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PNC offers unbanked customers accounts with no overdraft or non-sufficient funds fees

PNC

PNC offers unbanked customers accounts with no overdraft or non-sufficient funds fees

PNC Financial Services Group announced Tuesday that it has become the only lender to offer two accounts certified by the Cities for Financial Empowerment Fund, which promotes banking services for people who operate outside of the mainstream financial system.

Both its Foundation Checking and PNC SmartAccess Prepaid Visa Card accounts meet the standards of the CFE Fund’s Bank On program, which aim to ensure access to financial services to almost 36 million people in the U.S. who don’t have access to traditional bank services, like a checking or savings account.

Bank On’s 2021-2022 standards require low-cost, no overdraft and full-functioning features.

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“Particularly during this pandemic, a safe, affordable, and truly useful mainstream banking product in which to deposit stimulus payments and from which to remotely pay bills is more important than ever,” said Jonathan Mintz, president and chief financial officer of the Cities for Financial Empowerment Fund. “We applaud PNC’s decision to double down on their commitment to offer Bank On certified accounts.”

Bonnie Wikert, head of PNC’s retail segments and deposits, said the bank wants to provide services for customers who may not have had access to traditional checking or savings accounts in the past.

“Our goal with SmartAccess and Foundation Checking is to help customers enter the banking system and to remain in it,” she said.

The Foundation Checking account offers low-balance alerts and no overdraft or non-sufficient funds fees. The $5 monthly service charge on the account is waived for customers aged 62 or older. The account includes a money management course that is available on mobile devices.

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Similarly, SmartAccess includes a mobile app, low-balance alerts, no overdraft fees and no fees for cashier’s checks.

Tim Grant: tgrant@post-gazette.com or 412-263-1591

First Published: March 31, 2021, 10:15 a.m.
Updated: March 31, 2021, 12:05 p.m.

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