New York A08319 limits overdraft fees for state chartered banking institutions to the greater of $5 or their pro rata share of direct costs and.

New York A08319 amends the banking law to set a cap on charges for checks or written orders drawn on insufficient funds by state chartered banking institutions. The maximum charge cannot exceed the greater of $5 or the pro rata share of the institution's total direct costs and charge-off losses for providing non-covered overdraft credit in the previous year. These costs and losses must be specifically traceable to non-covered overdraft credit and exclude general overhead and certain other losses.

New York A08319 limits overdraft fees for state chartered banking institutions to the greater of $5 or their pro rata share of direct costs and.

New York A08319 amends the banking law to set a cap on charges for checks or written orders drawn on insufficient funds by state chartered banking institutions. The maximum charge cannot exceed the greater of $5 or the pro rata share of the institution's total direct costs and charge-off losses for providing non-covered overdraft credit in the previous year. These costs and losses must be specifically traceable to non-covered overdraft credit and exclude general overhead and certain other losses.