Creates the consumer overdraft protection act

This proposed bill (S 6608) would require banks in New York to obtain specific written consent from consumers before charging overdraft fees for checking account transactions. It mandates clear disclosures about fee amounts, coverage for ATM/electronic transactions, repayment terms, and circumstances where overdrafts won’t be covered. The bill caps annual overdraft fees at $100 per account and requires banks to automatically reject transactions if fees exceed this limit. It directly affects New York consumers with checking accounts and aims to prevent surprise fees by ensuring informed consent and transparency.