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A1940Assembly2019-2020 SessionSame asS2245

More 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+9 co-sponsorsAffects Finance
Status
Signed by Governor
Impact
4/10
Low
Outcome
Signed into law

Bill progress

Signed into law

What's happening

This bill increases the number of free monthly withdrawals allowed for basic bank accounts, with more for customers 65 and older.

Why it matters

  1. Directly benefits low- and moderate-income bank customers. by allowing more free withdrawals from basic accounts, helping them avoid extra fees that can add up and strain tight budgets.

  2. Addresses the needs of older adults (65+). by providing an even higher number of free withdrawals, acknowledging that seniors may have different financial habits or needs that require more frequent access to cash.

  3. Could encourage more people to use traditional banking services. especially those who avoid banks due to fees—helping reduce reliance on costly alternatives like check-cashing outlets or payday lenders.

  4. Promotes financial inclusion and stability. by making basic banking more accessible and affordable, supporting broader efforts to ensure everyone can participate in the formal financial system.

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Who cares

Headline styles

More 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. Signed chap.260
  2. Delivered to governor
  3. Returned to assembly
  4. Passed senateVote 60–1
  5. 3rd reading cal.414
  6. Substituted for S2245
  7. Referred to banks
  8. Delivered to senate
  9. Passed assembly
  10. Advanced to third reading cal.283
  11. Reported
  12. 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.

S2245Senate

More Bank Withdrawals for Seniors

Senate Floor Calendar · Sponsor James Sanders Jr.

Impact 4 · Low0% to pass

Full text

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

STATE OF NEW YORK

1940

2019-2020 Regular Sessions

IN ASSEMBLY

January 18, 2019

Introduced by M. of A. ZEBROWSKI, GLICK, ORTIZ, ABINANTI, WRIGHT, RICH- ARDSON, WEPRIN, SEAWRIGHT, BICHOTTE -- Multi-Sponsored by -- M. of A. CYMBROWITZ, DINOWITZ, GOTTFRIED, 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.

LBD01464-01-9

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.