Source: Photographer: Paul Yeung/Bloomberg via Getty Images
INDIANAPOLIS — Indiana Lawmakers passed a bill on Tuesday that changes offer and acceptance policies between Hoosiers and their bank accounts.
HB 1284 will allow banks and credit unions to make changes to the deposit accounts (checking, savings, CD’s, retirement savings, etc) of Indiana bank users.
HB 1284 states that if the owner of a deposit account does not close their account within 30 days after a change to their banking agreement is issued, they automatically accept the changes to their banking agreement.
Previously, the Indiana Supreme Court ruled that banks had to obtains some form of acceptance from depositors in order to make changes to their banking agreement.
Erin Macey, Director of the Indiana Community Action Poverty Institute provided an example of what a bank tried to do in that supreme court case. “In one case, on page 13 of a monthly e-statement. The bank is taking away your right to sue them in court and taking away your right to join a class action.” said Macey.
She also said that this new law could allow for banks to add new fees to your agreement or sell a users data.
HB 1284 passed both the House and Senate, it now moves on to the desk of Governor Eric Holcomb. If he does not veto it, the law will take effect on July 1st.
The full interview with Erin Macey can be found below:
