senate Bill S6308

2013-2014 Legislative Session

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

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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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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 13, 2014 referred to banks

S6308 - Bill Details

See Assembly Version of this Bill:
A3073
Current Committee:
Senate Banks
Law Section:
Banking Law
Laws Affected:
Amd ยง14-f, Bank L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S3652, A3315
2009-2010: S5599, A3072

S6308 - 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:S6308

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

2012: S3652 - Smith - Died in Banks
2010: S5599 - Foley - Died in Banks
2004: S6039 - Spano - Died in Banks
2000: S2839A - Maziarz - Died in Banks
1998: S6692 - Maziarz - Died in Banks

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
________________________________________________________________________

                                  6308

                            I N  S E N A T E

                            January 13, 2014
                               ___________

Introduced  by  Sen. TKACZYK -- 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 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 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.
                                                           LBD06691-01-3

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