Banking/Financial Institutions

Ally Bank waives some overdraft fees so customers receive full stimulus

coronavirus COVID-19 community spread trump stimulus relief package 1200 checks government 2 trillion bankrate
Erin Schaff-Pool/Getty Images

Ally Bank announced that some customers would have their overdraft fees waived to ensure that they receive their full stimulus checks from the federal government.

In a press release issued last month, Ally Financial CEO Jeffrey Brown said that his company was committed to “do it right” for its banking customers.

“At Ally, we recognize there has never been a more critical time to deliver on our promise to ‘do it right’, and we are committed to supporting the people we serve safely and confidently through this crisis,” he said.

Some customers with negative account balances were also notified last week that their accounts would be credited, an official added.

“To aid customers in accessing their money as they need it, all fees related to expedited checks and debit cards, overdrafts, and excessive transactions on savings accounts will be waived for the next 120 days (as always, there are no monthly maintenance fees or balance),” read the press release.

Banks across the country have been overwhelmed in recent days as Americans attempt to check on the status of their stimulus checks, which began distribution last week. The CARES Act, passed by Congress and signed into law by President Trump, ensures that a one-time check will be dispensed to every adult citizen.

Numerous large banks reported problems with mobile banking apps last week as the sheer volume of Americans checking their accounts ensnared company servers.

Updated to correctly note when Ally Bank’s press release was issued.

Tags Donald Trump

More Banking/Financial Institutions News

See All
See all Hill.TV See all Video