PNC Bank personal checking account customers will no longer have to pay non-sufficient fund fees.
The bank said today that “it will no longer charge any consumer deposit account customers non-sufficient fund (NSF) fees. This marks the company’s latest effort to enhance the financial well-being of its customers and extends the benefit it created with Virtual Wallet deposit accounts as part of the launch of Low Cash Mode in April 2021.”
Alex Overstrom, head of retail bank at PNC said the change is “designed to help our customers and give them better control of their financial future. Eliminating NSF fees on consumer deposit accounts is just another way we are helping our customers strengthen their financial wellness.”
PNC said the NSF fee is also known as a returned item fee. It happens when a transaction is returned because the account has insufficient funds.
“An overdraft fee is charged when the bank completes the transaction by covering the dollar amount of the shortage, resulting in a negative account balance. With this change, if an item is returned by the bank, a PNC consumer deposit account customer will no longer incur an NSF fee,” PNC said in a news release.
In April of last year, PNC had addressed overdraft fees with the launch of low cash mode in its Virtual Wallet Spend accounts.
