The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks, savings and loan associations, credit unions and investment companies.
Under the proposal, announced by Gov. Kathy Hochul, state-chartered banking institutions would be prohibited from charging:
- Overdraft and NSF fees on overdrafts of less than $20.