H.R.3077 - Freedom and Mobility in Consumer Banking Act

To amend the Federal Deposit Insurance Act to ensure that customers have the right to immediately close any account at any insured depository institutions on demand, without cost to the consumer, that consumers receive any balance in their account immediately, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Federal Deposit Insurance Act to ensure that customers have the right to immediately close any account at any insured depository institutions on demand, without cost to the consumer, that consumers receive any balance in their account immediately, and for other purposes. as introduced.
  • Short: Freedom and Mobility in Consumer Banking Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
10/03/11
 
 
 
 
 
 
 

Sponsor

Representative

R. Miller

D-NC

View Co-Sponsors (32)

Official Summary

Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from: (1) prohibiting any person from closing a checking or savings account, regardless of its balance; or (2) charging a fee to close such an account

Official Summary

Freedom and Mobility in Consumer Banking Act - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from:
(1) prohibiting any person from closing a checking or savings account, regardless of its balance; or
(2) charging a fee to close such an account. Requires a depository institution to close an account within 48 hours after receiving a request from the customer to do so. Permits an account holder to request that the account be closed in person, over the phone, or by other electronic or remote means, as may be prescribed by regulation. Sets forth financial institution procedures for closing large accounts and repaying balances, as well as notice and opportunity for accountholder repayment of overdrafts. Prohibits a depository institution from:
(1) imposing fees or charges after receiving a request to close an account, or
(2) reopening an account without express account holder request.

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