Ally Bank Ends All Overdraft Fees, First Large Bank to Do So

Ally Financial is ending overdraft fees entirely on all of its bank products, becoming the first large bank to end overdraft fees across its entire business.

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FILE - This April 14, 2016 file photo, show the completed 16th floor of the Ally Detroit Center, headquarters of Ally Financial Inc., in downtown Detroit. Ally Financial is ending overdraft fees entirely on all of its bank products, the company said Wednesday, June 2, 2021, being the first large bank to end overdraft fees across its entire business. (Tanya Moutzalias/Ann Arbor News via AP, file)
Image via AP Photo/Tanya Moutzalias

This article was republished here with permission from The Associated Press, however it is no longer available to read on Snopes.com.

NEW YORK (AP) — Ally Financial is ending overdraft fees entirely on all of its bank products, becoming the first large bank to end overdraft fees across its entire business. It’s a major move by Ally, the 18th largest bank in the country by size, and for the industry, which has been reliant on overdraft fees for decades to boost their profits, often at the expense of poorer Americans who couldn’t afford to pay such…

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