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

NEW YORK (AP) — Ally Financial is ending overdraft fees entirely on all of its bank products, the company said Wednesday, becoming the first large bank to end overdraft fees across its entire business. Ally 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 a major move by Ally, which is the 17th largest bank in the country, and likely will impact the entire industry in time.