Ally Bank Is Wiping out Customers’ Negative Balances so They Can Receive Their Full Stimulus Payments — and They Don’t Have to Repay Anything

Source: Business Insider »

Ally Financial, the digital-only bank with some $180 billion in assets, said Wednesday that it was forgiving many customer’s debt in order for them to receive their full $1,200 coronavirus stimulus payment.

As part of the relief package passed by US lawmakers in March, banks can use the direct deposit payments to pay off debts owed by the customer receiving the check. Ally, however, said…

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