Bank Accounts

RECENT NEWS

State's finance score above average

Consumers in New York are faring better than those in 30 other states, though New Yor...

Applications Being Accepted for Hanna S. Cohn Equal Justice Fellowship

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POLICY ADVOCACY

GRCRC Wants Stronger CRA Regulations

The Greater Rochester Community Reinvestment Coalition, convened by Empire Justice Ce...

GRCRC Asks Federal Regulators to Strengthen Mortgage Lending Data Regulations

To coordinate with hearings being held across the country, the Greater Rochester Comm...

PUBLICATIONS

The River Runs Dry: Decreased Access to Mortgage Credit in Rochester’s Underserved Neighborhoods

This report documents a dramatic decrease in prime mortgage lending made between 2006...

Paying More for the American Dream IV

A report documenting a dramatic decrease in low-cost home loans and highlighting that...

NEWSLETTERS

Spring 2010 :

This issue of the Legal Services Journal contians articles on Consumer and Community Development, Immigration, Public Benefits and Disability Benefits. Read More

Winter 2009-2010 :

In this issue of the Legal Services Journal, you will find Empire Justice Center's Legislative Agenda for 2009-2011 and articles on Domestic Violence, Immigration, Child Care, Public Benefits, Child Support and Consumer and Community Development. Read More


UPCOMING EVENTS

Webinar: Federal Financial Reform, the New Consumer Financial Protection Bureau and the Impact on Homeowners Facing Foreclosure

Hear about the details of the new federal financial reform and the creation of a Cons...

Webinar: HAMP Update

The Home Affordable Modification Program (HAMP) has evolved considerably since it was...

Terms, Fees and Overdrafts

Savings and checking accounts offer many protections and conveniences.  The terms and fees associated with these accounts may vary, depending on the bank or credit union.  Before opening an account, consumers should shop around to see which institutions provide the best account for their needs.  Institutions may offer additional services on their accounts, such as overdraft protection.  These services may be helpful, though they may carry hefty fees or costs.  You should know the terms of your account and be careful not to overdraw.   

Restrained bank accounts

A bank account may be restrained if a judgment creditor attempts to collect the debt.  In New York, the first $1,740 in the account cannot be restrained.  If the account contains directly deposited reasonably identifiable exempt income, the first $2,500 in the account cannot be restrained.  For more information, go to Fair Debt Collection at http://www.empirejustice.org/issue-areas/consumer-community-development/fair-debt-collection/.

Articles

Overdraft Protection: Should You Opt-In?
August 9, 2010
Consumers are now being given the option to "opt in" to overdraft programs with their financial institutions. Read more to find out whether you should opt in. Read More

Federal Reserve Acts to Regulate Overdraft Fees
May 14, 2010
NSF fees, known as nonsufficient fund fees, or overdraft fees, are essentially loans made to bank account holders when the consumer overdraws on their account (as a result of a check, electronic payment, ATM withdrawal or point of sale purchase) rather than the bank denying the transaction. Read More

The Federal Reserve Board Announces Final Rules
November 12, 2009
The Federal Reserve Board has announced final rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. Read More

SSI Funds Not Exempt for Overdrafts
July 1, 2009
Things were just starting to look a bit more secure for Social Security and SSI recipients with bank accounts. Read More

Fed weighs limiting overdraft protection
March 24, 2009
Consumers can comment on opting in or opting out to avoid fees Read More

Raw Deal: Overdraft protection
August 20, 2008
Automatic overdraft loans can look like a consumer's best friend, but they can come at a steep cost. Read More

N.Y. banks want to rip you off
November 2, 2005
Hold on to your ATM cards. The banking industry is getting ready to stick it to you, this time with the full blessing of our state banking regulator. Read More