CHICAGO — The Illinois Department of Professional and Financial Regulation (IDPFR) announced new options for residents without bank accounts who want to cash their stimulus checks without incurring fees.
The FDIC estimates more than 22% of Illinois households don’t have bank accounts or are “underbanked.”
Many of those households will be receiving paper stimulus checks and will have few check cashing options that won’t incur fees, according to a press release.
After working with industry associations and advocacy groups, IDFPR announced several banking institutions will be 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, along with other banks, are providing non-customers 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,” said Deborah Hagan, Secretary of the Department of Financial and Professional Regulation.
Any Illinoisans interested in these options should contact one of then banks or email IDFPR at ILBanks@illinois.gov to set up an appointment.