New York A 11264: Relates to requiring the availability of no-fee basic banking accounts for consumers

Bill Text

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A11264 Summary:

BILL NOA11264 

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SAME ASNo Same As

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SPONSORSantabarbara

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COSPNSR

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MLTSPNSR

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Add §9-e, Bank L

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Provides that every banking institution operating in the state of New York shall offer at least one no-fee basic banking account that charges no monthly maintenance or service fees, requires no minimum balance, charges no fees based on account inactivity, and provides certain essential services including deposits and withdrawals, debit card access, and electronic payments and transfers.

Go to top A11264 Actions:

BILL NOA11264 

&nbsp

05/04/2026referred to banks

Go to topA11264 Committee&nbspVotes:

Go to topA11264 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA11264 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 11264

 IN ASSEMBLY

 May 4, 2026
 ___________

 Introduced by M. of A. SANTABARBARA -- read once and referred to the
 Committee on Banks

 AN ACT to amend the banking law, in relation to requiring the availabil-
 ity of no-fee basic banking accounts for consumers

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The banking law is amended by adding a new section 9-e to
 2 read as follows:
 3 § 9-e. No-fee basic banking accounts. 1. Every banking institution
 4 operating in the state of New York shall offer at least one no-fee basic
 5 banking account that:
 6 (a) charges no monthly maintenance or service fees;
 7 (b) requires no minimum balance;
 8 (c) charges no fees based on account inactivity; and
 9 (d) provides essential services including:
 10 (i) deposits and withdrawals;
 11 (ii) debit card access; and
 12 (iii) electronic payments and transfers.
 13 2. No banking institution operating in the state of New York shall
 14 circumvent the requirements of subdivision one of this section by:
 15 (a) re-labeling maintenance fees under alternative names;
 16 (b) imposing indirect fees tied to account balance thresholds; or
 17 (c) conditioning access to an account on unrelated product require-
 18 ments.
 19 3. Each banking institution operating in the state of New York shall
 20 clearly disclose the availability and terms of such no-fee basic banking
 21 account at the time of an account opening by a consumer and on such
 22 banking institution's website.
 23 4. The department shall be authorized to enforce the provisions of
 24 this section, to define prohibited practices under this section, and to
 25 impose civil penalties for violations.
 26 § 2. This act shall take effect on the one hundred eightieth day after
 27 it shall have become a law. Effective immediately, the department of
 28 financial services is authorized to promulgate any rules and regulations
 29 necessary for the implementation of this act on or before such effective
 30 date.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15747-01-6

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