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.
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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.