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A7617Assembly2017-2018 SessionSame asS2452

More Bank Withdrawals for Seniors

Official title

“Increases number of withdrawal transactions from basic banking accounts for account holders sixty-five years of age or older from eight to twelve”

Sponsor Kenneth ZebrowskiAD-96+8 co-sponsorsAffects Finance
Status
Assembly Floor Calendar
Impact
4/10
Low
Passage
0%

Bill progress

Step 3 of 7

Floor calendar · Mar 15

What's happening

This bill increases the number of free monthly withdrawals for basic banking accounts to twelve for account holders aged 65 or older.

Why it matters

  1. Age-based distinction. The amendment to New York’s banking law would leave account holders under 65 at eight withdrawals per periodic cycle at no additional charge, rather than raising the allowance for everyone.

  2. Electronic withdrawals count. Transactions at electronic facilities would count toward the allowance, so the protection would not be limited to withdrawals made in person.

  3. Implementation window. The change would take effect 60 days after becoming law, giving institutions a defined window to adjust their basic-account withdrawal rules.

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Who cares

  • Basic banking account holders aged 65 or older

    They would gain more withdrawals per periodic cycle without an additional charge, including transactions at electronic facilities.

  • Banks offering basic banking accounts

    They would need to apply different withdrawal allowances based on the account holder’s age.

  • Basic banking account holders under 65

    Their allowance would remain at eight withdrawals per periodic cycle at no additional charge.

Headline styles

More Bank Withdrawals for Seniors

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Kenneth Zebrowski

Assembly Member · Assembly District 96

History

  1. Advanced to third reading cal.715
  2. Reported
  3. Referred to banks
  4. Referred to banks

Companion bill

The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.

S2452Senate

More Bank Withdrawals for Seniors

In Senate Committee · Banks · Sponsor Jesse Hamilton

Impact 4 · Low0% to pass

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

7617

2017-2018 Regular Sessions

IN ASSEMBLY

May 5, 2017

Introduced by M. of A. ZEBROWSKI, GLICK, ORTIZ, ABINANTI -- Multi-Sponsored by -- M. of A. CYMBROWITZ, DINOWITZ, GOTTFRIED, MAGEE, PERRY -read once and referred to the Committee on Banks

AN ACT to amend the banking law, in relation to the number of withdrawal transactions from a basic banking account

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. Paragraph (c) of subdivision 2 of section 14-f of the banking law, as added by chapter 1 of the laws of 1994 and such subdivision as further amended by section 104 of part A of chapter 62 of the laws of 2011, is amended to read as follows:

(c) eight withdrawal transactions for account holders under sixty-five years of age, and twelve withdrawal transactions for account holders sixty-five years of age or older, including those conducted at electronic facilities, during any periodic cycle at no additional charge to the account holder; and

§ 2. This act shall take effect on the sixtieth day after it shall have become a law.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD00711-01-7

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.