Capital One said Wednesday that it will eliminate alloverdraft feesand nonsufficient funds fees for consumer banking customersstarting early 2022.
Capital One will instead provide overdraft protection for free.
If a customer overdrafts, the bank will cover the expense without assessing a fee.
Customers currently enrolled in overdraft protection will automatically be enrolled in “No-Fee Overdraft” protection next year.
Customers not currently enrolled may sign up for the service at any time.
The typical cost of these fees has risen in recent years.
Today the average fee sits at $33.58 per transaction, according to aBankrate study.
