Photo: NeONBRAND | Unsplash
Capital One says it is eliminating all overdraft fees for retail banking customers. It's the largest US bank yet to end the industry practice of charging customers a hefty fee, typically $25 to $35 in each instance, for allowing transactions that exceed a customer's balance. The move will cost the bank an estimated $150 million in lost revenue per year, according to a company spokesman. This move by Capital One will have tremendous benefits for the most vulnerable customers. It's critical we keep working to make the banking system more inclusive and fair for all, said Lauren Sanders, associate director of the National Consumer Law Center.
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