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 The FDIC estimates that over 22% of Illinois
households are under or unbanked. Many of these Illinois households
will be receiving paper stimulus checks and will have few check
cashing options that won’t incur fees.
Working together with industry associations,
advocacy groups, and individual banks, IDFPR is proud to announce a
number of banking institutions that are able to work with
non-customers on cashing their stimulus checks for free. Wells
Fargo, JPMorgan Chase, U.S. Bank, Fifth Third and First Midwest, as
well as others, are willing to provide non-customers in Illinoisans
with check cashing options in order to ensure these funds go toward
the food, housing, and necessities that people need during this
difficult time, instead of being used on processing fees.
“We are happy to work with the banks to provide this necessary
service to Illinois residents. During this time of financial
hardship, we wanted to ensure that people were able to cash their
checks. I want to thank JPMorgan Chase, Wells Fargo, Fifth Third,
First Midwest, U.S. Bank and others for working with us in this
endeavor,” said Deborah Hagan, Secretary of the Department of
Financial and Professional Regulation.
In order to ensure proper social distancing and that everyone has
the proper identification to cash their federal stimulus check,
individuals interested in these options should contact the banks
listed above, or email IDFPR at
ILBanks@ illinois.gov
to set up an appointment.
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 “We are proud that several of our members have
stepped up – as they’ve done throughout the pandemic – to help
struggling Illinoisans,” said Linda Koch, President & CEO, Illinois
Bankers Association. “Rest assured, beyond the banks listed here,
institutions small and large across Illinois are ready to assist
communities with their financial needs.”
In addition, a working group of nonprofits including Ladder Up, the
Economic Awareness Council, New America, Heartland Alliance, and
Woodstock Institute have launched a website to help individuals
access their economic impact payment and to help the unbanked as
well.
Consumers can visit
www.get mypaymentil.org
to access clear information about how they can receive their
payments. For people who are interested in taking this opportunity
to open up their own bank account, the website also outlines safe,
affordable banking options available through the Bank On program.
This program certifies products as consumer-friendly financial
service options that have no maintenance or inactivity fees, low
minimum deposits and no overdraft. For more information on the
national Bank On initiative please visit
https://covidbanking.joinbankon.org/.
[Illinois Office of Communication and
Information]
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