Ally Bank is eliminating overdraft fees, which disproportionately affect poor households and people of color (ALLY)

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Ally Bank, the largest digital bank in the US, announced Wednesday that it would eliminate overdraft fees on all accounts.

All Ally customers are eligible and “there are no requirements or restrictions,” the firm said in a press release.

“This is a significant advancement for consumers as we live out our mission and live up to our name – being a true ally,” CEO Jeffrey Brown said in the release. “Overdraft fees are a pain point for many consumers but are particularly onerous for some. It is time to end them.”

“Nationwide, more than 80% of overdraft details ⇒

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