Travelers Casualty and Surety Company of America v. Wells Fargo Bank N.A. And Charles Schwab & Co., Inc.

POSNER, Circuit Judge.

This diversity suit governed by Illinois law raises issues of banking and commercial law. Allianz Life Insurance Company had a checking account at Wells Fargo bank (actually a predecessor of Wells Fargo, but we can ignore that detail) for the payment of benefits to employees covered by Allianz’s employee health plan. Charles Schwab, a securities brokerage firm that offers checking services to its customers, received a check for $287,651.23 made out to it and drawn on Allianz’s account at Wells Fargo. The check was presented to Schwab for deposit by a man who called…