Good afternoon,
Does anyone have a template they could share for the NY State required notification for fees based on inactivity? (S4188 Signed by the governor on November 11, 2020 - see below for additional info).
Thank you!
Heidi
From the NY State Senate website:
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends section 9-x of the banking law to add a provision
requiring financial institutions, whether headquartered within or
outside of the State of New York, to provide notice including a tele-
phone number and full contact information for a representative of the
financial institution responsible for resolving the matter prior to
charging a fee to a customer based on account inactivity.
JUSTIFICATION:
When financial institutions provide customers notice of inactivity fees
to be charged to customer's accounts it is necessary to provi de the
customer with contact information adequate to enable a customer to
resolve any inaccuracies contained within such notices. Thi s bill would
ensure that customers have adequate contact information.
