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Illinois Banking Questions & Answers
1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Illinois on
Q: What does the law 15 usc 1662 b translate to? does it mean that I am not required to put a down payment?
T. J. Jesky
T. J. Jesky answered on Oct 11, 2021

Short answer: No. The reg states that no advertisement to aid, promote, or assist directly or indirectly any extension of consumer credit may state that a specified down payment, by the creditor who advertises his services.

1 Answer | Asked in Estate Planning, Banking and Probate for Illinois on
Q: RE: illinois unclaimed property of my deceased 2012 mother.

My mother's name is on the Illinois unclaimed property list, by my neglect and procrastination. Must I go through the State of Illinois/Cook County, where she resided and died, to claim this property? I would prefer to go back to the sources (Chase checking account on which I am joint holder;... Read more »

Steven J. Fromm
Steven J. Fromm answered on Nov 17, 2020

In most states once assets are escheated (turned over) to the state, that is your exclusive way to recover those assets. You must go to the state as the holders of these assets have turned them over to the state. If your state is anything like PA, this process is very detailed, complex and time... Read more »

1 Answer | Asked in Banking, Contracts, Small Claims and Probate for Illinois on
Q: How to get letter of administration for wife whose husband died for the mortgage bank, for specific info, letter needed

The lake county clerk’s office said they are not giving those out letters out which is impossible

T. J. Jesky
T. J. Jesky answered on Nov 16, 2020

A petition, affidavit, consent of the remaining heirs and other papers need to be filed with the Probate Division of the Circuit Court. Once the Probate Judge reviews all of the papers and they are in good order, he/she will make the appointment of independent administer.

1 Answer | Asked in Banking for Illinois on
Q: I bought a truck a month from now and now they wanna take it back cause the bank doesn’t wanna finance the truck

It’s been a month and they are barley telling me this isn’t that like not right ?

George W. Svoboda
George W. Svoboda answered on Jul 20, 2020

This is a Spot Delivery scam. It is happening more often now. Since a month has gone by, you may be able to force the dealer to finance it themselves. In other states, they only have 10 days for the seller's right to cancel. In IL, you need to read your sales contract for the term. If you... Read more »

2 Answers | Asked in Banking, Bankruptcy, Business Formation and Business Law for Illinois on
Q: Hello, I am a business owner. I want to know if bankruptcy is an option for me.

I am a banquet hall business owner. My bank has refused to give me relief on mortgage payments because I was already behind 2 payments due to the increase in property taxes in the county. The bank has filed for foreclosure during covid and intends to appoint a receiver in June 2020. At this point,... Read more »

Bryan R. Bagdady
Bryan R. Bagdady answered on May 18, 2020

I can't tell from your facts if you are facing a business bankruptcy, a personal bankruptcy or both. However, it sounds like you need a mechanism to stop the litigation and to liquidate debts in an orderly fashion. That is one of the functions of a bankruptcy case. I need to know more about... Read more »

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1 Answer | Asked in Banking and Estate Planning for Illinois on
Q: Can a bank sell a vehicle from an estate sale without entering in the estate auction for everyone to bid?

My mom‘s fiancé recently passed away in September. He had a 2009 Lincoln MKS that I was driving up until two months ago when I took it to the bank for them to put it in the auction with the intention of buying it back. They told me that I had to wait until the auction opened up and bid on the... Read more »

Charles E. Hutchinson
Charles E. Hutchinson answered on May 2, 2020

If you turned title to the car over to the bank, then yes - they own the car and can do with it what they want. Unless you have a written agreement with the bank that obligates them to put the car up for auction so you could bid on the vehicle, the bank had no requirement to do that.

1 Answer | Asked in Banking for Illinois on
Q: Regulations against banks refusing loans, but forcing people to use credit cards at higher APR. Consumer protection?

My bank has refused car loans and then refused a lower motorcycle loan, so I could have transportation after lease end. The amounts were $12,500 & $11,164 - then 3rd app was for $8,500.

All refused due to "too many inquiries. While that bank was the only inquiry on the credit... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Apr 3, 2020

No. American banks can refuse loan applications for any financial reason--whether you think it is the right decision or not. Learn this lesson right now:

ALL banks are ALWAYS looking out for THEMSELVES first, not for their customers. Banks do not care about you, nor do they want your...
Read more »

1 Answer | Asked in Banking, Business Law and Employment Law for Illinois on
Q: The company pay date Is today for my time owed me. They say there will be a “delay”. What can I do to get my money?

This company has been using payroll checks that can’t be cashed because of insufficient funds for over 3 months now

Robert Shipley
Robert Shipley answered on Mar 27, 2020

Based upon your description I would recommend that you contact the Illinois Department of Labor and make a claim for the salary/wages you are apparently owed which have not been paid for three months. Here is a link to the website: Read more »

1 Answer | Asked in Banking for Illinois on
Q: Mom died right after having cashed a check for selling her house. the shared bank account we had money is now mine

Her house almost went into forcloser. she sold it first. and paid off the bank loan she had. she took the check with remaining money and put in a saving account we share before she died . Now she is gone and the bank is saying they really should have gotten a little more money. The saving account... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Oct 30, 2019

Established facts:

1. The bank already got the money they asked for in the sale.

2. Your mother already got the money left over from the sale of her house.

3. The money your mother received was deposited into a joint account owned by you and your mother....
Read more »

1 Answer | Asked in Banking for Illinois on
Q: Is a bad bank wire the same as a bad check for insufficient funds? The sender lives in North Carolina.
Bruce Alexander Minnick
Bruce Alexander Minnick answered on Aug 14, 2019

As far as the adverse impact on the recipient goes, the answer is yes, they are the same. However, bank wires are usually much more reliable than checks-- and thus do not "bounce" as easily. At least that is the way it was when I was an operating officer in a large bank.

