For the second year in a row, Ally Bank was the only financial institution to meet all of Pew’s “best” and “good” practice criteria, obtaining a perfect score of 7 out of 7 “Best Practices” and 11 out of 11 “Good Practices” in The Pew Charitable Trusts’ “Checks and Balances” bank study.
Pew evaluated 45 of the nation’s 50 largest retail banks across three categories: disclosure, overdraft, and dispute resolution. Pew defines best practices as those that are the most effective in:
- Clear and concise disclosures regarding fees and terms
- Reducing overdrafts/eliminating practices maximizing overdraft fees
- Dispute resolution
No surprises, no hidden fees and total transparency are the banking standards we deliver to our customers. At Ally Bank, our commitment to making our fees and policies forthright and easy to understand is a constant priority.
In 2013, Ally Bank was the first bank to implement The Pew Charitable Trusts’ recommended best practices across the entire product line by developing Straight Talk Product Guides for Ally Bank deposit accounts.
“Ally continually strives to be a better bank by providing simple and straightforward disclosures for consumers,” says Diane Morais, president and chief executive officer of Ally Bank. “Consumers deserve simplified and easy to understand information to help them effectively manage their money.”