NY A08914

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

Banks must immediately notify customers of insufficient funds via electronic mail or through the customer's preferred notification method.

Notifications must state that the bank's overdraft service has been activated and must list all associated fees and penalties.

Applies to banking institutions under articles regulating banking in New York State.

Takes effect immediately upon enactment.