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

The bill amends the banking law to establish criteria for the closure of banking accounts in New York. It requires banking organizations and out-of-state banks to provide a 30-day notice and the reason for account closure, and return any remaining funds within 60 days. This provision does not apply if preempted by federal law.

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

The bill amends the banking law to establish criteria for the closure of banking accounts in New York. It requires banking organizations and out-of-state banks to provide a 30-day notice and the reason for account closure, and return any remaining funds within 60 days. This provision does not apply if preempted by federal law.