The proposed bill amends Title 7 of the Pennsylvania Consolidated Statutes to establish new consumer protections regarding overdraft fees for customers of banking institutions and members of credit unions. It introduces a new part titled "Consumer Protections," which includes two chapters: one focused on overdraft protections for customers of banking institutions and the other for members of credit unions. Key provisions include requirements for banking institutions and credit unions to provide timely notices to customers and members whenever a fee is charged, detailing the transaction date, type, whether it was processed or declined, and any applicable overdraft amounts.

Additionally, the bill sets limitations on fees, capping them at $15 or the cost of processing the transaction, whichever is lower, and prohibits more than three nonsufficient funds fees in a single calendar day. It also mandates that no additional charges can be imposed on overdraft transactions beyond the specified fees, and that customers or members cannot be charged a nonsufficient funds fee for declined transactions. Furthermore, both banking institutions and credit unions are required to transparently post a list of all fees on their publicly accessible websites. The act is set to take effect 180 days after its passage.