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

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NEW YORK - Ally Financial is ending overdraft fees entirely on all of its bank products, the company said Wednesday, being the first large bank to end overdraft fees across its entire business.It’s a major move by Ally, the 17th 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.In this photo illustration the Ally Financial logo is seen on a smartphone and a pc screen. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images) In its announcement, the Charlotte, North Carolina-based bank cited specifically the impact that overdraft fees have on Black and Latino households, which are historically.

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