Ryouko Ookami is an energetic and skilled high school girl who has been described by some as manly. She stands tall and communicates in a traditionally masculine manner. Her best friend is Akai Ringo, a small and high-pitched voiced individual with whom she shares her love for fighting. Despite their flat chests, the Narrator (voiced by Arai "Kuroko" Satomi) highlights this fact.
Ryouko and Ringo are members of Otogi Bank, a club at Otogi High School that assists students with their problems in exchange for future assistance on another issue. The bank is capable of solving any problem and will go to great lengths to do so, often putting its members in danger or causing chaos. Due to the predominantly female membership, a male member is required for more dangerous tasks. Morino Ryoushi, who is scopophobic (fearful of being looked at), joins the club after confessing his love for Ryouko.
The series parodies many famous fairy tales, either with puns relating to names or fairy tale themes being used in creative and funny ways. The two main heroines names are a play on words relating to the story of Little Red Riding Hood; Akai means red and Ookami means wolf. The title of the anime is a pun for the full title of Snow White and translates to Wolf and the Seven Companions; additionally, Ringo means apple and Ryouko means hero, making their names double puns. Other fairy tale parodies include Cinderella and The Ant and the Grasshopper.