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History
- Referred to banks
Companion bill
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Increases number of withdrawal transactions from basic banking accounts for account holders sixty-five years of age or older from eight to twelve
In Senate Committee · Banks · Sponsor Barbara Clark
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6308
Title of bill
An act to amend the banking law, in relation to the number of withdrawal transactions from a basic banking account
PURPOSE OR GENERAL IDEA OF BILL
This bill increases the amount of withdrawal transactions allowed at no additional charge for basic banking account holders aged sixty and older from eight to twelve.
Summary of specific provisions
This bill amends paragraph c of subdivision 2 of section 14-f of the banking law.
JUSTIFICATION
As part of the Banking Deregulation Act of 1994, state chartered banks were required to offer "lifeline" basic checking accounts which allowed consumers eight free withdrawal transactions (including checks, bank withdrawals, and withdrawals from a bank's own ATM) during anyone month billing cycle. The lifeline account was designed to assist the poorest residents of our state who are required to use banks to receive their Social Security and SSI payments electronically. However, senior citizens, who make up the largest group who use banks for receipt of federal benefits, are also the group least likely to be able to afford the additional expenses required to maintain a bank account. In many instances, seniors must make more than eight withdrawal transactions per month to cover out-of-pocket medical expenses and unexpected events. Providing an increase for seniors is reasonable and would allow seniors living on fixed incomes to avoid certain banking fees.
PRIOR LEGISLATIVE HISTORY
2012: S3652 - Smith - Died in Banks 2010: S5599 - Foley - Died in Banks 2004: S6039 - Spano - Died in Banks 2000: S2839A - Maziarz - Died in Banks 1998: S6692 - Maziarz - Died in Banks
FISCAL IMPLICATIONS
None to the state.
EFFECTIVE DATE
Sixty days after becoming law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.