New York A 1721: Requires banks to send account notifications in certain circumstances

Bill Text

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A01721 Summary:

BILL NOA01721 

&nbsp

SAME ASSAME AS S04207

&nbsp

SPONSORWeprin

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §§135 & 458, Bank L

&nbsp

Requires banks to send account notifications in certain circumstances.

Go to top A01721 Actions:

BILL NOA01721 

&nbsp

01/14/2025referred to banks

01/07/2026referred to banks

Go to topA01721 Committee&nbspVotes:

Go to topA01721 Floor&nbspVotes:

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

Go to topA01721 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1721

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 14, 2025
 ___________

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

 AN ACT to amend the banking law, in relation to requiring banks to noti-
 fy customers of account overdrafts in certain circumstances

 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 135 to
 2 read as follows:
 3 § 135. Account notifications. 1. Where a banking institution under
 4 this article offers its customers or depositors overdraft protection, or
 5 any other similar service wherein the banking institution charges a fee
 6 to prevent account penalties for insufficient funds, such institution
 7 shall notify such customer or depositor whenever such service is
 8 employed to prevent account penalties.
 9 2. A banking institution shall immediately notify a customer or depos-
 10 itor of the insufficiency of funds in such individual's account or
 11 accounts via electronic mail, or if the individual prefers, through any
 12 other method of notification. Such notification shall state that the
 13 bank's overdraft service has gone into effect and shall list any fees
 14 and penalties associated with such service.
 15 § 2. The banking law is amended by adding a new section 458 to read as
 16 follows:
 17 § 458. Account notifications. 1. Where a banking institution under
 18 this article offers its customers or depositors overdraft protection, or
 19 any other similar service wherein the banking institution charges a fee
 20 to prevent account penalties for insufficient funds, such institution
 21 shall notify such customer or depositor whenever such service is
 22 employed to prevent account penalties.
 23 2. A banking institution shall immediately notify a customer or depos-
 24 itor of the insufficiency of funds in such individual's account or
 25 accounts via electronic mail, or if the individual prefers, through any

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03585-01-5

 A. 1721 2

 1 other method of notification. Such notification shall state that the
 2 bank's overdraft service has gone into effect and shall list any fees
 3 and penalties associated with such service.
 4 § 3. This act shall take effect immediately.

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