Not every bank decided $2 short deserves a $35 fee. Some just... stopped charging it.
Capital One eliminated overdraft fees entirely for its consumer banking customers. Ally Bank did the same, years earlier — one of the first major banks to drop it completely.
No loophole. No cheaper version of the same fee. Gone.
Before that shift, banks collected an estimated $15.47 billion in overdraft fees in 2019 alone — nearly two-thirds of their total reported fee revenue that year, according to CFPB data reported by CNBC.
Two banks looked at that number and decided they didn't need their share of it that badly.
That's the whole argument, in one decision: it was never required. It was just chosen, over and over, until somebody stopped choosing it.
#Concernee #TheOtherSide #Banking #YouWereNeverACustomer