Ally Bank ends overdraft fees, a first for large US banks

NEW YORK (AP) — 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. 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 Detroit-based Ally, one of the nation’s largest banks, and likely will impact the entire industry in time.