NY A01721

Requires banks offering overdraft protection to notify customers whenever the service is used to prevent insufficient funds penalties

Mandates immediate notification to customers when their account has insufficient funds, delivered via email or another method of the customer's choosing

Notifications must state that overdraft service has been activated and list all associated fees and penalties

Amends the banking law by adding new sections 135 and 458 to apply these requirements to banking institutions

Takes effect immediately upon enactment