Following Capital One’s announcement that it would be dropping overdraft fees, Sen. Elizabeth Warren (D-Mass.) on Wednesday pressed other big banks to follow suit and end the “abusive practice.”
Capital One announced on Wednesday that it would be “completely” getting rid of overdraft fees for its customers by offering free overdraft protection. The company boasted it was the only bank among the top ten in the U.S. to make the move for its customers.
Warren took to Twitter to praise Capital One’s decision and urge its competitors to do the same.
“Bank overdraft fees snatch billions from struggling families & even during this pandemic, big banks raked in billions from this abusive practice. This is a good move by @CapitalOne . Big banks like @JPMorgan should do the same,” Warren, who sits on the Senate Committee on Banking, tweeted.
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Article URL : https://thehill.com/homenews/senate/583922-warren-calls-on-big-banks-to-follow-capital-one-in-ditching-overdraft-fees