81R5544 ATP-D
By: Harper-Brown H.B. No. 2946
A BILL TO BE ENTITLED
AN ACT
relating to a financial institution's action regarding certain
withdrawals and deposits.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter D, Chapter 34, Finance Code, is
amended by adding Section 34.308 to read as follows:
Sec. 34.308. DEPOSIT CONTRACT PROVISIONS REGARDING ACCOUNT
WITHDRAWALS. A deposit contract between a bank and an account
holder shall provide that:
(1) deposits shall be considered credited to an
account before withdrawals are considered made from the account if
the deposit and withdrawal are made on the same business day; and
(2) the bank may not charge a fee for an overdraft or
for insufficient funds if on the day the bank seeks to withdraw
funds from the account there are sufficient funds in the account to
pay a check drawn on the account, regardless of the date of the
check.
SECTION 2. Section 95.004, Finance Code, is amended by
adding Subsection (d) to read as follows:
(d) A deposit contract between a savings bank and an account
holder shall provide that:
(1) deposits shall be considered credited to an
account before withdrawals are considered made from the account if
the deposit and withdrawal are made on the same business day; and
(2) the bank may not charge a fee for an overdraft or
for insufficient funds if on the day the bank seeks to withdraw
funds from the account there are sufficient funds in the account to
pay a check drawn on the account, regardless of the date of the
check.
SECTION 3. Section 125.003, Finance Code, is amended to
read as follows:
Sec. 125.003. DEPOSIT ACCOUNTS. (a) A deposit account
consists of payments made under an agreement between the credit
union and a depositor, including a draft account, checking account,
savings account, certificate of deposit, individual development
account, or other similar account or arrangement.
(b) A credit union shall provide by written agreement with a
depositor that:
(1) deposits shall be considered credited to a deposit
account before withdrawals are considered made from the account, if
the deposit and withdrawal are made on the same business day; and
(2) the credit union may not charge a fee for an
overdraft or for insufficient funds if on the day the credit union
seeks to withdraw funds from the deposit account there are
sufficient funds in the account to pay a check drawn on the account,
regardless of the date of the check.
SECTION 4. The changes in law made by this Act apply only to
a deposit contract or written agreement entered into or renewed on
or after September 1, 2009. A deposit contract or written agreement
entered into or renewed before September 1, 2009, is governed by the
law as it existed on the date the contract or agreement was entered
into or renewed, and the former law is continued in effect for that
purpose.
SECTION 5. This Act takes effect September 1, 2009.