A bank or credit union subject to the examination authority of the commissioner shall not charge a consumer a nonsufficient funds fee, as defined in Section 521, when the consumer’s attempt to initiate a transaction is declined instantaneously or near instantaneously by the bank or credit union due to nonsufficient funds.
Chapter 5.5Nonsufficient Funds Fees
Section § 530
This law states that banks or credit unions can't charge you a fee for nonsufficient funds if your transaction is instantly or almost instantly declined because there's not enough money in your account.
nonsufficient funds fee NSF fee instant transaction decline bank fees credit union fees consumer protection fee prohibition transaction decline insufficient funds banking penalties financial charges debit transaction bank account balance overdraft charges bank service
