HB 5216 Summary

• Each banking institution must make available a basic banking account to Connecticut consumers beginning July 1, 2023.

• Basic banking accounts must not charge fees for overdrafts, nonsufficient funds, account activation, closure, dormancy, inactivity, or low balance.

• Basic banking accounts must include at no additional charge: debit card, ATM in-network access, deposits, check cashing, and electronic monthly statements, with maximum initial deposit of $25, maximum balance requirement of $25, and maximum maintenance charge of $10 per periodic cycle.

• Banking institutions must post equally conspicuous notice of basic banking account availability in public areas and provide comparable descriptive materials alongside notices for other consumer transaction accounts.

• Banks or credit unions offering alternative accounts meeting Bank On National Account Standards or comparable standards approved by the Banking Commissioner are considered in compliance with this requirement.