Bill > HB1553

This bill establishes comprehensive consumer protections for banking customers and credit union members regarding overdraft and nonsufficient funds (NSF) fees. The legislation creates new regulations for both banking institutions and credit unions, requiring them to provide detailed, same-day or next-business-day notifications to customers or members when fees are charged, including specifics like transaction date, type, and the amount needed to return the account to a positive balance. The bill limits overdraft and NSF fees to a maximum of $15 or the actual transaction processing cost (whichever is lower), and restricts financial institutions from charging more than three such fees in a single calendar day. Additionally, banks and credit unions are prohibited from charging fees for declined transactions and from imposing any additional charges beyond the standard overdraft or NSF fee. The law also mandates that financial institutions with public websites must transparently list all fees they charge. These provisions aim to protect consumers from excessive and unexpected financial penalties, providing more clarity and fairness in how overdraft and NSF fees are implemented. The bill will take effect 180 days after its passage, giving financial institutions time to adjust their policies and systems to comply with the new requirements.

Budget and Finance, Business and Industry

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=1553