The move will cost the company about $150 million in lost revenue, according to a Capital One spokesperson.
A view of a Capital One Bank branch. New York City continues Phase 4 of re-opening followingrestrictions imposed to slow the spread of coronavirus on October 21, 2020 in New York City. Photo by: John Nacion/STAR MAX/IPxCapital One announced it will completely eliminate overdraft and non-sufficient funds fees starting early next year, according to a company-wide email.
All customers who have enrolled in overdraft protection will be automatically converted to the no-fee overdraft protection service, and those who have not agreed to overdraft protection will have overdrawn transactions declined with no fee. Capital One CEO Rich Fairbank said in a news release that eliminating fees is another step in the company’s effort to bring “humanity to banking.”people of color and people living paycheck to paycheck.
Prior to Wednesday’s announcement, the company charged $35 in overdraft fees up to four times a day, totaling $140 in potential charges daily, CNBC$15.47 billion. That’s how much U.S. banks reaped from overdraft fees and non-sufficient funds in 2019, according to a
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