‘‘(B) REQUEST MADE BY OTHER MEANS.— 
If the request is made over the phone, or by 
other electronic or remote means, the total 
amount of funds on deposit in the account shall 
promptly be remitted by the institution to the 
accountholder at the consumer’s option and 
without a fee, by certified check issued on the 
business day on which the request is received, 
by electronic fund transfer executed on that 
business day to an account designated by the 
consumer, or by any other means offered by the 
financial institution if requested by the con-
sumer. 
‘‘(2) TIME LIMIT.—In any case, the payment by 
an insured depository institution of the total amount 
of funds on deposit in an account at the institution 
which the accountholder has requested be closed 
shall be remitted to the accountholder before the end 
of the 3 business day period beginning when the 
accountholder submits such request. 
‘‘(e) PROHIBITION
ON ANY FEES
OR CHARGES 
AFTER REQUEST TO CLOSE.—No insured depository in-
stitution may impose any fees or charges on any deposit 
account at such institution after receiving a request in ac-
cordance with subsection (c) to close the account. 
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‘‘(f) PROHIBITION
ON REOPENING ACCOUNT TO 
MAKE SUBSEQUENT PAYMENT.—No insured depository 
institution may reopen an account that the consumer has 
requested be closed in accordance with subsection (c) to 
apply subsequent debits, whether preauthorized or other-
wise, or for any other reason, unless the consumer ex-
pressly requests that such account be reopened. 
‘‘(g) NOTICE OF SUBSEQUENT PREAUTHORIZED RE-
CURRING DEBITS.—During the 30-day period beginning 
on the date an account at an insured depository institution 
is closed pursuant to a request by the accountholder, the 
insured depository institution shall promptly notify the 
customer if a preauthorized recurring debit is directed to 
the account. 
‘‘(h) LIMITATION ON REPORTING.— 
‘‘(1) NEGATIVE
BALANCE
RESULTING
FROM 
FEES.—If, at the time any account at an insured de-
pository institution is closed, the account has a neg-
ative balance resulting solely from any fee assessed 
by the depository institution, the insured depository 
institution may not report the fact of the out-
standing balance or any other adverse information 
with respect to such account to any consumer re-
porting agency described in section 603(f) of the 
Fair Credit Reporting Act if such information could 
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be used to adversely affect the consumer’s ability to 
open a transaction account at another depository in-
stitution. 
‘‘(2) TREATMENT OF NEGATIVE BALANCE RE-
SULTING FROM OVERDRAFTS.—If such information 
could be used to adversely affect the consumer’s 
ability to open a transaction account at another de-
pository institution, an insured depository institution 
shall not report to any consumer reporting agency 
(as defined in section 603 of the Fair Credit Report-
ing Act) that an account had a negative balance at 
the time of the closure of the account unless all of 
the following conditions are met: 
‘‘(A) Only if the negative balance is the re-
sult of funds actually paid by the depository in-
stitution to a third party. 
‘‘(B) Only for the amount it actually paid 
to the third party and not for any fees associ-
ated with the transaction. 
‘‘(C) Only to the extent the negative bal-
ance is the result of credit extended through an 
overdraft line of credit program where the fee 
or charge incurred in connection with the over-
draft is considered a finance charge under the 
Truth In Lending Act. 
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‘‘(3) NOTICE AND OPPORTUNITY FOR REPAY-
MENT
OF
OVERDRAFT.—If an account of an 
accountholder at an insured depository institution 
has a negative balance at the time the account is 
closed, the insured depository institution— 
‘‘(A) 
shall 
promptly 
notify 
the 
accountholder of the fact of the negative bal-
ance and the amount due; and 
‘‘(B) may, after the end of the 30-day pe-
riod beginning on the date notice is provided to 
an accountholder under subparagraph (A)— 
‘‘(i) report the fact of the outstanding 
balance or any other adverse information 
with respect to such account to any con-
sumer reporting agency, subject to the lim-
itations in paragraph (2); and 
‘‘(ii) take any other collection activity 
with respect to such outstanding balance. 
‘‘(i) TRANSFER
OF DIRECT DEPOSIT RECEIVED 
AFTER NOTICE OF CLOSURE AND PAYMENT.—If— 
‘‘(1) during the 30-day period beginning after 
any balance in an account at an insured depository 
institution that is closed by the institution pursuant 
to a request by the accountholder has been repaid to 
the accountholder, a previously scheduled amount in-
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tended for direct deposit into such account is re-
ceived by such institution, and 
‘‘(2) before the time such amount is received, 
the consumer provides the insured depository insti-
tution with an account number and insured deposi-
tory institution routing number for a successor 
transaction or savings account at another insured 
depository institution, 
the insured depository institution which receives such 
amount shall transfer such amount, without a fee and by 
electronic fund transfer, to the insured depository institu-
tion identified by the former accountholder for deposit in 
the transaction or savings account identified by such 
former accountholder. 
‘‘(j) REGULATIONS.—The Federal banking agencies 
shall jointly prescribe regulations to carry out the pur-
poses of this section.’’. 
Æ 
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