Big Law
Capital One Is the Largest U.S. Bank to Drop Overdraft Fees
Capital One is eliminating all overdraft fees for retail banking customers, according to a memo distributed to employees on Wednesday.
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.
