California · Financial Code

FIN §530: 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 initiat

What this law says, in plain English

Banks and credit unions under commissioner authority cannot charge nonsufficient funds fees to consumers in certain circumstances involving payment initiation attempts.

Read the full statutory text

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.

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