For those who shy away from banks, a new law has been passed to help those who need banking opportunities. Governor JB Pritzker says that 1 out of every 5 households doesn’t use a bank. The new law creates what’s called a “Bank On Illinois” program that helps those with new opportunities.
In an effort to help keep people from paying high fees at check-cashing stores or payday loans, “Bank on Illinois” will have programs with low or no fees, low deposits, and allow alternative forms of identification. Comptroller Susan Mendoza says that the website will help families.
Illinois is the first state in the Union to offer this program. For more information visit https://illinoiscomptroller.gov/.