CHICAGO — The state of Illinois is trying to steer people toward banks and away from predatory lenders.
Gov. J.B. Pritzker signed the “Bank On” bill Monday. The law allows the state comptroller’s office to work with banks, credit unions and other financial institutions to encourage people without bank accounts to use services with low or no fees.
Consumers will be able to find low- and no-fee banks by logging on to the Illinois comptroller’s website and entering their address.
Similar programs are offered in other cities but Illinois is the first state to do so.