Capital One is biggest U.S. bank to end overdraft and insufficient fund fees
CBSN
Capital One on Wednesday became the largest U.S. bank to say it will ditch all overdraft and insufficient fund fees for consumers as regulators tighten their oversight of institutions that are heavily dependent on overdraft fees.
The sixth-largest retail bank in the U.S. unveiled the move the same day the Consumer Financial Protection Bureau (CFPB) announced it would take action against banks whose practices it says take advantage of financially vulnerable consumers.
"Rather than competing on quality service and attractive interest rates, many banks have become hooked on overdraft fees to feed their profit model," CFPB Director Rohit Chopra said in a statement. "We will be taking action to restore meaningful competition to this market."
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