PNC Financial Services Group in Pittsburgh is the latest large bank to eliminate nonsufficient fund (NSF) fees for consumer clients.
The $552 billion-asset company did not disclose the financial impact of the move or when it will stop charging the fees.
“PNC is focused on building a platform that empowers the financial well-being of its customers,” Alex Overstrom, the company’s head of retail banking, said in the release.
“Over the last several years, we’ve made significant enhancements to our overdraft solutions, all of which are designed to help our customers and give them better control of their financial future,” Overstrom added. “Eliminating NSF fees … is just another way we are helping our customers strengthen their financial wellness.”
PNC said the move extends a benefit it created in April 2021 with virtual wallet deposit accounts as part of the launch of Low Cash Mode. That program gives consumers options to avoid overdrafts.
Several banks have reduced or eliminated overdraft and NSF fees. The Consumer Financial Protection Bureau has also signaled that it will look at larger banks’policies.