senate Bill S3652

2011-2012 Legislative Session

Increases number of withdrawal transactions from basic banking accounts for account holders over sixty years of age to twelve from eight

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to banks
Feb 28, 2011 referred to banks

S3652 - Bill Details

See Assembly Version of this Bill:
A3315
Current Committee:
Law Section:
Banking Law
Laws Affected:
Amd ยง14-f, Bank L
Versions Introduced in 2009-2010 Legislative Session:
S5599, A3072

S3652 - Bill Texts

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Increases the minimum number of authorized withdrawal transactions at no charge from basic banking accounts for account holders sixty-five years of age or older from eight to twelve.

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BILL NUMBER:S3652

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:
5/26/98 - A.9516, referred to Rules,advanced to third reading 3/27/98
S.6692, referred to Senate Banks 2/28/00 - A.4993-A, amended on third
reading 3/3/00 - S.2839-A, recommitted to Senate Banks 1/9/02 -
A.3169, referred to Assembly Banks 1/21/05 - A.1893, referred to
Assembly Banks 5/31/05 - A.1893, passed Assembly, delivered to Senate
1/4/06 - died in Senate, returned to Assembly and committed to Rules
2/14/06 - A.1893, passed Assembly, delivered to Senate and referred
to Banks 1/3/07 A.303, referred to Assembly Banks 1/9/08 - A.303,
referred to Assembly Banks,1/22/09 - A.3072, referred to Assembly
Banks, A.3071 reported 4/28/09, A.3071, advanced to third reading
cal.448, 5/4/09- A.3071 passed Assembly, delivered to Senate 5/4/09,
referred to Senate Banks- died in Senate, 1/6/10, returned to
Assembly, A.3071, ordered to third reading cal. 250, 2/23/10,
A.3071 passed Assembly, delivered to Senate 2/23/10, referred to
Senate Banks, 2/23/10

FISCAL IMPLICATIONS:
None to the state.

EFFECTIVE DATE:
Sixty days after becoming law.


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                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3652

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                            February 28, 2011
                               ___________

Introduced  by  Sen.  SMITH  -- 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 the number of withdrawal
  transactions from a basic banking account

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (c) of subdivision 2 of section 14-f of the bank-
ing  law,  as added by chapter 1 of the laws of 1994, 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 electron-
ic  facilities, during any periodic cycle at no additional charge to the
account holder; and
  S 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.
                                                           LBD06558-01-1

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