New York S06608 creates the Consumer Overdraft Protection Act to ensure consumers are informed of their options regarding overdraft protection.

New York S06608 amends the banking law by adding a new article, the Consumer Overdraft Protection Act. The act aims to ensure consumers are informed about their options regarding overdraft protection before incurring fees. It defines terms such as "overdraft protection fee" and "transaction account." The act restricts financial institutions from imposing overdraft protection fees on consumer accounts for extensions of funds to cover checks or other debits. It also restricts certain representations or statements in the advertising or promotion of overdraft protection programs or services.

New York S06608 creates the Consumer Overdraft Protection Act to ensure consumers are informed of their options regarding overdraft protection.

New York S06608 amends the banking law by adding a new article, the Consumer Overdraft Protection Act. The act aims to ensure consumers are informed about their options regarding overdraft protection before incurring fees. It defines terms such as "overdraft protection fee" and "transaction account." The act restricts financial institutions from imposing overdraft protection fees on consumer accounts for extensions of funds to cover checks or other debits. It also restricts certain representations or statements in the advertising or promotion of overdraft protection programs or services.