Capital One, a McLean, VA-based bank, is now the largest bank to eliminate overdraft fees, reported by Banking Dive. It now joins online banks like Ally, Chime, and Alliant Credit Union.
The bank plans to make its free overdraft protection service available to all its customers by the first quarter of 2022, said Capital One CEO, Richard Fairbank. However, you must show a history of consistent deposits and other criteria. Read Capital One’s statement here and find out more about their overdraft options here.
Not that we needed more evidence that banks are in business for themselves, apparently, the reliance of overdraft fees have become a thing, CNBC reported. Find out why the Consumer Financial Protection Bureau (CFPB) is cracking down on major banks whose revenue is two-thirds of overdraft and non-sufficient funds penalties. Click here for more on that.
