PNC Overdraft Fees: Everything You Need to Know About PNC Policies

If you ever owned a checking account, you must be pretty familiar with what an overdraft fee is. If you spend more money than you own, you’ll get a negative balance and must pay an extra charge to use your account again. Overdraft fees vary depending on what bank you use. As for PNC, the bank thankfully offers ways to avoid these unwelcome expenses.

Overdraft Fees and Why They Matter

How much is the PNC overdraft fee? The answer depends on several factors. First of all, an overdraft fee is established by the bank in question and is subject to change just as any other policy. FYI, some banks don’t even have a negative balance feature and simply cancel the transaction, while others, such as PNC, charge an additional fee instead.

In many cases, you may not notice the problem before getting hit with a hefty penalty, particularly if you’ve made several transactions while on a negative balance. The situation can get even worse if your bank charges fees automatically each day that your account remains overdrawn.

PNC Bank Overdraft Fee and Services to Avoid It

A question that interests most PNC clients is how much does PNC let you overdraft without charging a fee? The safety buffer is small, up to $5, so avoiding the penalty is mostly up to you.

So, what is the PNC overdraft fee per day if you exceed the $5 limit? At the date of writing, the bank charges a maximum of $36 per business day. The good news is that you have 24 hours to fix your negative balance before having to deal with a PNC overdraft fee. If you notice the problem in time and fund your account immediately, you’re all good.

Keep in mind that you cannot normally overdraw your account when withdrawing money at an ATM and making a one-time debit card transaction.

Now that the questions of “What is the overdraft fee?” and “How much can you overdraft with PNC?” are dealt with, we should mention optional services offered by the bank.

Overdraft Protection Service

PNC customers can benefit from Overdraft Protection by linking another PNC account to their checking account. This can be:

• Another checking account;
• Money market account;
• Savings account;
• Personal line of credit or credit card.

If you do so, PNC will automatically transfer money to your checking account from the one you linked if you don’t have sufficient funds for a transaction. The great news is that there is no fee for such transfers. The exception is linking a credit card or credit line, as in this case, normal interest will still apply.

Overdraft Coverage Service

Overdraft Coverage comes into play when you overdraw your account with debit card transactions or when using an ATM.

You can enable the service online or by contacting PNC customer support. The only thing to remember is that the usual overdraft fees will apply.

Top Banks with No Overdraft Fees

Now that we discussed PNC overdraft fees, what about other banks? If you don’t want to deal with such fees again, you’ll be happy to hear that some banks don’t charge them at all. Here are the top banks with flexible overdraft policies:

• Truist Bank

If you’re a client of Truist Bank, you won’t face any overdraft fees as long as you meet certain conditions. To be eligible, you must make a direct deposit of at least $100 each month and have an account for at least 35 days. If this is the case, you can overdraw the account up to $100 with no penalties.

• Discover Bank

This bank simply doesn’t charge overdraft fees. If you don’t have a linked money market or savings account and face an overdraw, the transaction will be denied. This is great for avoiding fees but can also be quite limiting.

• Ally Bank

Ally Bank’s CoverDraft program provides clients with up to $250 in overdraft coverage. You’ll then have 14 days to add money back to your account. Also, you get overdraft protection if you have a money market or savings account linked.

How to Choose the Right Bank for You

There are lots of factors to consider when choosing a bank, and overdraft policy is just one of them. Here’s what to look for:

• A good reputation. It’s a good idea to opt for banks with a long history and a sufficiently large customer base.
• Fair fees. Perhaps the most important factor to pay attention to is fees. Numerous banks have overdraft fees, monthly maintenance fees, out-of-network ATM charges, etc. You should always be mindful of the deal you are getting into.
• Convenience. This includes everything from how many branches a bank has to how user-friendly their app is.
• Selection of accounts. If you need services beyond the standard savings or checking account, you should see if a bank offers them. Many banks provide a range of business solutions, mortgages, business loans, and more.
• Competitive interest rates. If you want to start saving money and earning interest, you need a bank with attractive rates. Remember that even insignificant differences in rates will go a long way if you plan to keep money in a bank for a long time.
• Stability. To check if a bank meets the financial stability requirements, you should look into reputable third-party ratings, such as S&P Global.
• Efficient customer support. A bank has to offer several means of contacting their support team — email, online form or chat, and by phone. You should be able to get help quickly and at any time.

Final Thought

Overdraft fees are quite unpleasant, especially if banks charge them continuously until you replenish your account. Still, there are banks that either don’t have overdraft penalties or allow you to overdraw a certain sum without charging you.

PNC bank overdraft fee is fairly average, and if you overdraw up to $5, you won’t be charged anything. Also, you can avoid paying an overdraft fee by linking another account as a reserve. Finally, you can opt for coverage if you need to withdraw more money from an ATM than you have in your account.