The linked account provides backup for your primary checking account. When your balance is too low, PNC automatically transfers funds to your checking from the linked account — as long as that account has funds available.
That amount is subject to interest. Check out our list of the best high-yield online savings accounts. PNC will automatically refund any overdraft fees. Virtual Wallet comes with the Overdraft Protection service. How PNC Bank handles overdrafts. Automatic bill payments. ATM transactions. One-time debit card transactions. A secondary PNC checking account. Suppose you have an account with PNC Bank. Let's look at their guidelines and see how best to manage your money and avoid costly overdraft fees.
It offers a full range of checking accounts, personal loans, mortgages, auto loans and online banking. Like most banks, PNC charges an overdraft fee whenever your account does not have enough money to cover a transaction. PNC Bank will authorize and pay overdrafts for checks and other transactions that use your checking account number.
The bank also will overdraw your account to cover automatic bill payments. However, PNC pays these overdrafts at their discretion. The bank does not guarantee that they will always authorize and pay all transactions that overdraw your account. The bank does not charge you for declining a transaction. Fortunately, PNC gives you some leeway. Even better, if you catch the overdraft during the day and make a deposit to cover the deficit before the end of the same business day , PNC will not penalize you and will refund any overdraft charges.
If your account is overdrawn, you must deposit enough money to cover the deficit. In addition to keeping enough funds in your account, another way to prevent overdrafts is to link your checking account to another account with PNC. You can link your checking account to the following PNC accounts:.
If you do not have enough funds in your primary checking account, PNC will make automatic transfers to your checking account from the linked account, provided that the linked account has available funds. To receive this service, you have to contact the bank and give the authorization to cover any overdrafts. Otherwise, according to bank policy, any ATM and debit card transactions that would overdraw an account would be automatically declined. PNC offers products like smart access checking that simply do not allow overdrafting as an option.
Once the consumer is about to spend more than they have, the charge will simply be rejected. But the virtual wallet checking lineup comes with something PNC calls low cash mode and does permit overdrafts. So, we are really revealing that to customers and giving them the control to make the decisions. As Wikert said, if consumers decide to return an item, there is no fee. If they decide to have PNC pay items, there is a fee. However, if they cure their account or cure the negative balance position before the extra time window, which is at least 24 hours and often more, the fees waive completely.
Giving them the toolset to manage their checking accounts and control their overdraft spending has a positive effect. Piloting this program with nearly 20, customers that had previously skewed toward overdraft behavior resulted in a 60 percent overdraft decline. PNC also saw consumers more fully engaged with their financial accounts, evaluating when and how to pay items or return them and working to cure accounts that had overdrawn before being hit with a fee, she said.
PNC even saw consumers doing things that were rather unexpected with digital tools offered them.
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