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Jun 09, 2021
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But some banks, like Detroit-based Ally Bank, the largest U.S. digital bank, have cited the impact that overdraft fees have on Black and Latino households, which are historically poorer than their white counterparts and are hit with these fees more often. Overdraft fees are what a bank charges any time a customer withdraws more money from their account than they hold in it.

It’s also a common reason why Black and Latino households choose to be “unbanked,” or living without a bank account in order to avoid the fees that often come with them.
How to avoid overdraft fees
Overdraft fees can be avoided if you take some precautions.

1. Sign up for overdraft protection

With overdraft protection, the bank will transfer money from one of your other accounts to cover an overdrawn amount.

2. Sign up for bank alerts

Set up an alert to notify you when your account balance falls below a certain amount. This is a simple way to avoid unexpected overdrafts and save fees.

3. Try to get an overdraft fee waived

If you are charged an overdraft fee, that doesn’t always mean you are stuck paying it. It doesn’t hurt to negotiate to try to have the fee reimbursed. Be sure to call. There’s no guarantee it will work, but you can call and ask the bank to remove the charge from your account.
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