CT SB01034

Financial institutions must notify depositors within ten business days of closing a deposit account by mail or email, stating the reason for closure, effective October 1, 2023.

Notice requirements do not apply when accounts are closed due to suspected fraud or illegal activity, law enforcement investigations, court orders, employee safety concerns, or when the depositor initiates the closure.

Banking institutions must offer basic banking accounts with no fees for overdrafts, insufficient funds, account activation, closure, dormancy, inactivity, or low balance, effective July 1, 2023.

Basic banking accounts must include free debit card, ATM access, deposits, check cashing, and electronic statements, with maximum initial deposit of $25 and maintenance charges not exceeding $10 per billing cycle.

Banking institutions are not required to offer basic banking accounts at out-of-state branches and must post equally conspicuous notices about basic account availability and the Department of Banking's consumer hotline number in their offices.