Pennsylvania HB1553 establishes overdraft protections for customers and members of banking institutions and credit unions.

Pennsylvania HB1553 amends Title 7 of the Pennsylvania Consolidated Statutes to add provisions for overdraft protections for customers of banking institutions and members of credit unions. The bill mandates that banking institutions and credit unions provide notices to customers and members each time a fee is charged. These notices must include details such as the date and type of transaction, whether it was declined or processed, and the amount necessary to return the account to a positive balance.

Pennsylvania HB1553 establishes overdraft protections for customers and members of banking institutions and credit unions.

Pennsylvania HB1553 amends Title 7 of the Pennsylvania Consolidated Statutes to add provisions for overdraft protections for customers of banking institutions and members of credit unions. The bill mandates that banking institutions and credit unions provide notices to customers and members each time a fee is charged. These notices must include details such as the date and type of transaction, whether it was declined or processed, and the amount necessary to return the account to a positive balance.