Capital One Eliminates Overdraft Fees for Consumer Banking Customers
Capital One has announced today a customer friendly change for deposit accounts. The bank will completely eliminate all overdraft fees and non-sufficient fund (NSF) fees for its consumer banking customers. Capital One will still continue to provide free overdraft protection.
“The bank account is a cornerstone of a person’s financial life,” said Richard Fairbank, Capital One’s Founder and CEO. “It is how people receive their paycheck, pay their bills and manage their finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families. We are excited to offer this service for free.”
Customers can choose whether or not to access overdraft protection. It’s worth noting that this will usually result in a hard pull when enrolling.
All customers currently enrolled in overdraft protection will be automatically converted to No-Fee Overdraft on the launch date in early 2022. Eligible customers who are not currently enrolled can enroll at any time. For customers not enrolled, transactions that would overdraw an account will be declined and no fees will be assessed.
“Capital One’s complete elimination of overdraft and NSF fees is a landmark moment for American families,” said Lauren Saunders, Associate Director, National Consumer Law Center. “This move by Capital One will have tremendous benefits for the most vulnerable consumers. It’s critical we keep working to make the banking system more inclusive and fair for all.”
To learn more about the elimination of these fees and other Capital One initiatives, you can visit https://www.capitalone.com/about/.