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Capital One says it is ditching all consumer overdraft fees, giving up $150 million in annual revenue
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cnbc.comIn this article
Capital One says it is eliminating all overdraft fees for retail banking customers.
It's the largest U.S. bank yet to end the industry practice of charging customers a hefty fee, typically $25 to $35 each instance, for allowing transactions that exceed a customer's balance, according to the McLean, Virginia-based lender.
The move will cost the bank an estimated $150 million in lost revenue per year, according to a company spokesperson.
«We will completely eliminate overdraft and non-sufficient funds (NSF) fees for all Capital One consumer bank customers,» CEO Rich Fairbank told the bank's employees Wednesday in a memo, calling it a «first for major banks in the U.S.»
For years, banks have been under pressure from consumer
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