposit Account Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=1189\u0026ChapterID=20\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:29Z","sha256":"e7c369cc9e1518ae6040ad0788d48854e429e5640e8558e832ef951f755b4632","source_id":"us-il","stale":false,"prev":"us-il/205-ilcs-605-3.5","next":"us-il/205-ilcs-605-5"},"notice":"GroundRules: Original legal text. Not legal advice."}