PNC CHECKS ORDER FREE
If free checking is such a drag on the bank’s revenue stream, why not make the changes as soon as possible? Why announce it now yet drag it out for the next eleven or twelve months? What really intrigues me about PNC’s announced changes is the timing. My assumption would be June 2, 2014, as June 1 falls on a Sunday. I was unable to find a specific date in June, 2014, when these changes are to be made. Three, Standard Checking customers will be charged a $7 monthly service charge UNLESS they meet the average monthly balance requirement of $500, receive $500 in monthly direct deposits, or are age 62 or older.įour, sometime in June, 2014, the bank will begin offering two new, fee-based checking accounts that can be free of the monthly service charge if the customers meet the minimum balance requirements. Two, current free checking accounts will be grandfathered until sometime in June, 2014, at which time the customers will be switched to the bank’s new Standard Checking account. The exception is for people age 62 and older.
One, effective August 18, 2013, free checking will no longer be available to new and existing customers wanting to open a PNC checking account. Reading several of these articles, here’s what I’ve learned about PNC’s recent announcement: So, you have to ask yourself – is the bank eliminating free checking or only partially eliminating free checking? If you’re 62 or older, you’ll continue receiving free checking, although it will go by a different name.Īpparently, consumers 62 and older walking into the branch beginning Augand after will continue having the choice of a free checking account.
The bank is only “killing” free checking for customers age 61 and younger. It’s merely going to cease using the name “Free Checking” to describe one of its checking accounts. I was surprised that words like “demise,” “disowns,” and “banishes” were absent from this list.īut here’s the problem – based on what I read the bank is not eliminating or killing free checking. I am amused by the writers’ choice of action words to describe what was happening to free checking at PNC Bank. PNC Bank To Stop Offering Free Checking.PNC Bank Phasing Out Free Checking Accounts.PNC Bank to Discontinue Free Checking Accounts.PNC to phase out free checking accounts.PNC to end always-free checking accounts.Just take a look at some of the headlines I found doing an online search. This allowed the thieves to steal the same money several times over, forcing us through the weeks long process of reporting the fraud and dealing with the bank's fraud investigators again.Earlier this week the financial and mainstream media were abuzz with articles about PNC Bank’s announcement on June 11 that it was finally falling in line with the other 19 largest banks in America and eliminating the free checking account. Several times they were able to do this within the bank, even though the account had already been closed so it's a major problem if your checks disappear, and if you don't have a way to track them then you'll be very late in realizing that they're stolen.Īdditionally this bank (not sure if this is common with others) insisted on paying the stolen money back into the closed account, instead of into a new account. We closed the bank account within 15 minutes of the checks being stolen and still multiple checks got through, both written directly against the account as well as the thieves cashing other people's stolen checks against the account since they new the account number. Fill out a fraud report for every bad check of someone else's that gets logged against your account.Fill out a fraud report for every stolen check that gets used.Report to ChexSystems (reporting agency for checking accounts).Close the bank account (And change and direct deposit or autopay setups).
This is by no means a complete list, but it shows how painful this can be. If someone steals a book of your checks multiple things have to be done and the process is ongoing and painful. Many of the banks now offer online interfaces that allow you to provide the payee information and they will send a printed check on your behalf, which is much much safer. Having seen the process of reporting and dealing with stolen checks I would pay the fee and, very truthfully, I would do everything in my power to avoid getting checks at all.
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