Everything you need to know about How to Open PNC Bank Account Step by step [pnc.com]

How to Open PNC Bank Account
How to Open PNC Bank Account

PNC Bank is one of the biggest banks in the U.S. with nearly 2,500 branches and more than 9,000 ATMs. It primarily serves consumers in the Mid-Atlantic States.

You might consider PNC for your next checking account and its Standard Checking account is the basic option that many would consider opening.

If you’re looking for a checking account, in this review find out everything you need to know about PNC’s Standard Checking account and compare it to other options.

There are many reasons why people choose to open a bank account. Here are some of the most important reasons:

  • It’s a way to keep your money safe.
  • You have more options for paying.
  • Dealing with checks is easier.
  • Paying bills is a breeze.
  • There is a paper trail.
  • There are no transaction limits
  • They make it easy to manage your money.
  • They offer more features than digital wallets.

Steps To Choose A New Bank:

A bank should fit your unique financial situation. Each bank differs in its strengths and in providing financial services to its own customers. To find the right bank that helps you to meet your needs in every financial situation. It’s also important to keep in mind that whether it’s earning more on savings or access to a large ATM network is the key to knowing about any Banks.

Hence Before Opening A Bank Account, Take These Steps To Make The Best Possible Choice:

  1. Identify the right account

Banks offer many different types of products and services, and comparing all of them at once would be overwhelming. A good place to start is matching the right types of accounts to your financial goals and priorities.

The most common accounts include:

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Certificates of deposit (CDs)

If you are looking to replace your checking account, you might want to go with a bigger, traditional bank that has multiple types of checking accounts to choose from. Or, you may want a high-yield checking account like the ones often offered at some credit unions and online banks.

If you’re looking to earn the best rate of return, consider opening a high-yield savings account. Online banks typically pay higher rates than brick-and-mortar banks. The average savings account APY is 0.06 percent, but the top banks pay up to 0.6 percent. Online banks are just as safe as other banks as long as they’re insured by the Federal Deposit Insurance Corp. or National Credit Union Administration for credit unions.

Money market accounts- These accounts are similar to savings accounts but may have check-writing privileges — are another option. Many banks included a debit or ATM card, usually with a monthly transaction limit.

CDs offer another way to earn interest. When you lock up money in a CD for a set amount of time anywhere from a couple of months to several years — you’ll earn a guaranteed rate of return. You can access your money before the CD matures, but you’ll likely have to pay fees or give up some interest or even principal. Rates and terms offered will vary from one bank to the next, so consider your financial goals and whether the CDs offered to fit your needs.

You may also want a bank that offers debit card and credit card options, as well as lending products such as mortgages and personal loans.

2. Look for banks that charge low or no fees

There’s no need to go with that bank that charges avoidable fees when many banks take low charges or even no fees.

Online banks are known for their low fees. Because they have few branches, they have lower operating costs, so they typically don’t charge as many fees as brick-and-mortar banks. There are even ATMs that provide no-fee withdrawals for certain online bank cardholders

Watch out for monthly maintenance fees, ATM fees, and overdraft fees. The average overdraft fee is $33.58, according to a survey of an organization. Even opting for an overdraft protection program (where the bank covers a purchase that you can’t afford) can be expensive. The 2017 Consumer Financial Protection Bureau study found that those who opt in to overdraft protection pay about seven times more in fees than those who don’t.

But nowadays many banks are taking steps to eliminate or reduce overdraft fees, including larger ones such as Citibank and Bank of America.

Once you have found the best account for your needs, take these steps to avoid fees:

Link your checking account to another account at your financial institution so that if you overdraw a checking account, the bank will pull money from the other account to cover the transaction. There may be a fee for this service, but it’s typically less than an overdraft fee.

Sign up for low balance alerts through your bank or credit union’s website or app. These alerts, which may include text messages, warn you when you are at risk of overdrawing your account.

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See how you can waive the monthly maintenance fee if there is one. Frequently, banks require a minimum daily balance or direct deposits set up to waive the fee.

3. Consider the convenience of a bank branch

When it comes to banking, another key factor is accessibility.

ATM location convenience, branch location convenience, and the availability of online and mobile banking are important considerations, as per Mr. Paul Macadam, who is senior director of banking and payment services at J.D. Power.

