Ally Bank is eliminating overdraft fees once and for all

[gdale6]

• Ally Bank said Wednesday it is eliminating overdraft fees on all accounts.
• Overdraft fees are considered one of the most expensive and common checking account fines, since consumers can get dinged several times in a single day.
• Last year, Americans shelled out more than $12 billion in fees for bounced checks and overdrafts.

https://www.cnbc.com/2021/06/02/ally-bank-eliminates-overdraft-fees-for-all-customers.html

[kilroy8]

I don't overdraft, but I remember my son experiencing the wonderful taste of a $30 Mountain Dew when he got his first account.

This is a bold move, and makes little sense from the perspective of the bank. Are they just going to bounce all the checks?

[Kidcat]

I suspect if a customer has more than a few they will simply close the account as unsatisfactory.  I had the same thought as you.  I don't overdraft either, but my son had a rude awakening similar to yours some years ago and it left a very bad taste in his mouth, which is a good thing.

[babygirl1256]

Wow . . . that's awesome news, especially for the consumer!!! Thanks for posting!!!