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.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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