ELGIN – To highlight the ongoing success of community and financial organization partnerships, State Senator Cristina Castro is encouraging credit unions, community organizations, service groups and other financial institutions committed to improving the financial stability of Illinois residents to join the Bank On Illinois coalition.

“Middle class families in Illinois have suffered from the ill effects of crippling bank fees for long enough,” said Castro (D-Elgin). “I’m proud to have sponsored and fought for the passage of legislation that gives working families in Illinois some peace of mind, and I’m glad to see it working to financially empower residents across our state.”

The Bank On Illinois initiative, passed in 2019, established a commission to monitor banking practices across the state to ensure that people in Illinois have access to bank accounts that offer fair financial service options, including no maintenance fees, low or no minimum deposit requirements, low or no overdraft fees, and methods to open accounts using forms of identification other than the traditional driver’s license or state ID card.

Many households in Illinois do not have a checking or savings account and rely on costly check cashing and other alternative financial services. For these residents, opening a safe, affordable and non-predatory checking or savings account is a crucial step toward improving financial wellness. Bank On Illinois helps make that step easier by helping families avoid costly bank fees that can cause undue financial burden.

“Safe and affordable banking access is critical for Illinois families. Institutions must ensure the services they offer are accessible, equitable and affordable,” Castro said. “I encourage financial and community partners who are committed to improving the financial stability of Illinois residents to join the Bank On coalition.”

To learn more about Bank On Illinois and apply for an account, please visit the Illinois Comptroller’s website. Stakeholders and financial institutions interested in joining Bank On can find more information about certification here. Privately insured credit unions should apply here.

###