What happens when you overdraw your PNC checking account? That depends on the type of transaction and whether you have any optional overdraft services.
Here’s a look at PNC’s overdraft policies.
» MORE: Read the full review of PNC Bank
How PNC Bank handles overdrafts
PNC normally pays overdrafts for these transactions:
- Payments from your checking account that use your account number.
- Automatic bill payments.
PNC authorizes the payments on a case-by-case basis. Whether it pays or declines, these fees and maximums apply:
- A $36 overdraft fee if it pays or a $36 returned item fee if it declines.
- A maximum of $144 in overdraft or returned item fees, or four per day.
- A maximum of $98 in continuous overdraft fees — or $7 per day for up to 14 days — if your account stays in the red for more than five consecutive calendar days.
PNC normally declines these types of transactions without a charge if your balance is too low:
- ATM transactions.
- One-time debit card transactions.
Not all banks charge steep overdraft fees, though. Check out these three with cheaper policies.
Optional service: PNC Overdraft Coverage
If you want PNC to pay overdrafts on ATM and debit card transactions on a case-by-case basis, you must opt in to Overdraft Coverage.
To sign up for this service, call 1-877-588-3605 or go to pnc.com/overdraftsolutions. You can reverse your decision anytime.
Standard overdraft fees still apply.
Optional service: PNC Overdraft Protection
If you select this service, you can link one of these accounts to your PNC checking account:
- A secondary PNC checking account.
- A PNC savings or money market account.
- A PNC credit card.
- A PNC personal line of credit.
The linked account provides backup for your primary checking account. When your balance is too low, PNC automatically transfers funds to your checking from the linked account — as long as that account has funds available.
You’ll be charged $10 per transfer.
If you link a PNC credit card or personal line of credit, PNC will round up the amount to the nearest dollar and transfer a minimum of $50, plus the $10 transfer fee. That amount is subject to interest.
» Looking for other savings options? Check out our list of the best high-yield online savings accounts
PNC’s $5 safety buffer
PNC allows a $5 margin of error. If you’re overdrawn by $5 or less, PNC will refund any overdraft fees.
Also, if you overdraw your account but then deposit enough money to be within the $5 margin by the end of the business day, you won’t be penalized. PNC will automatically refund any overdraft fees.
Overdraft policies for PNC Virtual Wallet
Virtual Wallet comes with the Overdraft Protection service. PNC automatically links your Virtual Wallet “Spend” checking account to your “Reserve” short-term savings account for overdraft purposes.
The Spend account is also linked to your “Growth” long-term savings account, which serves as a secondary overdraft account in case neither Spend nor Reserve has enough to cover an item.
Reserve and Growth accounts don’t have either Overdraft Coverage or Overdraft Protection.