What’s in your wallet? If you’re a Capital One customer, it might soon be more money: The company will be the first large bank to eliminate overdraft charges.
Capital One ( COF) 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. Smaller banks such as Ally and digital-only financial firm Alliant have also recently eliminated overdraft fees. « The bank account is a cornerstone of a person’s financial life, » said Capital One CEO Richard Fairbank in a press release, adding that « Overdraft protection is a valuable and convenient feature and can be an important safety net for families.
