Establishes standards for closing bank accounts in New York, including notice and return of funds.

The bill amends the banking law to establish criteria for closing bank accounts in New York. It mandates that banks provide a sixty-day notice before closing an account, whether for personal or business use, and specify the reason for closure. Additionally, banks must return any remaining funds within sixty days after the account closure. This provision does not apply if preempted by federal law.

Establishes standards for closing bank accounts in New York, including notice and return of funds.

The bill amends the banking law to establish criteria for closing bank accounts in New York. It mandates that banks provide a sixty-day notice before closing an account, whether for personal or business use, and specify the reason for closure. Additionally, banks must return any remaining funds within sixty days after the account closure. This provision does not apply if preempted by federal law.