pnc apply for checking account

1 With indi your workers can easily apply for an account, get a debit card, indi is supported by PNC Bank, one of the largest financial institutions in. ATM fee reimbursement – Depending on which type of deposit account you sign up for, you could either get non-network ATM fees reimbursed or have them dropped. PNC Virtual Wallet Student® Checking Account Review Earn Up to $400 When You Open and Use a Select, New Virtual Wallet® Product (conditions apply).

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PNC Virtual Wallet Student® Checking Account Review

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Источник: https://www.consumersadvocate.org/checking-accounts/c/pnc-bank-student-checking-account-review

PNC Bank Promotions

PNC Bank has 2,300 branches in 26 states mostly on the East. Checking accounts offer a unique Virtual Wallet feature with financial tools to help achieve goals. Account fees are easily waived by meeting account balance or direct deposit requirements.

Checking Account Bonuses

PNC Bank frequently offers cash bonuses for new checking customers. Some deals are only available for residents of select States, so make sure you read the fine print carefully.

All PNC Bank checking accounts offer free online banking, bill pay, and mobile deposits.

Virtual Wallet Account

This is PNC Bank's signature product. This can be paired with any of PNC Bank's checking accounts. Here are some features:

  • Checking & Savings together. You get a checking account (Spend), a short-term savings (Reserve), and high-interest savings (Growth) account. These accounts are designed to help achieve your current banking needs and short-term and long-term goals.
  • Financial tools. This is the biggest perk of the Virtual Wallet account. There are a variety of financial tools to help you create a budget, keep track of your spending, set up goals, save, get "danger days" alerts, and more.
  • Automatic overdraft protection. If you overdraw your Spend account, funds pnc apply for checking account your Reserve account will automatically be transferred to cover the overdraft. If you need it, your Growth account can serve as your secondary overdraft protection account.
  • Earn relationship rates. When you meet certain debit card or direct deposit requirements, you'll earn the higher relationship rate on your Growth account for the following month.
  • ATM fee reimbursement. Depending on which Virtual Wallet account you have, you can have some or all of non-PNC ATM fees reimbursed.

How to Avoid PNC Bank Checking Account Fees

PNC Bank offers these standard checking accounts:

  • Standard Checking. The $7 monthly service fee can be waived if you: maintain an average account balance of $500, OR have combined monthly direct deposits of at least $500, OR are age 62 or older.
  • Performance Checking. The $15 monthly service fee can be waived if you: maintain an average account balance of $2,000, OR have combined monthly direct deposits of at least $2,000 ($1,000 for WorkPlace Banking or Military Banking customers), OR have a combined balance of at least $10,000 in PNC deposit accounts, loans, and investments.
  • Performance Select Checking. The $25 monthly service fee can be waived if you: maintain an average account balance of $5,000, OR have combined monthly direct deposits of at least $5,000, OR have a combined balance of at least $25,000 in PNC deposit accounts and investments.

In addition to standard checking, PNC Bank also offers these Virtual Wallet checking + savings accounts:

  • Virtual Wallet Checking. The $7 monthly service fee can be waived if you: maintain an average monthly balance of $500 in Spend and Reserve, OR have at least $500 in direct deposits per month to the Spend, OR are a qualified student, OR are age 62 or older.
  • Virtual Wallet with Performance Spend. The $15 monthly service fee can be waived if you: maintain an average monthly balance of $2,000 in Spend and Reserve, OR have at least $2,000 in direct deposits per month to the Spend ($1,000 for WorkPlace Banking or Military Banking customers), OR have a combined balance of at least $10,000 in PNC deposit accounts, loans, and investments.
  • Virtual Wallet with Performance Select. The $25 monthly service fee can be pnc apply for checking account if you: maintain an average monthly balance of $5,000 in Spend and Reserve, OR have at least $5,000 in direct deposits per month to the Spend, OR have a combined balance of at least $25,000 in PNC deposit accounts and investments.
  • Virtual Wallet Student. There is no monthly service fee with proof of active student status for 6 years.

Note: Effective 3/17/19: $10,000 combined average monthly balance only across PNC Bank consumer deposit accounts you have chosen to link. Loan and/or PNCI Investment account balances will no longer be included in the combined average monthly balance calculation.

