§ 14-f. Power of the superintendent of financial services to require\nthe provision of basic banking services. 1. The legislature finds and\ndeclares that certain consumers residing in this state may be unable to\nafford, without undue financial hardship, the cost of maintaining a\nconsumer transaction account at a banking institution located in this\nstate. It is the policy of this state that, consistent with safe and\nsound banking practices, banking institutions make available lower cost\nbanking services to consumers. It is further intended that no banking\ninstitution be required to offer lower cost banking services at a cost\nto account holders which is less than the actual cost to the banking\ninstitution to provide such services.\n 2. Except as otherwise provided in this section, every banking\ninstitution shall make available to consumers a consumer transaction\naccount, to be known as a "basic banking account", with the following\nfeatures to be prescribed by the superintendent of financial services by\nregulation:\n (a) the maximum amount which a banking institution may require as an\ninitial deposit, if any;\n (b) the maximum amount a banking institution may require as a minimum\nbalance, if any, to maintain such account;\n (c) eight withdrawal transactions for account holders under sixty-five\nyears of age, and twelve withdrawal transactions for account holders\nsixty-five years of age or older, including those conducted at\nelectronic facilities, during any periodic cycle at no additional charge\nto the account holder; and\n (d) the maximum amount a banking institution may charge per periodic\ncycle for the use of such account.\n 3. With respect to any transactions in excess of the number specified\nin accordance with paragraph (c) of subdivision two of this section, (a)\na banking institution may impose a reasonable per-transaction charge, or\n(b) it may impose the fees and charges normally applied to other\nconsumer transaction accounts available at that banking institution\nprovided that any charge per periodic cycle imposed hereunder must be\nreduced by the charge imposed under paragraph (d) of subdivision two of\nthis section; provided however, that at no time shall the fees and\ncharges on the basic banking account exceed the amount that is normally\napplied to other consumer transaction accounts available at that banking\ninstitution.\n 4. A banking institution may require as a condition for opening or\nmaintaining a basic banking account, (a) that the holder of a basic\nbanking account be a resident of this state; and (b) the direct deposit\nto the banking institution of recurring payments such as, but not\nlimited to, social security, wage, or pension payments where direct\ndeposit is available to both the consumer and the banking institution.\n 5. Except as provided in this section and any rules and regulations\npromulgated hereunder, a basic banking account may be offered subject to\nthe same rules, conditions and terms normally applicable to other\nconsumer transaction accounts offered by the banking institution;\nprovided that the fees and charges for specific services other than\nthose otherwise provided in this section shall not exceed those imposed\nby the banking institution for the same services in connection with\nother consumer transaction accounts offered by the banking institution.\n 6. No banking institution shall be required to permit any person to\nopen or maintain a basic banking account pursuant to this section if\nsuch person maintains another consumer transaction account either at\nthat banking institution or any other banking institution.\n 7. In lieu of the basic banking account required by this section, a\nbanking institution may make available an alternative account or other\nbanking services determined by the superintendent to be at least as\nadvantageous to consumers as the basic banking account.\n 8. (a) Where a banking institution posts in the public area of its\no
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