(Reuters) – Capital One Financial Corp (NYSE 🙂 announced Wednesday that it will eliminate any overdraft or non-sufficient fund fees from consumers. This is a change to a practice which angered U.S. senators at a Senate hearing in January.

Customers must choose whether they wish to receive the overdraft protection free of charge, Richard Fairbank, Chief Executive Officer, stated in a memo. They also need to have a history of consistent deposits to qualify for this service.

According to a spokesperson, the bank believes that the decision will result in an annual loss of revenue around $150 million.

Senator Elizabeth Warren said that Wall Street bank heads faced criticism in May from Democratic Senators. She claimed these banks should have not charged Americans overdraft fees and other fees in the wake of the pandemic.

A report by the U.S. Consumer Financial Protection Bureau, (CFPB), showed that banks made $15.47 trillion in overdrafts and non-sufficient fund revenue for 2019.

Major Wall Street banks JPMorgan Chase & Co (NYSE:), Wells Fargo The report stated that 44% of total revenues from these fees came to (NYSE:), Co, and Bank of America Corp.

Many in the market expect that large banks, including those with overdraft fees, will follow their lead and call it quits. Rohit Chopra, Director of CFPB, stated that the CFPB does not expect this to happen soon.

Chopra said that the (consumer watchdog), is looking at a variety of regulatory intervention to restore meaningful competition in this sector of the checking marketplace, and not allowing large institutions to continue to rely solely on non-sufficient revenues fees or overdrafts forever.”

According to the CFPB, banks will soon surpass pre-pandemic profits from these revenues.