New York 2025-2026 Regular Session

New York Assembly Bill A11264

Introduced
5/4/26  

Caption

Provides that every banking institution operating in the state of New York shall offer at least one no-fee basic banking account that charges no monthly maintenance or service fees, requires no minimum balance, charges no fees based on account inactivity, and provides certain essential services including deposits and withdrawals, debit card access, and electronic payments and transfers.

Impact

If enacted, A11264 will have a significant impact on state banking regulations, ensuring that financial institutions cannot impose indirect fees disguised under different terminology. Banking institutions must also disclose the availability and terms of these no-fee accounts both at the point of account opening and on their websites. By implementing these requirements, the bill aims to promote transparency and empower consumers by providing them with clearer choices regarding their banking options. This could lead to a more competitive banking environment, encouraging banks to enhance their service offerings while maintaining consumer protection as a focal point.

Summary

A11264 is a legislative bill introduced in the Assembly on May 4, 2026, aimed at amending New York's banking law to mandate that all banking institutions operating within the state offer at least one no-fee basic banking account. The bill stipulates that such accounts must not charge monthly maintenance or service fees, require no minimum balance, and not impose fees tied to account inactivity. Additionally, these accounts are required to provide essential services that include deposits, withdrawals, debit card access, and electronic payment functionalities. The goal of this legislation is to enhance financial accessibility for all consumers in New York, particularly those who might be excluded from traditional banking due to high fees or stringent requirements.

Contention

The discussion surrounding A11264 may involve various points of contention, particularly regarding the implications for banks' profitability and operational flexibility. Some banking institutions may argue that the mandatory provision of no-fee accounts could undermine their business models and lead to increased costs in compliance. Supporters of the bill, however, emphasize that ensuring financial accessibility and protecting consumers against excessive fees is a necessity for fostering equitable financial practices. This debate reflects broader issues related to consumer rights versus the financial industry's operational prerogatives.

Companion Bills

No companion bills found.

Previously Filed As

NY A08319

Provides that charges imposed by certain state chartered banking institutions in connection with a check or other written order drawn on insufficient funds shall not exceed the greater of five dollars or the pro rata share of such state chartered banking institution's total direct costs and charge-off losses for providing non-covered overdraft credit.

NY A09588

Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.

NY S09514

Prohibits certain financial institutions from charging a fee for making monthly, semi-monthly, and biweekly payments or for changing the frequency of mortgage payments.

NY S08680

Provides that no facility fee shall be charged for services when a hospital-based facility is a distant site for health care services delivered by telehealth unless the service is provided by a health care provider not authorized to bill a professional fee separately for the service.

NY A09182

Provides that no facility fee shall be charged for services when a hospital-based facility is a distant site for health care services delivered by telehealth unless the service is provided by a health care provider not authorized to bill a professional fee separately for the service.

NY S08649

Provides for multiple-person accounts; requires a signature card; provides that absent indication to the contrary, funds remaining in such an account upon the death of the depositor shall be deemed part of the depositor's estate.

NY A04017

Excludes the amount of state and local taxes and fees from the amount on which an interchange fee is charged for that electronic payment transaction by a credit or debit card network; prohibits a payment card network from altering or manipulating the computation and imposition of interchange fees.

NY S05587

Excludes the amount of state and local taxes and fees from the amount on which an interchange fee is charged for that electronic payment transaction by a credit or debit card network; prohibits a payment card network from altering or manipulating the computation and imposition of interchange fees.

NY S10152

Provides that only automated clearing houses or electronic funds transfers from such authorized sports bettor's personal bank account, wire transfers from an authorized sports bettor's personal bank account, personal checks delivered to the operator, a debit card issued by a financial institution that draws directly from such authorized sports bettor's personal bank account only and not a prepaid debit card, or in-person cash deposits at a casino or other approved location, may be used to fund mobile sports wagering accounts.

NY A09557

Provides that only automated clearing houses or electronic funds transfers from such authorized sports bettor's personal bank account, wire transfers from an authorized sports bettor's personal bank account, personal checks delivered to the operator, a debit card issued by a financial institution that draws directly from such authorized sports bettor's personal bank account only and not a prepaid debit card, or in-person cash deposits at a casino or other approved location, may be used to fund mobile sports wagering accounts.

Similar Bills

No similar bills found.