PNC Bank to Change Overdraft Policy: 5 Things to Know for the Week

Simon Zhen

Posted on Mon Apr 29, 2013

PNC Bank Branch NYC

Although financial regulations have been put in place to reduce the chances of consumers getting hit with overdrafts, overdraft fees are still a major revenue source for banks. This week, one of the biggest U.S. banks is making it’s overdraft fee policy a little less consumer-friendly.

  • H&R Block has issued $25 gift cards as part of an apology for its tax preparation software glitch. Hundreds of thousands of tax returns were apparently delayed. Clients should have had their returns corrected and they should have either received their refunds or expect a check in the mail.
  • On Tuesday, the Federal Reserve will hold its next two-day board meeting. In its last meeting in March, the central bank did not make any major announcements to its monetary policy. Despite slight improvements in recent months, the elevated unemployment rate remains a lingering drag on the U.S. economy.
  • The end of National Financial Literacy Month is coming to an end. Have you taken any steps to improve your financial situation? If not, there’s still a few days left to take action. At the very least, you should take MyBankTracker’s financial quiz to see how well you’re doing (and to brush up on your money knowledge).
  • On Wednesday, the next rate change will occur for Series I savings bonds. They’re still capable of beating every 1-year CD rate on the market, only if you lock in the current six-month rate, which is available up to April 30.
  • On Friday, PNC Bank will implement a new policy for overdraft charges. Currently, customers pay a $26 fee for the first overdraft in the first 12 months; the fee is $36 for every subsequent occurrence in that same time period. The new policy will impose a flat $36 fee for each and every overdraft occurrence.

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  • Old Bushy

    What else could you expect from large banks, they did not become large through fair treatment of it’s small and medium customers who have no power against them.
    The Fed’s closing of small banks only made the larger ones more arrogant whereas the Fed’s should have supported the smaller regional banks.

    • OneTiger

      Agreed! The large banks abuse their customers finding any way possible to suck more out of them. Banks will jack your credit card interest rate up to %29.99 if you make a late payment. And according to an article I just read, that interest rate can spread like a virus to your other cards even if they are held by a different bank. Big banks act like it is a privilege to do business with them. There is absolutely zero concern on their part about taking care of the client or working to help the client or providing quality customer service. After all, where else are you going to take your money? Big banks are at the heart of evil and are the shining definition of greed.
      And we bailed a bunch of them out …

  • Reality Rhino

    if you overdraft.. like i did this morning by $.04 cents.. deposit it by the end of the same business day and they wont charge you an overdraft fee

    • OneTiger

      Not at PNC. They will charge you the fee unless you bring cash. Cold cash is the only way that you can avoid getting hit with fees if something hits your account and brings your balance below 0. BUT you must bring the cash in before close of business that same day. PNC (like many big banks) has been implementing processes that allow them to charge more fees, raise interest rates and make it more difficult to get them back even when the error belongs to the bank. Basically they are working to squeeze as much money out of their customers as possible while returning sub standard customer service for all that money you are shelling out. It’s a negative return investment.
      Of all my banking experience (30 years) the best bank I encountered was RBC Bank. They are the singlemost customer focused bank I have dealt with. Also, they will credit your deposits (regardless of format) before they take debits as long as the funds are received before close of business. I miss RBC, sure wish they were still available where I live …