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: Chapter 71 for banking institutions and Chapter 73 for credit unions. Key provisions include requirements for institutions to provide timely notifications to customers or members each time a fee is charged, detailing the transaction date, type, whether it was declined or processed, and any applicable overdraft amounts. Additionally, the bill sets a fee limitation, capping overdraft and nonsufficient funds fees at $15 or the cost of processing the transaction, whichever is lower, and prohibits multiple fees on a single day.

Furthermore, the bill mandates that both banking institutions and credit unions cannot charge a nonsufficient funds fee if a transaction is declined. It also requires that institutions with publicly accessible websites post a list of all fees charged. The act is set to take effect 180 days after its passage, aiming to enhance transparency and protect consumers from excessive fees associated with overdrafts.