Ally waives gets rid of fees for 3.6 million customers. They say it affects people that need the money the most and cite the racial divide. In other words they will no longer charge overdraft fees.
They become the first big bank to do this. What a huge endeavor. That is a really big deal. I cannot believe they are really doing this? Can you? This is amazing? In 2020 billions was collected in overdraft fees from the industry. But you know this is a new thing that has been in the news. Ally can prove themselves to be profitable without the money possibly? The controversy is when you by an item for $1.00 or $2.00 and with the $35 overdraft fee it becomes a $36 or $37 trinket. What have you done? Just imagine the days of the returned check? It costs an additional amount. It used to be $25.00 at the store. One bank charges $35 and so does the other. It costs another $35.00… Total… $95 for $28.25 worth of groceries.
It will be amazing to see if any other banks will follow suit of Ally’s initiative.
Written by: Rosette Jones
Ally, overdraft, fees, controversy
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