    Highlights

    Savings
    0.01%APY (0.02% APY - 0.03% APY Relationship rates). Minimum deposit of $25. $5 monthly service charge unless you have 1) $300 monthly average monthly balance, or 2) if you are under 18 years old, or 3) set up an Auto Savings transfer of $25 or more each month from your PNC Checking account to your Savings account.

    Compare: PNC Bank vs Citibank

    Money Market
    0.02%APY. Minimum deposit is $100. Maximum deposit is $10,000. Monthly service charge of $12 unless you have $5,000 average monthly balance.

    Compare: PNC Bank vs CIT Bank

    Customer Service
    • Mon-Fri 7:00 am - 10:00 pm (ET)
    • Sat & Sun 8:00 am - 5:00 pm (ET)

    ATMs
    18,000 ATMs across 37 states and the District of Columbia.

    IRA CD
    0.01% - 0.03% APY. Minimum deposit $1,000 - $10,000 (depending on account current bank routing number and term). Terms range from 6 months to 10 years.

    Locations
    2,300 PNC branches across 26 states.

Pricing information from published website as of 11/19/2021 based on 19899 zip code.

 Chase
 Learn MoreVisit Site
 

Benefits and Features

Savings0.01% APY (0.02% APY - 0.03% APY Relationship rates). Minimum deposit of $25. $5 monthly service charge unless you have 1) $300 monthly average monthly balance, or 2) if you are under 18 years old, or 3) set up an Auto Savings transfer of $25 or more each month from your PNC Checking account to your Savings account.
  • Chase Savings: $5 monthly service fee waived with either a $300 daily balance OR $25 automatic transfer every month from a linked Chase checking account OR for owners under 18. $0 to open.
  • Chase Premier Savings: Earn a higher interest rate when you have a bigger balance and meet certain relationship requirements when linked with a Chase Premier Plus Checking or Sapphire Checking account.
CD0.01% - 0.03% APY. Minimum deposit $1,000 - $10,000 (depending on account type and term). Terms range from 7 days to 10 years.Terms of 1 month to 10 years. $1,000 minimum opening deposit. No monthly service fee.
CheckingVirtual Wallet, Virtual Wallet with Performance Spend, Virtual Wallet with Performance Select
  • Chase Total Checking®
  • Chase Premier Plus Checking: An interest-bearing account with some perks. $25 monthly service waived with an average beginning day balance of $15,000 OR a Chase mortgage with auto pay. $0 minimum balance to open.
  • Chase Sapphire Checking: A premium checking account for those with $75,000 or more on deposit with Chase. $0 minimum balance to open.
  • Chase College Checking: No monthly service fee for college students age 17-24 at account opening with proof of student status, for up to 5 years. $0 to open.
  • Chase Private Client Checking: For high net worth individuals who have $250,000 on deposit with Chase.
Money Market0.02% APY. Minimum deposit is $100. Maximum deposit is $10,000. Monthly service charge of $12 unless you have $5,000 average monthly balance. 
Customer Service
  • Mon-Fri 7:00 am - 10:00 pm (ET)
  • Sat & Sun 8:00 am - 5:00 pm (ET)
 
ATMs18,000 ATMs across 37 states and the District of Columbia.
16,000 Chase ATMs
IRA CD0.01% - 0.03% APY. Minimum deposit $1,000 - $10,000 (depending on account type and term). Terms range from 6 months to 10 years. 
Locations2,300 PNC branches across 26 states.
Over 4,700
 Learn MoreVisit Site

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

PNC Bank: Pricing information from published website as of 11/19/2021 based on 19899 zip code.

Chase: Pricing information and data points from published website as of 12/17/2020


PNC Bank Alternatives

Chase

Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Get $300 Coupon

Expires 1/20/2022

  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
  • Convenient access to 16,000 ATMs and more than 4,700 branches.
Citibank

Citi Priority Account - Up to $1,500 Cash Bonus

Apply Now

Expires 1/4/2022

  • Earn up to $1,500 cash bonus when you open a new account with required activities
  • Open a new eligible checking account in the Citi Priority Account during the offer period 10/5/21-1/4/22
  • Within 20 days of opening, deposit $50,000 in New-To Citibank funds between the new checking and savings accounts
  • Maintain a minimum balance of $50,000 in the checking account for an additional 60 consecutive calendar days from the 21st day
  • After all required activities are met, the cash bonus will be deposited to your account within 90 calendar days
Discover Bank

Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Pnc apply for checking account Code CY21 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 pnc apply for checking account of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 12/15/2021

HSBC

Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Get $450 Welcome Deposit

Expires 1/5/2022

  • Get a $450 Welcome Deposit for eligible new customers who open a pnc apply for checking account HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.