What conveniences you prioritize may vary depending on what you’re accustomed to. Consumers who are used to doing most tasks online may value digital banking resources over branch location convenience. The opposite may be true for those more accustomed to branch banking.

Still, branches continue to play a role in the lives of most consumers, with 78 percent saying they have opened their most recent account or product in person at a branch, according to J.D. Power. Its data also indicate that branch offices in convenient locations is the most common reason consumers gave for choosing their primary financial institutions.

4. Take a look over at credit unions

Many consumers are familiar with the biggest banks, but credit unions are worth considering too.

Credit unions are member-owned, not-for-profit organizations. Profits are typically returned back to members in the form of lower fees, higher savings rates, and lower borrowing rates.

Joining a credit union is very simple and it is available nationwide many allow you to qualify for membership simply by joining an organization or making a donation to a charitable organization.

5. Find a bank that supports your lifestyle related to Financial Needs.

The bank you choose should meet your all financial needs. If you’re self-employed, for example, you’ll want a bank that can provide support as you build a business.

If you’re trying to save more money, look for a bank that offers features to help you reach your goals, such as:

  • High-yield savings accounts.

A variety of CD terms, so you can find a term for your specific goals or build a CD ladder. 

Consider your spending habits when deciding where to bank. Many banks have budgeting tools built into their websites or apps that make it easy to track your expenses and see where your money is going.

6. Examine its digital features related to platforms.

Most banks offer basic services through an app or a website, like the ability to transfer funds, pay bills, and check balances and make mobile check deposits. But not all banks offer advanced digital capabilities.

Not all banks offer features that are increasingly being sought by consumers, such as the ability to lock a debit card (and prevent a stranger from using it) or manage mobile banking alerts. Also, not all online banks offer a smartphone app, which may require that you sign in to your account through a mobile browser.

If you value the convenience of online or mobile banking then you will get more who provides online services.

7. Understand the terms and conditions carefully from the Bank Booklet form.

As we know that important information about bank account types can be in the account agreement, which may not appear on the account’s home page but usually can be found elsewhere on the bank’s website. Reviewing the disclosure can help ensure you don’t overlook any hidden fees.

If there are monthly service fees, the account agreement will spell out ways to waive them. If there are out-of-network ATM charges, the fee disclosure may let you know whether the bank offers refunds. Make sure your savings will be federally insured by the National Credit Union Administration or the Federal Deposit Insurance Corp.

Also, as you compare products, watch out for promotional deals that expire. Some banks may offer compelling teaser rates that eventually fall to a much lower rate.

8. Read reviews for banks you’re considering.

Once you have started comparing a handful of banks, reading expert reviews about them can give you a better idea of what to expect from the financial institution, including customer service, and its products. Customer reviews can also be helpful, especially since many consumers tend to stick with their banks for a long time.

If you’re having difficulty settling on one bank, managing accounts at several banks or credit unions may be the best solution for you.

What Do You Need To Open A Bank Account?

A valid U.S. address and Social Security number are required. You must be 18 years of age or older and will also need to provide a 2nd form of ID. Currently, we can only accept U.S. Driver’s Licenses, State Issued IDs, and Military IDs online. Besides some basic information, you also might have to deposit $25 or so to get started.

PNC BANK
PNC BANK

Whether you apply for a bank account online or in person, you’ll need a government-issued ID and personal details, such as your Social Security number, on hand. You might also be asked to fund your account with an initial deposit.

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You can open a bank account online or at a branch if the bank offers brick-and-mortar locations. The information you’ll be asked to provide will be much the same whether you’re opening a checking account, a savings account, or both.

Here’s A List Of What You’ll Need To Open Your New Bank Account:

1. A valid, government-issued photo ID, such as a driver’s license or a passport. No driver can get a state ID card at the Department of Motor Vehicles office.

2. Other basic information, such as your birthdates, Social Security number or Taxpayer Identification Number, or phone number.

3. An initial deposit is required by some banks, too. Skip ahead to learn more about account funding. Depending on your circumstances, you might need a few other items, too:

4. Identification details for other applicants, if you’re opening a joint account: Because the account will be owned by multiple people, the bank will want all owners’ identification and personal information.

