Can you summarize NYCL BNK 9-Y?

Short Summary

1. Notwithstanding any law, rule or regulation to the contrary, every banking institution that provides consumer checking accounts shall either pay checks in the order wherein they are received or pay checks from smallest to largest dollar amount for each business day’s transactions. 2. If a check is dishonored for insufficient funds and thereafter smaller checks which could be paid are received, the smaller checks shall be honored within amounts on deposit in the subject account. 3. The banking institution shall disclose to consumers in writing the order in which checks are drawn. The written disclosure shall be provided to the consumer at the time the account is opened and prior to any change in such policy. The superintendent shall promulgate rules and regulations necessary for the implementation of this section. 4. As used in this section, ‘consumer checking accounts’ means accounts established by natural persons primarily for personal, family or household purposes.

Jurisdiction

New York

Source

• Banking