GARRETT ALBURYSenior Product Designer
Garrett Albury is a designer, editor, and organizer based in New York City.
Currently building financial wellbeing experiences as a Principal Product Designer at Capital One.
He is the co-editor of coolstuff.nyc, a weekly design-forward newsletter.
Garrett also co-founded Where are the Black Designers, a design activism non-profit.
EMAIL INSTAGRAM
Open to Work!
No-fee Overdraft
Capital One
Overdrawing your account is the worst part of banking. What if it didn’t have to carry an added financial burden too?
CONTEXT
Overdraft fees keep people living on the edge of financial ruin while banks make billions upon billions of dollars.
PROBLEM
Despite the predatory nature of overdraft fees, 78% of frequent overdrafters do so intentionally.
Overdraft is a crucial financial tool for low income folks, or people with tight financial margins.
HYPOTHESIS / SOLUTION
By continuing to offer the function of overdraft, at no cost, we can help prevent the most vulnerable people from falling into financial ruin.
THE RESULTS
Within days of launching this MVP experience, we saw dramatic impacts to folks who overdraft regularly.
Utilization* increased
*Was the purchase covered when needed?
Time Negative** decreased
**How long did it take to pay back the overdrawn amount?
Losses decreased
Amount of money not repaid to Capital One after overdrawing your account.
In 2022, Capital One saw over $250M in overdraft transactions.
We didn’t profit off of a single one.
FOLLOWING LAUNCH
Private initiatives in the Overdraft space I worked on between 2021–2023:
Integrate with holistic banking experience to offer real-time and pre-emptive solutions.
Redesign of “overdraft settings” to better align to mental model identified in research.
Shift focus of job-to-be done from enrollment to management.
PRESS CLIPPING
“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 JP Morgan should do the same”
– Senator Elizabeth Warren