Southwest Airlines (LUV) has announced it will no longer have an open seating model, forcing customers to have assigned seating for them unless they pay a premium seating option. The company will also offer premium extended leg room, and, with the introduction of overnight and redeye flights, have 24-hour operation capabilities.

Wealth! Anchor Madison Mills breaks down the latest update from Southwest and what it means for customers.

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This post was written by Nicholas Jacobino