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NY A00117
Bill
Status
1/8/2025
Primary Sponsor
John Zaccaro
Click for details
AI Summary
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Requires all banking organizations to report annually by March 1st to the superintendent on revenue earned from overdraft fees and non-sufficient funds (NSF) fees, including the percentage of net income these fees represent, with data published on the department's website
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Prohibits banks, trust companies, and credit unions from imposing overdraft or NSF fees until 10 days after the transaction date, giving customers time to deposit funds to cover the shortfall
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Bans overdraft fees on debit card transactions that did not exceed the account balance at the time of purchase but later overdraw due to a subsequent unrelated transaction settling first
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Limits overdraft protection transfer fees to situations where the transfer actually covers the overdraft; if the transfer is insufficient, only one fee may be charged total
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Prohibits charging more than one NSF fee per transaction regardless of how many times a merchant re-presents the payment, requiring software updates to prevent multiple fees
Legislative Description
Requires banks to report to the superintendent annually on the amount of revenue earned from overdraft fees; prohibits banks from imposing overdraft fees during a ten day grace period; regulates the imposition of overdraft and NSF fees.
Last Action
referred to banks
1/7/2026