Salem Radio Network News Thursday, June 17, 2021

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Ally Financial says it is ending overdraft fees

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

VERBATIM: Ally cited specifically the impact that overdraft fees have on Black and Latino households. They are historically poorer than their white counterparts and are hit with overdraft fees more often. It’s a major move by Ally, one of the nation’s largest banks, and for the industry, which has been reliant on overdraft fees for decades to boost profits, often at the expense of poorer Americans who can’t afford to pay such fees in the first place.

 

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