Capital One drops all overdraft fees, latest bank to do so

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FILE – A branch office of Capitol One Bank is shown Thursday, May 7, 2009, in New York. Capital One said Wednesday, Dec. 1, 2021, that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — Capital One said Wednesday that will get rid of all overdraft fees, the latest bank to do so this year and one of the largest financial institutions to shy away from the long-hated practice.

The Virginia-based bank said it will still allow customers to overdraft, but it will no longer charge a fee to do so.

Any eligible customers can opt into fee-free overdraft at any times, the bank said.

Capital One CEO Richard Fairbank said the move was part of the company’s effort to bring simplicity and humanity back to banking.

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