bank branch in New York, U.S., on Friday, April 10, 2020. “It’s critical we keep working to make the banking system more inclusive and fair for all.”Ī person uses an automated teller machine (ATM) at a temporarily closed JPMorgan Chase & Co. “This move by Capital One will have tremendous benefits for the most vulnerable consumers,” said said Lauren Saunders, associate director of the National Consumer Law Center, in Capital One’s release. “The bank account is a cornerstone of a person’s financial life,” said Capital One CEO Richard Fairbank in a press release, adding that “Overdraft protection is a valuable and convenient feature and can be an important safety net for families.”Īdvocacy groups hope is other banks will follow Capital One’s lead in eliminating these fees, which have been moneymakers for companies that levy them. Smaller banks such as Ally and digital-only financial firm Alliant have also recently eliminated overdraft fees. That makes Capital One, which is the sixth-largest retail bank in the United States, the first top-ten bank to stop penalizing clients for taking out more cash or writing checks for more money than they have in their account.
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It will also continue to allow customers to get free overdraft protection on their accounts.
(COF) made the announcement Wednesday, saying is it getting rid of all fees for overdrafts and non-sufficient funds. What’s in your wallet? If you’re a Capital One customer, it might soon be more money: The company will be the first large bank to eliminate overdraft charges.
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