Articles on PNC Bank

PNC Bank

PNC Bank has relatively low requirements to waive fees and offers many financial tools to help you meet savings goals. Read on to see if this East Coast bank is right for you.

PNC Bank Hours

PNC Bank is open 5-6 days a week, depending on the location. Here's when you can visit a branch near you.

PNC Bank Routing Number

Using the wrong routing number could send your money to the wrong place. Find the right PNC routing number for your transactions.


Recent Mentions

Best Money Market Rates

Good money market accounts offer high interest rates with more flexibility. Here are the safest money market accounts to earn the most interest.

More Bank Promotions


Источник: https://www.creditdonkey.com/

How do I link my PNC Bank account?

Please complete the following steps to link a your PNC Bank account for Round-ups: 

For Mobile:

  1. After logging in to your account, tap menu (avatar) in the upper left corner of the screen
  2. Tap "Settings"
  3. Tap "Linked Accounts"
  4. Tap "Link another account"
  5. Type "PNC" in the search bar and tap on PNC
  6. Tap "Continue" to link using Plaid
  7. Enter your PNC banking credentials and tap "Submit"
  8. Enter your Routing Number and Account Number for your checking account

For Web:

  1. After logging in to your account, tap menu (avatar) in the upper right corner of the screen
  2. Click on "Profile & Settings"
  3. Click on "Linked Accounts"
  4. Scroll down and click on "Link another account"
  5. Type "PNC" in the search bar and click on PNC
  6. Enter your PNC banking credentials and click on "Submit"
  7. Connect using your banking credentials


If you continue to experience any difficulties linking your PNC Bank account, please send us a message!

Was this helpful?

Источник: https://www.acorns.com/support/round-ups/how-do-i-link-my-pnc-bank-account-/

PNC Bank Review – An Old Dog With New Tricks

If you’re looking to open a checking and savings account or are considering switching from your current bank, there are an overwhelming number of banking options available. What makes this search even harder is that many banks appear to offer the same features, rates, and services. This can make it difficult to find the right checking and savings account for your lifestyle.

To help, I’m going to walk you through one of the top banking options in the country — PNC Bank. I’ll take you through all of their available checking and savings options, so you can decide if they’re a good fit for your finances.

What is PNC Bank?

PNC Bank first opened its doors in 1852 as Pittsburgh National Bank. The bank changed names a couple of times and merged with a few different banks, before officially becoming PNC Financial Corp in 1983.

Today, PNC Bank is the 7th largest bank in the world (by assets) and has over 2,300 locations across the United States, with most locations in the Midwest and East Coast. They currently offer personal checking, savings, credit cards, personal loans, auto loans, home pnc apply for checking account, student loans, home equity products, business services, investing, and retirement services and provides mobile banking for all of them. Of course, a bank this size is FDIC-insured and provides all you need for your financial goals. Learn all about PNC in our view of PNC bank review.

How do PNC Bank checking and savings accounts work?

PNC offers four checking accounts and three savings accounts to choose from. They also provide access to over 18,000 fee-free PNC ATMs across the country, which is particularly beneficial if you live in a state without a PNC branch.

It’s easy to open a checking or savings account online or in-person through PNC. You can open an account by visiting any branch or by signing up directly online. You will need to provide some personal information to open a PNC Bank account, just as you would at all U.S. banks.

PNC checking account options

  • Virtual Wallet - Best for anyone needing a no-frills, low-cost checking account with ATM access.
  • Virtual Wallet with Performance Spend - Best for anyone with slightly higher deposits coming in per month looking to earn interest on money sitting in their checking account.
  • Virtual Wallet with Performance Select - Best for high-income earners with high deposits coming in each month looking to open more than one checking account.
  • Virtual Wallet Student - Best for students looking for a fee-free checking account with long-term benefits.

