PNC Bank Review: Checking Accounts, Savings Accounts and CDs| North Loop Official Blog
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North Loop
25 Feb 2020

PNC Bank Review: Checking Accounts, Savings Accounts and CDs

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Overall Review of PNC Bank

PNC is the sixth-largest bank in the US, but offers incredibly low savings rates and charges some incredibly high fees.

Pros & Cons

  • 9,000 free ATMs
  • Fairly strong online and mobile presence

  • $36 overdraft fee charged four times daily.
  • 0.01% APY on savings account; better rates available elsewhere.
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Credit: North Loop

Get a zero-balance, no-fee NRE/NRO account with North Loop in 5 minutes

PNC Bank Savings Account Review

PNC’s basic savings account is known as Virtual Wallet Reserve and offers 0.01% APY, well below the national average of 0.09% APY.

PNC Bank CDs Review

PNC’s certificates of deposits offer an unappealing mix of low yield rates and high minimums - you can make more by opening a high-yield savings account with no minimum.

PNC Bank Checking Accounts Review

Virtual wallet is PNC’s basic checking account, which comes with a $7 monthly fee (that can be waived with certain requirements). The checking account offers no interest. The mobile app and online banking experience have online bill pay.
PNC Bank has approximately 9,000 ATMs that you can withdraw funds from, free. It’s non-PNC ATM fee is $3 (plus that ATM’s charges), which is more expensive than other banks (or you could get a no ATM fee account such as North Loop).

The overall banking experience

PNC offers customer support seven days a week, but not 24/7. Due to it not having a national branch reach, this becomes an issue as its online banking offering doesn’t provide all of PNC’s services/help when there is an issue.
Honestly, we’re in a bit of shock with the $5 + 3% of withdrawn amount fee that PNC charges for international ATM withdrawals.

Fees at PNC Bank

PNC Bank Checking Accounts charge the following fees:
  • $7 monthly fee (waived with direct deposits of $500 or $500 combined balance)
  • $15 incoming wire fee
  • $30 outgoing wire fee (domestic)
  • $45 outgoing wire fee (international)
  • $3 non-PNC Bank ATM fee
  • $5+3% of the amount Foreign ATM Withdrawal Fee
  • 3% Foreign Transaction Fee

Hey, since we have you - North Loop charges no outgoing wire fees, no incoming wire fees and no ATM fees at any ATM in the world! And of course, it has no minimum or monthly fee.

Overdraft Fees at PNC Bank

Like many other non-national or digital banks, PNC has extremely high overdraft fees. You will be charged $36 per overdraft transaction, up to a maximum of four times a day (that's a shocking $144 a day). On top of this, if you hold a negative balance for five days, you’ll be charged $7 per day until $98.

Online Banking at PNC Bank

Similar to many legacy banks, you will experience an online banking experience that isn’t fully digital. You’ll have to do many things by phone or visiting a branch (e.g. international students can’t sign up online). Online banking offers bill payments, certain types of transfers and some personal finance management tools.

North Loop Checking Accounts

Sick of fees and account minimums? North Loop is a no-minimum, no-fee checking account - you could save over $300 a year with a North Loop account vs. a PNC Bank Account. Signing up takes 5 minutes, and you can link any other bank account you have to our powerful spending analysis tools! Sign up here

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.