An Act relative to inactive bank account fees
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to regulate the fees that banks can charge for inactive bank accounts. Currently, banks can often charge fees for accounts that haven’t been used, and this bill seeks to establish clearer guidelines and potentially limit those fees. The bill’s purpose is to protect consumers from potentially unfair banking practices related to dormant accounts. It is intended to provide more transparency and control over banking fees.
Key provisions
- Establishes a definition of an ‘inactive bank account’.
- Limits the fees banks can charge for inactive accounts.
- Requires banks to provide clear notification to customers before charging inactivity fees.
- Specifies the circumstances under which an account can be considered inactive.
- May require banks to offer options to keep accounts active without fees.
- Addresses the potential for fees to disproportionately affect low-income individuals.
- Requires the state banking regulator to oversee the implementation of these fee regulations.
Who is affected
- Consumers with bank accounts
- Banks and credit unions
- Massachusetts residents
Notable changes
- Potentially limits the fees banks can charge for inactive accounts.
- Requires banks to provide clear notification to customers.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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