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.