Bill Type
Congress Name
Long Title
AN ACT PROHIBITING THE IMPOSITION OF OR EXACTION OF DORMANCY FEES ON INACTIVE DEPOSIT BANK ACCOUNTS OR OF ARBITRARILY CHARGING SERVICE FEES FOR SAVINGS ACCOUNTS BELOW THE MINIMUM BALANCE REQUIREMENT WITHOUT THE PRIOR APPROVAL OF THE DEPOSITOR AND PRESCRIBING PENALTIES THEREFOR
Date filed
August 18, 2005
Scope
Legislative History
| House Bill/Resolution NO. HB04630 |
| FULL TITLE : AN ACT PROHIBITING THE IMPOSITION OF OR EXACTION OF DORMANCY FEES ON INACTIVE DEPOSIT BANK ACCOUNTS OR OF ARBITRARILY CHARGING SERVICE FEES FOR SAVINGS ACCOUNTS BELOW THE MINIMUM BALANCE REQUIREMENT WITHOUT THE PRIOR APPROVAL OF THE DEPOSITOR AND PRESCRIBING PENALTIES THEREFOR |
| ABSTRACT : The bill prohibits banks from imposing, exacting, collecting or charging a) dormancy fees on inactive bank deposits and b) service fees on savings accounts whose balance fall below the bank's minimum balance requirement. |
| PRINCIPAL AUTHOR/S : SANTIAGO, JOSEPH A. |
| DATE FILED : 2005-08-18 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Codilla (014 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2005-08-24 |
Abstract
The bill prohibits banks from imposing, exacting, collecting or charging a) dormancy fees on inactive bank deposits and b) service fees on savings accounts whose balance fall below the bank's minimum balance requirement.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.