I’m a big fan of the options PNC provides and the perks each checking account offers. I love that each account comes with a savings account and a reserve account, to allow you to manage your money in three separate ways. Best of all, you can opt out of opening a savings and reserve account and only opt into the spend (checking) accounts if you choose.

I’m also a big fan of the fact that PNC waives monthly service fees for seniors over 62 on their basic Virtual Wallet Account. Lastly, I love that there is a no-fee student checking account that locks in a no monthly fee guarantee for six years.

On the downside, I wish PNC had more branch locations spread across the country, though PNC mobile apps and no-fee ATMs might be enough to compensate for a lack of a west coast presence.

PNC savings account options

PNC Reserve - Best for anyone looking to save for short-term goals. The Reserve account is a part of PNC’s Virtual Wallet product, complete with a Spend (checking) and Growth (savings) account. PNC Growth - Best for anyone looking to earn interest on long-term savings. PNC Standard Savings - Best for anyone looking to earn more interest than with a traditional growth account. PNC Kids Bank Account - Best for parents looking to save money for their children. PNC High-Yield Savings Account - Best for anyone looking to earn the highest APY available at PNC.

I’m a fan of PNC’s many savings account options, but I don’t love how low PNC’s rates are — especially when compared with competitors. Even their high-yield savings account (which is only available in limited locations) is relatively low.

In addition, PNC also offers a money market accounts (0.02% - 0.10% APY).

Now that you have a better idea of the types of accounts PNC offers, I’ll show you all of the fees and requirements to open and maintain PNC accounts.

How much does PNC Bank cost?

PNC offers free checking and savings accounts for seniors and students, but no free options for anyone in between. On the bright side, PNC makes it easy to waive monthly fees, particularly for its basic accounts.

Checking account costs

Checking Account TypeMonthly FeeFees are waived if:Minimum Deposit Amount
Virtual Wallet$7$500+ direct deposits/monthly balance$0
Virtual Wallet with Performance Spend$15$2k+ direct pnc apply for checking account balance or $10k+ in all accounts$0
Virtual Wallet with Performance Select$25$5k+ direct deposits/monthly balance or $25k+ in all accounts$0
Virtual Wallet Student$0N/A for 6 years$0

Savings account costs

Savings Account TypeMonthly FeeFees are waived if:Minimum Deposit
ReserveLinked to checking + feesChecking fees$0
GrowthLinked to checking + feesChecking fees$0
Standard Savings$5$300/mo or $25/mo auto transfer or under 18$25
Kids Bank Account$0N/A$25
High-Yield Savings$0N/A$0

PNC Bank Features

Next, I’ll walk you through some of the top features PNC Bank offers so you can see where this bank shines.

Free accounts for students and seniors

It’s hard to find free checking and savings accounts at traditional, brick and mortar banks. While PNC does not offer free accounts for everyone, it does provide them for students and seniors, which is commendable.

Flexible account options

Another perk I appreciate about PNC is its flexible approach to banking. While they offer a suite of products you can pick from, you can also customize your Virtual Wallet Account to include Spend (checking), Reserve (short-term savings), and Growth (savings) or simply opt for checking only options at all tiers.

Easy waiver requirements

I’d love it if PNC offered a no-fee basic checking account, but this bank’s low waiver requirements are certainly a plus. You only need to have a direct deposit of $500 placed into your checking account each month to waive the basic checking fee or maintain an account balance of $500. Many competitors have much higher requirements.

Robust digital tools

If you love bells and whistles when it comes to digital products, you’ll enjoy PNC’s online experience and mobile app. PNC’s digital tools offer unique features, including a visually pleasing money bar to help you see how much of your money is in each account, money management tools to view where you’re spending your money, and unique savings features. I particularly enjoy their “Punch the Pig” feature, which allows you to click on a piggy bank to automatically transfer a small amount to savings.

Who is PNC Bank best for?

High school & college students and seniors

When you’re in school or retired, paying to keep your money safe should be the last thing on your mind. In addition to the free accounts PNC offers, I also think college students, in particular, will benefit from PNC’s digital tools that allow you to assess how much of your money is spent in particular categories, so you can create a better budget.

East Coast and Midwestern account seekers

PNC has thousands of locations all across the Midwest and East Coast, so if you want the best of both worlds — streamlined digital tools and in-person banking access — PNC might be a good fit for you.

