August 15, 2014
Governor Quinn signed SB 3029 (P.A. 98-0950) on Friday, August 15. SB 3029 deletes the requirements that all new checking accounts begin with number 101 and that the month and year the account was opened be printed on the face of the check. CBAI received complaints from members that these requirements were outdated and unnecessary; as a result, CBAI initiated SB 3029 earlier this year. The measure became effective immediately upon the Governor's signature. Many bank customers do not want the new account stigma and don’t like to be told they have to start over with check number 101. Additionally, most check printers can circumvent this requirement and consumers can just buy their checks online to and from other sources that are not limited by the state law. SB 3029 will alleviate these concerns and will level the playing field for Illinois community banks.
CBAI appreciates the hard work and effort by both of the sponsors, Senator Terry Link (D- Gurnee) and Representative Dan Beiser (D-Alton). CBAI would also like to thank Governor Quinn for understanding the significance of this bill and community banking in Illinois.