Loading chat...
NY A04023
Bill
Status
Introduced
1/31/2019
Primary Sponsor
David Weprin
Click for details
AI Summary
- Requires banking institutions offering overdraft protection or similar insufficient funds fee services to notify customers whenever such service is activated to prevent account penalties
- Mandates banks provide immediate notification to customers of insufficient funds via electronic mail, or through another method if the customer prefers
- Requires notification to include a statement that the overdraft service has taken effect and list all associated fees and penalties
- Applies to both traditional banking institutions (Article 2) and credit unions or similar institutions (Article 9) through separate but identical new sections
- Takes effect immediately upon enactment
Legislative Description
Requires banks to send account notifications in certain circumstances.
Last Action
referred to banks
1/8/2020
Committee Referrals
Banks1/31/2019
Full Bill Text
No bill text available