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NY S06919
Bill
Status
12/20/2019
Primary Sponsor
Shelley Mayer
Click for details
AI Summary
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Prohibits banking institutions from charging fees when customers withdraw all funds and close an account, provided the account was open for at least 180 consecutive days prior to closing.
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Prevents banking institutions from honoring deposits or withdrawals after a customer is informed that their account will be closed.
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Prohibits banking institutions from keeping open or reopening an account after the customer is informed of closure.
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Prevents banking institutions from charging any fees to customers or former customers regarding closed accounts, except for recovering amounts needed to satisfy negative balances existing at the time of closure.
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Takes effect one year after becoming law.
Legislative Description
Relates to establishing limitations on bank accounts after such accounts have been closed including opening or re-opening such account, requesting a deposit or withdrawal or assessing certain fees.
Last Action
COMMITTED TO RULES
12/28/2020