5. A co-owner if you’re not yet 18. Ask a parent or legal guardian to sign legal documents with the bank.

Decide Yourself What Kind of Bank Account You Want To Open:

If you’re opening a bank account for the first time, you might consider opening a checking account, a savings account or both. Checking accounts are generally used for day-to-day purchases, whereas savings accounts earn interest and help you put money aside for when you need it. PNC Bank has a number of Virtual Wallet account options, which combine both checking and savings features. Here’s an overview of the checking and savings account options that PNC offers.

Traditional Checking and Savings Accounts

  • Performance Select Checking: This account gives customers access to PNC Bank’s highest level of benefits and rewards, along with free ATM transactions. 
  • Performance Checking: Customers can earn interest on balances of $2,000 or more. Plus, there are no charges at PNC Bank ATMs, and customers can take advantage of unlimited check writing. 
  • Standard Checking: Customers who only want a basic checking account may find this PNC account to be their best option. It comes with free PNC ATM transactions and cash rewards.
  • PNC High Yield Savings: With an online savings account, you can earn a high 2.00% annual percentage yield. And you can open your account with any amount.
  • Standard SavingsThis account lets customers earn interest with a minimum balance of just $1.

Virtual Wallet Accounts:- A Smart Tool For A Smart Banks:

PNC Bank’s Virtual Wallet helps you manage your money online. You can pay your bills; track your spending, set savings goals and more with going on its online tools. Virtual Wallet is both checking and savings, made up of three accounts: 

  • Spend Your primary, noninterest-bearing checking account.
  • Reserve: Interest-bearing checking account for short-term savings.
  • Growth: Savings account that earns interest for long-term savings.

 Benefits Regarding Virtual Wallet:

  • Send money with Zell.
  • Mobile check deposit.
  • Free transactions at roughly 9,000 PNC Bank ATMs; certain PNC fees for out-of-network ATM transactions are reimbursed.
  • Customers can earn a 2.15% APY, and those who are eligible can earn an even higher relationship rate. Eligible customers can also earn cash with PNC Purchase Payback, a customized rewards program based on your spending habits. It provides offers at your favorite retailers or suggests similar businesses that you may like.

As Per Bank Sides Several Versions Of Virtual Wallet Are Available To Choose From. Here’s A Look At Some Of The Features Of Each Version:

Virtual Wallet with Performance Select

  • Unlimited check writing.
  • Overdraft protection.
  • Earn cash with PNC Purchase Payback every time.
  • Get a Discount on check orders.
  • No charge for cashier’s checks and stop payments.
  • Free identity theft insurance.
  • $100 discount on annual rental fee for safe deposit box. 
  • Get Free domestic wire transfers.

Virtual Wallet With Performance Spend

  • Unlimited check writing.
  • Overdraft protection.
  • Earn cash with PNC Purchase Payback.
  • Free identity theft insurance.

Virtual Wallet Student

  • PNC Bank Visa Debit Card.
  • Unlimited check writing on your Spend account.
  • Overdraft protection and coverage options.
  • One free domestic or international incoming wire transfer per statement period.

 Fill Out the Online Application Form or Apply in Person:

You could visit a PNC Bank branch in person to open your first checking or savings account, but filling out the application online is easy and will save you time. 

The first thing you will need to do is answer whether you are a U.S. citizen or not. You’ll also supply your personal details, including:

  • Your name as per government id.
  • You’re complete Address.
  • Contact information, including phone number and email address.
  • Employment information.

You will be asked to make your first deposit, and if your account is approved, you’re ready to bank.

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If you choose instead to visit one of about 2,400 locations across 21 states and Washington, D.C. bank personnel will be happy to help you open your account. If you have questions, you can call 1-888-PNC-BANK (1-888-762-2265) for any assistance.

PNC Bank Checking Account Fees and Features:

The chart below includes the most common fees associated with PNC Bank’s traditional checking accounts. Other fees may apply.

