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Can you summarize 3 NYCRR Part 32?
General Regulations of the Superintendent > Maximum Charges for Payments Made Against Insufficient Funds, Uncollected Balances and Return Items; Certain Disclosures
Short Summary
This legal document governs the establishment of charges imposed by banking institutions in New York in connection with checks or other written orders drawn upon insufficient funds or uncollected balances, as well as electronic transfers sought to be effectuated against insufficient funds. The document provides guidelines for banking institutions to reasonably establish such charges, considering factors such as the cost incurred, deterrence of misuse by customers, enhancement of competitive position, and maintenance of safety and soundness. Different charges may be established for accounts opened and maintained primarily for personal, household, or family purposes. Additionally, the document specifies the maximum charge that can be imposed for returned checks or written orders that were dishonored and returned by the drawee. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banking institutions in New York
What does it govern?
Charges imposed by banking institutions in New York in connection with checks or other written orders drawn upon insufficient funds or uncollected balances, as well as electronic transfers sought to be effectuated against insufficient funds
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No specific penalties are mentioned in this document
Jurisdiction
New York