[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2454 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2454

  To amend the Electronic Fund Transfer Act to prohibit any financial 
    institution which accepts the direct deposit of Social Security 
benefits into the account of an accountholder from imposing any fee on 
the withdrawal of any amount from such account by such accountholder by 
           electronic fund transfer, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 11, 1997

   Mr. Franks of New Jersey introduced the following bill; which was 
      referred to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Electronic Fund Transfer Act to prohibit any financial 
    institution which accepts the direct deposit of Social Security 
benefits into the account of an accountholder from imposing any fee on 
the withdrawal of any amount from such account by such accountholder by 
           electronic fund transfer, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Check Protection 
Act''.

SEC. 2. FEES PROHIBITED ON CERTAIN WITHDRAWALS OF SOCIAL SECURITY 
              BENEFITS BY ELECTRONIC FUND TRANSFER.

    The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is 
amended--
            (1) by redesignating sections 918, 919, 920, and 921 as 
        sections 919, 920, 921, and 922, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. FEES.

    ``If cash benefits paid to any consumer under title II of the 
Social Security Act are deposited by electronic fund transfer into an 
account of the consumer at a financial institution--
            ``(1) no fee may be imposed with respect to such account by 
        the financial institution in connection with any electronic 
        fund transfer from such account which is initiated by a 
        consumer from an electronic terminal; and
            ``(2) no other fee may be imposed, or increased in amount, 
        with respect to such account, unless the fee is also imposed, 
        at the same rate, on other similar accounts which do not 
        receive deposits of cash benefits paid under title II of the 
        Social Security Act by electronic fund transfer.''.
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