Discover Financial Services is taking a step that the biggest U.S. banks haven’t managed yet: The lender is getting rid of overdraft fees.
Fees for all deposit accounts will be eliminated, including charges for insufficient funds and those tied to minimum balances or excessive withdrawals, the Riverwoods, Ill.-based company said June 17 in a statement. Banks typically charge more than $30 per transaction for a checking-account overdraft, Discover said, citing a survey from MoneyRates.com.
“This is a way for us to build loyalty,” Arijit Roy, vice president of deposits at Discover, said in a telephone interview. “We hear this a ...
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