PNC Bank Checking Accounts at a Glance
Fees and FeaturesPerformance Select CheckingPerformance CheckingStandard Checking
Monthly service charge$25; eligible customers can waive the fee$15$7
Minimum deposit to open an account$25$25$25
ATM fees$0 at all PNC locations and non-PNC Bank ATMs$0 at all PNC ATMs; $3 to $5 at all other ATMs$0 at all PNC ATMs; $3 to $5 at all other ATMs
Overdraft fee$36$36$36
Early closure fee$25$25$25

PNC Bank Savings Account Fees and Features:

The standard fees that PNC’s savings accounts have, other fees such as ATM and overdraft charges may apply. Here are some of the fees and features of PNC Bank’s savings accounts:

PNC Bank Savings Accounts at a Glance
Fees and FeaturesPNC High Yield SavingsStandard Savings
Minimum deposit to open an account$0$25
Monthly service charge$0$5; eligible customers can waive fee
ATM fees$0 at all PNC ATMs; $3 to $5 at all other ATMs$0 at all PNC ATMs; $3 to $5 at all other ATMs
Overdraft fee$36$36
Standard APY2.00%0.01%

How To Avoid Unwanted Fees That Levied For Providing Banking Facilities:

As we come across the charges and fees related then some are transparent on a bank’s website or in printed materials, while others are hidden in the small print. PNC Bank’s fees are prominent on its website. Here are a couple of types of fees to look out for.

ATM CHARGES:

Some PNC checking accounts charge a fee if you use an ATM that is not associated with PNC Bank. The charge can range from $3 to $5 depending on the country in which the ATM is located. The best way to avoid this fee is to use a PNC Bank ATM for all your needs. 

Overdraft Fees:

PNC charges a $36 per item overdraft fee. The best way to avoid being changed is to monitor your account and keep track of your balance, outstanding checks, and scheduled bill payments. By automatically scheduling recurring monthly payments using PNC’s online bill pay, you can avoid having bills hit on the same day of the month. 

Benefits of Having a PNC Bank Account:

PNC Bank offers a range of convenient online banking services. Here are a few of the benefits you can get from the Bank Side:

  • Get notified of activity on your PNC Bank accounts via email or text message alerts.
  • Set up security alerts to notify you of any possible fraudulent transactions
  • Easily transfer funds between your accounts from your mobile device or computer
  • Ability to schedule payments up to one year in advance.
  • Receive email reminders about every payment deadline.

Monitoring As well Protecting Your PNC Bank Account:

In several ways you can protect your bank accounts against happening fraud and identity theft: 

  • If you receive a call about your accounts but you are not certain it’s really from your bank, do not give out personal information such as your Social Security number or PIN number over the phone. 
  • Sign up for identity theft protection.
  • If you normally get paper statements in the mail, notify the bank immediately if you don’t receive a statement on time.
  • Review all of your bank statements for each of your accounts.
  • Check your credit reports at least annually.
  • Exercise caution when using Wi-Fi in a public place.
  • Keep your passwords, PIN numbers, and other personal information secure.

Unfortunately case If you are ever concerned that you may have disclosed confidential information or received a fraudulent email, or if you just have questions about online security, you can contact PNC Bank customer service at 1-888-PNC-BANK (1-888-762-2265). Customer service representatives are available from 7 a.m. to 10 p.m. Eastern time Monday through Friday and from 8 a.m. to 5 p.m. Eastern Time Saturday and Sunday.

Is any Bank Standard Savings Account the Right Place for your savings?

The PNC Bank Standard Savings is a good pick if you’re looking for a no-frills savings account at a bank that has physical locations. It’s on par with what most other major brick-and-mortar banks offer in terms of the APY and fees.

PNC Bank offers customers a wide range of products, including Virtual Wallet, which comes with online account management tools that are more extensive than comparable services at other banks.  

If, however, you’re looking to earn more interest on your savings and you don’t mind forgoing physical branches, choosing an online savings account makes more sense.

CONCLUSION:

At the PNC Bank you will get all the bang facilities under one roof from a New Account Opening to deposit and many more what you expect from a bank you won’t see the highest interest rates on deposit accounts at PNC Bank, but you will see low monthly fees that can be waived by meeting certain requirements. PNC also charges lower monthly checking account fees and requires lower minimum balances to waive the fees. And students won’t be charged monthly service fees on their Virtual Wallet accounts if they are enrolled at a qualifying institution.

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