Anyone seeking an affordable checking solution

PNC’s monthly fees are very easy to waive and their basic checking monthly charge is already pretty low at $7 per month. Still, if you receive more than $500 into your account per month, you’ll be able to avoid this monthly service fee.

Who shouldn’t use PNC Bank?

Banking no longer requires living in a state where your bank has a physical branch. However, I do understand that having a local branch nearby is important for some individuals. If you’re one of these people and you live in the Southwest, on the West Coast, or the Pacific Northwest, you should seek banking services elsewhere.

Anyone looking for high interest rates

As much as I love PNC’s account options and digital features, their savings rates are pnc apply for checking account not competitive. Even their high-yield savings account tops out at 0.65%, which is admittedly high, but not as high as many online banks. Plus, this rate varies depending on where you live (assuming you’re in a location where this product is offered). This bank’s basic savings accounts have disappointingly low rates.

PNC Bank Pros and Cons

Pros

  • Access to 2,600+ branches and 18,000+ fee-free ATMs. PNC certainly falls short in offering branches in all 50 states, but they do still have a good amount of locations and an overwhelming number of no-fee ATMs. This is especially important for anyone banking outside of PNC’s designated service areas.
  • No minimum deposit requirements. Another benefit PNC offers is no minimum deposit requirements for many of their accounts. This is especially great if you’re opening your first checking account while waiting to receive your first paycheck.
  • Money transferring services. If you need to transfer money to friends and family, or to pay your rent, PNC offers different money transfer options. Members have access to Zelle, where they can send money for free. You also have the option to send money through PNC PopMoney, which allows you to deposit directly into another person’s bank account.
  • Cutting edge digital and mobile app features. Every major bank has a mobile app and digital presence now, but PNC’s mobile app and digital features offer more than most competitors. I find their digital interface to be extremely intuitive, visually easy to read, and I love the robust tools they offer members.

Cons

  • High overdraft fees. No one loves overdraft fees, which is why I’m glad many online banks are limiting these fees or providing additional options and protections. PNC, however, can charge you a steep overdraft fee of $36 as many as four times a day. This can really add up if you’re unaware you do not have the funds to cover purchases you’re making.
  • Disappointing interest rates. If you’re looking to earn interest while storing your money in a savings account, I can’t recommend PNC as the best option. This bank’s savings account rates are very low and even its high-yield savings account rates are not as competitive as other national and online banks.

PNC Bank vs. competitors

BankMinimum DepositMonthly FeeSavings APYOverdraft FeeBranches
PNC Bank$0$7 - $250.01% - 0.065%$36 each/4 per day2,300
Wells Fargo$25$100.01% - 0.04%$35 each/3 per day5,400
Citibank$0$4.50 - $300.04% - 0.70%$34 each/4 per day700

PNC Bank vs. Wells Fargo

Wells Fargo is one of the top competitors of PNC Bank. While both banks offer similar services and account types, there are some key differences.

Both PNC Bank and Wells Fargo have free checking and savings account options for students and seniors, which is not a feature all national banks provide. On the downside, both of these banks also have high overdraft charges that can quickly add up. Both also have relatively average, even low, savings rates.

Wells Fargo does have more locations nationwide than PNC and has branches in more states, which is a major plus. On the downside, Wells Fargo does have minimum deposit requirements, which makes PNC a better choice if you’re not ready to fund your account at the time of opening it.

Read our full review of Wells Fargo.

PNC Bank vs. Citibank

Another top competitor of PNC Bank is Citibank. Like most major national banks, these two financial institutions have some similarities and a few notable differences worth reviewing.

Both Citibank and PNC Bank offer a wide selection of account options, most of which have no minimum deposit requirements. They also have high overdraft fees and charge monthly account fees (which can be waived more easily at PNC Bank).

On the plus side, Citibank has one of the best high-yield savings accounts on the market (0.70%) although it’s only available in certain locations. On the downside, Citibank has far fewer branch locations than PNC Bank.

Read our full review of Citibank.

FAQs

Which PNC Bank account is savings?

If you sign up for PNC Virtual Wallet, you have access to two savings accounts: Reserve for short-term savings and Spend for long-term savings. PNC also has a separate standard savings account, high-yield savings account, and kids' savings account.

