Bill > A06753

This bill requires financial institutions (including banks, credit unions, and other investment entities) to send a written notification to account holders every 180 days detailing overdraft fees. The notification must include specific information such as the dates and amounts of overdraft fees, the total amount charged, information about the customer's ability to negotiate the fees, and contact information for a representative who can help resolve fee-related issues. The bill allows for electronic notifications if the account holder chooses that option. This legislation aims to increase transparency around overdraft fees by ensuring customers receive regular, detailed information about these charges, which can often be confusing or unexpected. The bill will take effect on the first day of January following its passage into law, and it applies to financial institutions both within and outside of New York State that provide accounts to customers.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A6753