Ally Bank: Eliminates overdraft fees
- Ally Bank Financial a leading digital financial services company and a top 25 U.S. financial holding company offering financial products for consumers
- Eliminates all overdraft fees, ending centuries-old industry practice and lifting consumer burden
- Overdraft fees are a pain point for many consumers but are particularly onerous for some. It is time to end them
- Nationwide, more than 80% of overdraft fees are paid by consumers living paycheck to paycheck or with consistently low balances
- Eliminating these fees helps keep people from falling further behind and feeling penalized as they catch up
- Ninety-five percent of the consumers who paid $12.4 billion in overdraft fees in 2020 were “financial vulnerable” and disproportionately Black and Latinx
