Capital One will be the first large bank to eliminate overdraft charges
Capital One made the announcement Wednesday, saying is it getting rid of all fees for overdrafts and non-sufficient funds. It will also continue to allow customers to get free overdraft protection on their accounts.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.
"It's critical we keep working to make the banking system more inclusive and fair for all."Democrats relaunch crackdown on bank overdraft feesMany lawmakers and regulators have criticized banks for penalizing already cash-strapped customers with onerous overdraft fees that have generated billions of dollars in revenue for financial institutions. Capital One had more than $425 billion in assets as of the third quarter and reported a profit of $3.
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