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It just looks like to keep up with the competition from the lending and borrowing processes in the cryptocurrency space, some banks are trying to eliminate their overdraft fees for retail banking customers.
It is not uncommon to see US banks charging customers a hefty fee of $25 to $35 in each instance of a bank transaction for permitting transactions which exceed a customer’s balance.
The move of Capital One will cost the bank an estimated $150 million in lost revenue per year.
Capital One Financial Corporation is a diversified financial services holding company. The Company, along with its subsidiaries, offers a range of financial products and services to consumers, small businesses and commercial clients through digital channels, branches, cafes and other distribution channels. The Company’s segments include Credit Card, Consumer Banking and Commercial Banking.
The Credit Card segment consists of its domestic consumer and small business card lending, and the international card lending businesses in Canada and the United Kingdom. The Consumer Banking segment consists of its deposit gathering activities for consumers and small businesses and national auto lending. The Commercial Banking consists of its lending, deposit gathering, capital markets and treasury management services to commercial real estate, and commercial and industrial customers.
Alex Mashinsky expressed: Paying overdraft fees to your Bank? That means you did not Unbank yourself with Celsius Network. Our pressure on Banks is working. they dropping their fees. Soon they will start paying you interest by then you have probably lost your interest in Banks.
Reportedly per the CNBC, “It’s the largest U.S. bank yet to end the industry practice of charging customers a hefty fee, typically $25 to $35 each instance, for allowing transactions that exceed a customer’s balance, according to the McLean, Virginia-based lender.
The move will cost the bank an estimated $150 million in lost revenue per year, according to a company spokesperson.
Customers who paid the fees will be automatically rolled over into a free overdraft protection service early next year, the bank said. Those who opt out of the service will simply have overdrawn transactions declined at no fee.”
Those who do not understand Unbanking should check Celsius Network and what they do in the cryptocurrency space. CEL is a great way to stabilize one’s journey in the cryptocurrency space.
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