Bill > A11264

This bill mandates that every bank operating in New York must offer at least one basic banking account that is free of charge, meaning it will have no monthly maintenance or service fees, no minimum balance requirement, and no fees for inactivity. These essential accounts must also provide core services like deposits, withdrawals, debit card access, and the ability to make electronic payments and transfers. The bill also prevents banks from circumventing these rules by renaming fees, imposing indirect charges based on account balances, or requiring customers to purchase other products to open the account. Banks will be required to clearly advertise these no-fee accounts and their terms, and the Department of Financial Services will be responsible for enforcing these provisions and can impose penalties for violations.