NY A09250

Amends New York banking law to require banking institutions offering overdraft protection or similar fee-based services to notify customers whenever such service is employed to prevent account penalties

Mandates immediate notification to customers of insufficient funds via electronic mail, or through another method if the customer prefers

Requires notifications to state that the bank's overdraft service has activated and must list all associated fees and penalties

Applies to banking institutions under both Article 1 (general banking law) and Article 4 (commercial banks) of New York banking law

Takes effect immediately upon enactment