Illinois Department of Financial & Professional Regulation Illinois Department of Financial & Professional Regulation
 
Manuel Flores, Acting Secretary  
Pat Quinn, Governor
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Basic Checking Accounts for Senior Citizens

  • Every financial institution in Illinois must offer a basic checking account to persons 65 years of age or older who requests such an account.
  • A basic checking account must 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 (such as direct deposit of your social security check).
  • No minimum balance or minimum deposit requirement may be imposed on a basic checking account.
 
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