CT HB06452

Connecticut banks must report annually to the Banking Commissioner (beginning October 1, 2022) on overdraft fee practices for the preceding year.

Required reporting includes: total overdraft fees collected, fee schedules, median fee amounts, processing costs, transaction posting order policies, and percentage of accounts charged overdraft fees.

Banks must report the percentage of checking account holders who opted into overdraft services under federal regulations (12 CFR 1005.17(b)) and the percentage subsequently charged fees.

Additional reporting requirements include employee training on overdraft policies, incentives offered to customers, total debit card transactions processed, overdraft charges by zip code, and policies on holds placed on deposited funds.

The Banking Commissioner must report collected information annually to the joint standing committee on banking beginning January 1, 2023.