New York A07696 prohibits banks and trust companies from charging service fees or requiring minimum balances for non-interest bearing attorney trust.

New York A07696 amends the banking law by adding a new section that prohibits banks and trust companies regulated by the state from charging service fees or requiring minimum balances for attorney trust or IOLA accounts that do not earn interest. This provision applies to accounts with no more than fifteen debit or credit transactions per month. An attorney trust account is defined as a special banking or checking account required by law or court rule for the deposit of funds belonging to law clients or other persons in the practice of law.

New York A07696 prohibits banks and trust companies from charging service fees or requiring minimum balances for non-interest bearing attorney trust.

New York A07696 amends the banking law by adding a new section that prohibits banks and trust companies regulated by the state from charging service fees or requiring minimum balances for attorney trust or IOLA accounts that do not earn interest. This provision applies to accounts with no more than fifteen debit or credit transactions per month. An attorney trust account is defined as a special banking or checking account required by law or court rule for the deposit of funds belonging to law clients or other persons in the practice of law.