|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 04, 2012||referred to banks|
|Feb 28, 2011||referred to banks|
senate Bill S3652
Archive: Last Bill Status - In Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S3652 - Details
S3652 - Summary
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.
S3652 - Sponsor Memo
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
S3652 - Bill Text download pdf
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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