N.Y. Comp. Codes R. & Regs. tit. 3 § 9.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 9.3 - Required features

(a) Subject to the provisions of section 9.6 of this Part, each banking institution shall offer consumer transaction accounts with the following features:

(1) The account shall be identified as a "basic banking account" or, in the case of credit unions, the term "basic share draft account" shall be used.

(2) The initial deposit amount required to open the account shall not exceed $25.

(3) The minimum balance, including any average balance, required to maintain such account shall not exceed $.01.

(4) The charge per periodic cycle for the maintenance of such account shall not exceed $3.

(5) The minimum number of withdrawal transactions which may be made during any periodic cycle at no additional charge to the account holder must be at least eight for account holders under sixty-five years of age, and at least twelve withdrawal transactions for account holders sixty-five years of age or older. For purposes of this paragraph, a withdrawal shall be deemed to be made when recorded on the books of the account holder's banking institution.

(6) Except as provided in paragraph (7) of this subdivision, an account holder shall not be restricted as to the number of deposits which may be made to the account without incurring any additional charge.

(7) The banking institution may charge account holders for transactions at electronic facilities which are not operated by the account holder's banking institution as well as other fees and charges for specific banking services not specified in this Part to the same extent that it charges its regular consumer transaction account holders for such services.

(8) Every periodic statement issued for a basic banking account shall contain, either on the statement or on a separate insert, a conspicuous notice identifying the maximum number of withdrawals which are permitted during each periodic cycle without the imposition of any additional charge, the consequences of exceeding such maximum and the fee, if any, for the use of electronic facilities which are not operated by the account holder's banking institution. Such notice shall in addition indicate that a withdrawal shall be deemed to be made when recorded on the books of the account holder's banking institution which is not necessarily the date that the account holder initiated the transaction.

(b) With regard to those features of the account which are not set forth in subdivision (a) of this section, a basic banking account shall be offered subject to the same rules, conditions and terms which are normally applicable to other consumer transaction accounts offered by the banking institution.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 9.3

Amended, New York State Register January 22, 2020/Volume XLII, Issue 03, eff. 1/22/2020