fbpx

PNC updates accounts, cuts some fees

PNC Bank is making some changes to its business and checking accounts in an effort to lower the number of types of accounts it offers and simplify its services for employees and customers.

“Over the years PNC has grown and we’ve added new accounts,” said Amy Vargo, bank spokeswoman. “Every time we add accounts some people decide to stay with their old accounts and so now we have a lot of different accounts with a lot of different benefits.”

The plan includes eliminating some of the accounts that no longer offer benefits consistent with the bank’s other offerings and move those customers into a new account that will better meet their needs.

Vargo said that would be less than 10 percent of the bank’s customers. Most will just see enhancements to their current accounts. No action is needed from any of the customers’ unless a business or individual has a question about the changes.

She said the changes are mostly in response to requests from customers on what they would like to see from the bank.

One big change is an enhancement to ATM services. Customers can get reimbursed for fees assessed at eligible non-PNC Bank ATMs. The amount of reimbursement would depend on the type of account.

PNC will also be eliminating its overdraft protection draft fee. Currently a fee is assessed when funds are automatically transferred from one customer account to another to cover a deficit.

“Customers told us they did not like that,” Vargo said.

That fee will be eliminated effective March 17.

PNC will also make a variety of changes to lower and streamline balance requirements to offset monthly fees.

Vargo said many of the customers that have not updated their accounts in some time might not be getting all of the benefits they are currently entitled to, and should benefit from the changes.

The updates will be implemented in multiple phases starting in February.

Stacy Wescoe
Writer and online editor Stacy Wescoe has her finger on the pulse of the business community in the Greater Lehigh Valley and keeps you up-to-date with technology and trends, plus what coworkers and competitors are talking about around the water cooler — and on social media. She can be reached at stacyw@lvb.com or 610-807-9619, ext. 4104. Follow her on Twitter and on Facebook.

Business Journal Events

2019 Business of the Year Awards

Wednesday, December 04, 2019
2019 Business of the Year Awards

Outlook on 2020

Wednesday, December 11, 2019
Outlook on 2020

2020 Real Estate & Development Symposium

Thursday, March 12, 2020
2020 Real Estate & Development Symposium

2020 Forty Under 40 Awards

Wednesday, April 22, 2020
2020 Forty Under 40 Awards