Capital One is chucking the deuces for overdraft fees.
"Long ago, we set our sights on reimagining banking," Capital One founder and CEO Richard Fairbank said in a recent press release. "Eliminating overdraft fees is another step in our effort to bring ingenuity, simplicity and humanity to banking."
The bank made the official announcement earlier this week. Their plan is to "completely eliminate all overdraft fees and non-sufficient fund fees" for their customers. This marks a milestone for Capital One as the first National Bank in America to stop the overdraft fees for all.
Starting in 2022, all Capital One customers registered in overdraft protection will be automatically be placed into a free overdraft protection service.
For customers not signed up in their overdraft service, transactions leading to an overdraw will be declined without a fee.