Home Business Ally Bank ends all overdraft fees, first large bank to do so

Ally Bank ends all overdraft fees, first large bank to do so

by staff

In its announcement Wednesday, the Charlotte, North Carolina-based bank cited specifically the impact that overdraft fees have on Black and Latino households, which are historically poorer than their white counterparts and are hit with overdraft fees more often. It’s also a common reason why Black and Latino households choose to be “unbanked,” that is being without a bank account, in order to avoid the fees that often come with these accounts.

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