Does PNC charge for a savings account?

PNC accounts do come with a monthly charge. If you sign up for Virtual Wallet, your monthly charge will be between $7 - $25, with options to waive these fees. If you sign up for standard savings, you’ll be charged $5 per month, with options to waive these fees. There is no monthly charge for minors, student, or senior (62+) savings accounts.

Does PNC have a minimum balance requirement?

No, PNC does not require minimum balances to keep your accounts open. However, in some cases, a minimum balance might save you from paying monthly fees.

Is PNC Virtual Wallet a checking or savings account?

PNC Virtual Wallet consists of three accounts: Spend (checking), Reserve (short-term savings), and Growth (long-term savings).

The bottom line

PNC Bank is one of the country’s oldest financial institutions and it continues to be one of the largest banks in the world. I like PNC Bank’s approach to flexible checking and savings accounts and their large access to fee-free ATMs. I’m also a big fan of their free accounts for students and seniors, as well as their impressive digital tools and savings features.

You don’t need to live in a state with a PNC Bank branch to enjoy this bank’s features and accounts, and their online tools can make managing your money digitally a breeze. However, if you’re looking for competitive savings rates, I suggest looking elsewhere.

You can learn more information at pnc.com.


Источник: https://joywallet.com/article/pnc-bank-review/

Q: Last Thursday I deposited $50 into my Virtual Wallet account at PNC. The teller said if I want the funds available today, there is a $2 fee. Is this a new procedure with banks?

R.S., Hiram

A: This is not a new procedure at PNC. The service is called “Express Funds,” which PNC started in 2017 as an option for customers, said spokeswoman Shannon Mortland. This allows consumer and small-business customers to get immediate cash availability on qualifying checks deposited to PNC accounts, she said.

“When a customer deposits a check, he or she may be given two options: standard funds availability at no charge or PNC Express Funds for a 2% fee for each check approved for an amount between $25 and $5,000, with a $2 minimum fee,” Mortland said. The service “is completely optional, and if the customer declines, then the funds in the deposit would be available according to PNC’s standard funds availability policy.”

PNC aims to make funds available as quickly as possible, she said. Of course, all banks these days have to protect themselves against counterfeit checks. Sometimes, even banks and law enforcement can’t detect authentic-looking fraudulent checks until they come back that no such account exists.

“Express Funds," Mortland said, “is intended to offer a convenient option when a customer needs or wants more immediate access to checks deposited to PNC accounts — whether they are facing an emergency situation or may want to simply avoid overdraft fees.”

Without Express Funds, funds may be available as soon as the next business day, depending on the kind of check deposited, she said.

PNC isn’t alone with this policy: At Fifth Third, for example, customers with its “express banking” account can deposit checks through the bank’s mobile app with funds available immediately for a 2% fee, said spokeswoman Laura Passerallo. Some other banks have similar same-day-access fees.

By law (Expedited Funds Availability Act of 1987), banks must make $200 of a deposit available the next business day. In many cases, however, a bank will make $100 to $200 available immediately and make the rest available the next day, depending on the customer’s history with the bank. KeyBank, for example, allows immediate access to the first $100 deposited, with no fee, if it’s deposited at a branch or ATM, said spokesman Matthew Pitts. Mobile deposits are available the following morning. Third Federal follows federal funds availability guidelines, said spokeswoman Jennifer Rosa. “At this time, we do not have a fee in place to make funds available immediately to a depositor.”

Besides next-day availability of $200, banks are expected to make an additional $400 available the second business day and the rest on the third day. For checks exceeding $5,000, the amount above $5,000 must be made available no later than the ninth business day following the day of the deposit.

The caveat is that banks can place longer holds on checks if they have reason, such as for new accounts or with checks that look fishy.

For more information on what’s required of banks, go to the Federal Deposit Insurance Corp. website.

Murray is The Plain Dealer’s personal-finance writer. Because of the volume of requests, she cannot help everyone who contacts her. To reach her: moneymatters@plaind.com. On Facebook: MurrayMoneyMatters. On Twitter: @teresamurray. Previous columns pnc apply for checking account cleveland.com/moneymatters

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Источник: https://www.cleveland.com/moneymatters/2020/03/pnc-customer-questions-fee-to-have-same-day-access-to-deposit-money-matters.html

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