What's happening
This bill requires New York state-chartered banks and credit unions to let consumers voluntarily limit ATM withdrawals to $100 per day.
Why it matters
Consumer Protection from Theft or Fraud. By allowing individuals to set a strict daily ATM withdrawal limit, the bill gives consumers a tool to reduce financial losses if their debit card is lost, stolen, or compromised.
Helps with Personal Budgeting and Financial Discipline. This voluntary limit can assist people who want to avoid impulsive spending or stick to strict cash budgets, offering a practical way to manage their cash flow.
Empowers Consumers with More Account Control. The law would require banks and credit unions to offer this option, giving customers more direct control over their own financial security and banking preferences, rather than relying solely on bank-set limits.
Potential Impact on Bank Operations and Customer Service. Banks and credit unions would need to update systems and customer interfaces to implement and manage these voluntary limits, which could affect how quickly the option is available and how easily customers can opt in or out.
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Who cares
Headline styles
Let Consumers Limit ATM Withdrawals
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to banks
- Referred to banks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2459
2017-2018 Regular Sessions
IN SENATE
January 13, 2017
Introduced by Sen. HAMILTON -- read twice and ordered printed, and when printed to be committed to the Committee on Banks
AN ACT to amend the banking law, in relation to voluntary limits on ATM withdrawals
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. This act shall be known and may be cited as the "Banking Consumer Protection Act of 2017".
§ 2. Section 75-o of the banking law is renumbered 75-p and a new section 75-o is added to read as follows:
§ 75-o. Voluntary limits on ATM withdrawals. Any bank or credit union operating in this state under a state charter shall permit its consumers to opt into a program by which ATM withdrawals would be limited to one hundred dollars per day.
§ 3. This act shall take effect on the one hundred eightieth day after it shall have become a law; provided, however, that effective immediately, the addition, amendment, and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date is authorized to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00738-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the banking law, in relation to voluntary limits on ATM withdrawals
Purpose
This bill would allow and account holder at a state chartered Bank or Credit union to if they choose set a voluntary limit of $100 per day via their ATM cards
Summary of specific provisions
Section 1: Legislative naming,
Section 2: Bill Language Section 3: Effective Date
Existing law
No current law dealing with voluntary limits on ATM withdrawals.
Justification
This bill allows a consumer if they choose to set a voluntary limit on their ability to withdraw money from an ATM machine to $100 per day. This bill could protect consumer who want to limit the amount of cash that can be taken out should they lose their card or in the case of seniors share their account information to their caregivers.
Legislative history
S. 6215 of the 2015/16 Legislative Session
Fiscal implications
None to the State
Local fiscal implications
None
Effective date
This act shall take effect on the one hundred eightieth day after it shall become law; provided, however that effective immediately, the addition , amendment, and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date is authorized to be made and completed on or before such effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.