1 Answer | Asked in Banking for Illinois on
Q: Someone I know knowlingly cashed a cancelled check from an employer. Is that against the law
Bruce Alexander Minnick
Bruce Alexander Minnick answered on May 24, 2019

Yes, it is a crime to cash or attempt to cash a cancelled check.

1 Answer | Asked in Banking for Illinois on
Q: My father and I went into his bank and I opened an acct in my name and we deposited checks that were payable to him.

The banker, who was with us from start to finish, neglected to have him endorse the checks, but he was fully present and agreed to the deposit. None of the money was spent until a few weeks later, when, unbeknownst to me, my brother got the bank to move the entirety of the funds from my acct (I was... Read more »

T. J. Jesky
T. J. Jesky answered on Sep 12, 2018

A check is not valid unless it is endorsed by the person who is cashing it. Therefore, you cannot deposit an unendorsed check. You have no recourse against the bank.

1 Answer | Asked in Banking and Probate for Illinois on
Q: My father has a bank acct. in PR and has passed away.My Brother is executor.Can His stepmom close the bank acct.?

No one is on the bank acct. but My Father. She is his ex wife but we have no papers to prove that.

Drew R. Ball
Drew R. Ball answered on Jun 14, 2018

If your brother is the executor he needs to file the necessary paperwork with the Court in the County where your father resided at the time of his death. That being said, there is a significant amount of work that must be put into your father's estate to ensure it is properly handled. You... Read more »

1 Answer | Asked in Banking, Divorce and Tax Law for Illinois on
Q: My wife had our joint tax refund deposited directly into her personal account. Do I have any legal right to get half of

Can I write a check on her own personal checking account to get half of it back?

James G. Ahlberg
James G. Ahlberg answered on Mar 23, 2018

You can't write a check drawn on your wife's account if you're not listed with the bank as a person authorized to do so. If there is a pending divorce case, let your lawyer know what she did as quickly as possible (before the refund is spent), especially if there is a court order... Read more »

1 Answer | Asked in Banking and Real Estate Law for Illinois on
Q: My 2 daughters were named as heirs when my ex-husband died. There was no will and they signed a small estate affidavit.

He owned a house on which there is a mortgage. Nothing has been done with the name on the mortgage and his girlfriend is living there and making payments. The mortgage is now in default. Will this affect my daughter's credit? They want to sell the house and evict the girlfriend. How should... Read more »

Ray Choudhry
Ray Choudhry answered on Mar 8, 2018

The house will stay in husband's name until legally taken off through mortgage foreclosure or tax sale.

Only other way is for a probate estate to be opened and the house sold.

If the daughters are not on the note to the house, they have no liability.

Often, when a house...
Read more »

2 Answers | Asked in Banking, Civil Rights and Real Estate Law for Illinois on
Q: My mother passed away and owed money on her house what do my sister and I need to do to be able to sell it?
Vincent Gallo
Vincent Gallo answered on Jan 15, 2018

You will, no doubt, need to pay off all of the debts affecting the house by no later than the closing date.

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1 Answer | Asked in Estate Planning, Banking and Probate for Illinois on
Q: Can my father take me off the trust my great grandparents set up hes not my biological father but did sign birth cert.

My great grandparents left me and my sister a trust by name it also stated it would be split with any other biological children. My father is claiming he is taking me off since im not his biological child. But he did sign my birth certificate on the day i was born knowing my mom was already... Read more »

James G. Ahlberg
James G. Ahlberg answered on Jan 14, 2018

The answer is going to depend on the exact wording on the trust. It would be unusual for the person creating a trust to give someone else the power to determine who benefits from it.

1 Answer | Asked in Banking, Civil Litigation and Divorce for Illinois on
Q: Can my ex husband sue me for not being able to pay on a joint account that was declared mine in the divorce decree

I am in another state helping my family member with their kid because they are in the hospital and I am unable to work because of this he is saying I could face jail time and fines because I'm not paying on it because I'm unable to work at this time

J. Richard Kulerski Esq.
J. Richard Kulerski Esq. answered on Jan 4, 2018

You haven't provided enough info to allow for a complete answer, but I can say this much. Our law is far from perfect, but it is not without understanding. He can take you back to court and seek to have you held in contempt for failing to pay what you were supposed to pay under your Judgment,... Read more »

1 Answer | Asked in Divorce, Family Law, Banking and Workers' Compensation for Illinois on
Q: My husband will be getting a workman's comp settlement soon. Can he legally keep the settlement to himself?

I have proof of the amount he will be receiving but he is lying about it. He has stated they haven't settled it yet, but my picture proof shows the amount and that he, my husband, has agreed to the amount. Our marriage is rocky so I suspect he will keep most of the settlement in a secret... Read more »

J. Richard Kulerski Esq.
J. Richard Kulerski Esq. answered on Nov 17, 2017

He can try to keep all of the settlement, but it is a marital asset, and your would be entitled to your equitable share of it if you were in an actual divorce situation. If there is no divorce case involved, he if free to do whatever he wishes with the settlement proceeds. You will be entitled to a... Read more »

1 Answer | Asked in Banking, Civil Litigation, Consumer Law and Contracts for Illinois on
Q: We didnt get flood insurance on our home as the sellers and bank listed that it was a no flood zone. It flooded so bad

Water was all in the house and around it and soo high, if the bank had told us that it was in a flood zone then we would have gotten flood insurance and wouldnt be stuck with all the damages now

Steve McCann
Steve McCann answered on Jul 13, 2017

I understand your frustration, and unfortunately this happens quite often. Your options and remedies depend on very specific facts that are not provided here, such as the specific representations that were made by the seller's and bank in regards to your home being in a flood zone, and the... Read more »

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